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The APAC medical span market is expected to be growing at an aggressive CAGR during the forecast period in the global market.
As per our research report, the global medical spa market size is expected to expand at a CAGR of 13.22% from 2021 to 2026 and be worth USD 25.19 billion by 2026.
The lockdowns and restrictions imposed in different countries and the postponement of elective procedures have negatively impacted several markets, including the medical spa market. In the United States, many operators were forced to temporarily shut down their operations to comply with the CDC regulations. According to the American Society of Plastic Surgeons, the number of minimally invasive procedures went down 17% from the onset of the COVID-19 pandemic. However, people are getting used to virtual teleconsultations and online services. As a result, the customer base for minimally invasive cosmetic procedures will likely increase, with many people opting for skincare services.
The growth of the global medical spa market can be attributed to factors such as increased consumer awareness of the beauty and anti-aging services coupled with the rapid expansion of medical spas. As a result, there has been a high demand for minimally invasive treatments like chemical peels, body sculpting, non-surgical skin tightening, and tattoo removal for the past several years, based on the American Med Spa Association data. In addition, wellness packages offered in hotels are creating an ever-increasing demand for wellness-themed vacations.
The ever-changing demands of customers have shaped the medical spa with massive popularity on social networks, the notoriety of anti-aging solutions is on the rise. Therefore, medical spas provide innovative and efficient services to cater to the enormous demand for anti-aging skincare solutions. According to the plastic surgery statistics from the American Society of Plastic Surgeons, people between the ages of 30-39 accounted for over 44% of cosmetic surgeries in the United States, with a total of 6.14 million cosmetic procedures, including 685,000 surgeries and 5.42 million minimally invasive surgeries. In addition, the World Health Organization (WHO) estimates that skin diseases are among the most widely recognized human well-being problems, affecting nearly 1.25 billion people worldwide. The most common skin infections described below are pyoderma, scabies, acne, dermatitis, moles, etc.
The rapid growth of the medical spa market is forecasted to create potential growth opportunities by offering unique collaboration between different business areas like hospitality, beauty, fitness, and travel with premium package options. Moreover, with the increasing adoption of dermal fillers, laser hair removal, rejuvenation procedures are likely to drive the market growth. Furthermore, in emerging countries, companies are offering personalized beauty treatments to justify higher prices, thus helping develop the market in the respective countries. In addition, technological advancements and reductions in the prices of the devices are projected to offer lucrative growth opportunities.
However, the high cost of spa devices and lack of reimbursement policies may create obstacles for the growth of the medical spa market during the forecast period.
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