Findings of 133-page November 2023 Market Research Study by Marketdata. The Nature, Structure, Size, Status, Trends, Operating Metrics, Competition and Forecasts of the Med Spas Industry.
TAMPA, Fla. , Dec. 22, 2023 /PRNewswire-PRWeb/ -- There are now an estimated 8,800 "medical spas" or "med spas" now operating in the United States. Medical spas only emerged in 1996 and have exploded in number since 2010. As non-invasive cosmetic procedures have become more popular and prices fell, med spas have flourished.
As primary care MDs seek to replace lost income, and as Baby Boomers and Millennials age, demand will grow for minimally or non-invasive cosmetic procedures made possible by ongoing innovations in laser equipment.
Major Report Findings:
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Industry Size: Marketdata estimates that revenues of the 8,800 U.S. medical spas reached $17.5 billion in 2022. Average revenues per facility are $1.9 million. Sales are forecast to grow 9.8% per year to 2027 as more med spas open.
Growth Drivers: The market is heavily driven by laser machine technology advances, a broader customer base, private equity investment, an aging of the U.S. population, a broader range of safe and effective treatments, and lower costs per procedure.
Consumer Demand: Americans had 9.2 million surgical and non-surgical procedures performed in 2022, including Botox injections, dermal fillers, laser hair removal, chemical peels, microdermabrasion, and skin rejuvenation. Non-surgical procedures jumped 23% in 2022. Aging Baby Boomers and Millennials are fueling continued growth.
Private Equity Is Interested: This is a complicated business and not all clinicians opening a med spa have the business and management skills needed. Many wind up selling to private equity investors that can better handle the marketing and growth.
Growth markets: include: laser hair removal, tattoo removal, and the facial injectables markets, all of which are minimally penetrated currently. For example, 19.8 million Americans want to remove their tattoos (at an average cost of $1,500).
Franchising: This has been a rocky road, as a growth model. There are just 8 active franchisors, operating 247 outlets. Several companies have gone out of business, due to a poor understanding of the business, too much spent on marketing, a lack of expense control, botched procedures, and overly optimistic revenue estimates.
Pandemic Effects: "The Covid-19 pandemic actually boosted this business, as consumers in Zoom meetings viewed their facial faults and decided to do something about it. After weeding out some poorly managed operators in 2020, business boomed in 2021. Fully 17% of the total med spas were ones started in 2021.", according to Research Director, John LaRosa
ABOUT THE REPORT
The U.S. Medical Spas Industry, published in November 2023, is an independently researched "off-the-shelf" study. The study is 133 pages in length, has 45 tables, and is priced at $1,295. For the research, Marketdata interviewed market consultants, owners/operators of med spas, laser equipment manufacturers, trade associations, spa industry magazines, and many others, in conjunction with proprietary Marketdata analyses and secondary sources. This study examines the med spas market structure and history, revenues/growth, key market trends and issues, effects of the pandemic, consumer demand factors and demographics, and extensive med spa operating ratios. Covers national and state revenues (2002-2022 estimates, 2023 and 2027 forecasts). A 20 pp. Executive Overview is available for $99.
ABOUT MARKETDATA
Marketdata LLC, is a 44-year old independent market research and consulting firm that publishes market and industry studies covering a wide range of service and healthcare markets. John LaRosa is available for interviews (813-971-8080). A free report table of contents is available by email or www.marketdataenterprises.com. Contact: Marketdata LLC, 7210 Wareham Drive, Tampa, FL 33647.
Media Contact
John S. LaRosa, Marketdata LLC, 1 18139718080, [email protected], www.marketdataenterprises.com
SOURCE Marketdata LLC
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