Spa Market
The Spa Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Spa Global Market Report 2024, The spa market size has grown rapidly in recent years. It will grow from $65.21 billion in 2023 to $72.97 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to rise in holistic and mind-body treatments, medical spa services, luxury and affluent lifestyle, beauty and aesthetics, corporate wellness programs.
The spa market size is expected to see rapid growth in the next few years. It will grow to $111.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to elderly population demands, sustainable and eco-friendly practices, integration with fitness programs, cultural wellness experiences, government health initiatives. Major trends in the forecast period include virtual and remote spa services, innovative wellness technologies, customized and personalized spa experiences, advanced technology in treatments, collaborations with beauty and skincare brands.
Rapid urbanization is expected to propel the growth of the spas market. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. Changing lifestyles and rising stress levels associated with rising urbanization are promoting demand for destination spas and spa getaways. For instance, according to the Department of Economic and Social Affairs, United Nations, 68% of the world’s population i.e., 2.5 billion people are projected to live in urban areas by 2050. Therefore, rapid urbanization will drive the growth of the spa market.
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The spa market covered in this report is segmented –
1) By Service Type: Massage, Beauty/Grooming, Physical Fitness, Other Service Types
2) By Facility Type: Hotel/Resorts Spa, Destination Spa, Day/Salon Spa, Medical Spa, Mineral Spring Spa, Other Facility Types
3) By End User Sex: Male, Female
Major companies operating in the spa market are developing new products such as end-to-end software solution to gain a competitive edge in the market. An end-to-end software solution refers to a comprehensive and integrated software system that addresses all aspects of a particular process, operation, or business function from start to finish. For instance, in August 2023, Nextech AR Solutions Corp, a Canada-based technology company launched Med Spa software. The platform is designed to revolutionize medical spa operations through the optimization of workflows, improvement of client or patient experiences, and promotion of facility expansion. With a single, all-inclusive platform, this creative solution is poised to tackle the particular difficulties encountered by medical spa operators and employees. In order to improve overall efficiency and promote facility expansion, the platform is made to prioritize client needs during consultations, ease operational difficulties, and maximize patient experiences. Users of various experience levels may easily learn how to use the software design.
The spa market report table of contents includes:
1. Executive Summary
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