In “A Tale of Two Cities,” Charles Dickens famously wrote, “It was the best of times, it was the worst of times,” and for the global medical spa industry, this couldn’t be a truer statement. People across the globe are tightening their purse strings and closely watching where their money goes. Yet, the global medical spa market is projecting a 14.6% compound annual growth rate (CAGR) through 2032, making this the best of times. According to Global Industry Analysts, Inc., the United States medical spa market is projected to grow at 13.5% over the next decade. China’s market is forecast at a compound annual growth rate of 18.2% through 2027 while Japan is forecast at 10.3% and Canada at 12.2%. Germany’s growth is a standout in Europe with an estimated compound annual growth rate of 11.2%.

MEDSPA MONEY FLOW

The 2023 trends show people are investing their money in themselves and in small indulgences rather than larger ticket items. For the medical spa industry this is excellent news, especially as medical spas are focused more on complete client health and wellness journeys. Advances in skin care technology and increased awareness of antiaging products among potential clients are helping drive medical spa growth. Prevention is a big market, and skin care professionals are in the right place at the right time. Make educated decisions when it comes to purchasing expensive equipment and survey clients first when necessary.

Internationally recognized aesthetic business development expert, Cheryl Whitman, is the founder and CEO of Beautiful Forever Consulting. She is a sought-after speaker and industry marketing specialist who assists physicians and medical spas in creating new profit centers, developing profitable private label product lines, ghost writing articles and eBooks, and identifying and executing new business strategies aimed at improving their bottom line. A celebrated author, Whitman’s turnkey educational system, “Aesthetic Medical Success System,” has assisted clients in opening or jumpstarting their current businesses. Her second book, “Beautifully Profitable, Forever Profitable,” provides solid, practical information on how to create, launch, and grow successful aesthetic medical practices and related businesses.