Medical Spa Industry Statistics are Here
What is a medical spa?
It’s important to recognize that the medical spa industry has become an industry unto itself that needs its own definition, its own resources, and its own data. It can no longer be considered a subset of plastic surgery or cosmetic dermatology, especially because more than 70% of the doctors in this industry are non-core. And while there is a growing overlap with the spa industry in terms of customer service and marketing, medical spas have vastly different price points, more advanced available technology, and unique legal and regulatory challenges. An industry that, by itself, generates nearly $4 billion in revenue a year; that has doubled in size during the past five years; and that projects to double again by 2020 is clearly worthy of its own categorization.
Industry revenues are rising by double digits; profit margins are rising as businesses become more sophisticated; franchises—yes franchises—are taking root; and, like it or not, entrepreneurs and non-core doctors are flooding into the market by the tens of thousands.
The Importance of Industry Data
Although medical spas have been growing in number and sophistication, one thing that has been glaringly absent was business and industry data. There was no baseline by which the industry could measure itself, no measuring stick to gauge what was actually happening.
Yes, it’s well known that the market has been growing, but before any business segment can take the next step and truly begin to scale upward, it needs its own metrics to make cost-efficient decisions following through on what is working and discarding what is not. All established industries have data, but the medical spa industry did not — until now.
So with all that, it is my privilege and pleasure to present to you AmSpa’s 2017 Medical Spa State of the Industry Report. The purpose of the report is simple: Capture and publish baseline data about the medical spa industry so that practitioners, business owners, investors and consumers have a frame of reference moving forward.
The medical spa industry is stronger today than possibly imagined five years ago. It can be measured in billions. It is growing faster than the general economy. It is churning out millionaires left and right. And it doesn’t appear to be slowing down.
Click here for more information on the AmSpa 2017 Medical Spa State of the Industry Report.