Three Key Factors of Medical Spa Growth
The med spa industry has grown tremendously in the past five years, and by all accounts it is poised for continued growth for the foreseeable future. There are few industries with as much potential as the med spa industry. When you look at the age demographics in relation to the advancements in technology being used in the medical spa industry, it is easy to see why. AmSpa’s 2017 Medical Spa State of the Industry Report takes a deep dive into industry trends, but here we examine the factors behind the industry’s explosive growth.
AmSpa attributes three primary factors to the current level of medical spa growth: technology, social media, and population trends Technology is key to current med spa growth because in the past 15 years, advancements in non-surgical (i.e. non-invasive) treatments that make people look and feel better about themselves made these treatments widely available and affordable. Botox injections, laser resurfacing, and body contouring have allowed people to keep their youth without going to the gym or undergoing expensive surgery with substantial downtime. As long as technology allows people to turn back the hands of time in an easy and (relatively) pain free manner, there will be a market.
Second, because social media has become so pervasive, many people are more comfortable with the idea of receiving a cosmetic treatment. Seeing videos of procedures, oftentimes live with their favorite social media personality, lessens the stigma and uneasiness associated with receiving a med spa treatment. People often show up for treatments without any questions or reservations because they’ve experienced the procedure already through social media.
Finally, the rise of the millennial and post-millennial population, combined with aging Gen X’ers, has created a perfect storm for the med spa industry. While the majority of med spa clients are in their mid-thirties to forties, the millennial population has shown a willingness to spend money on themselves, their appearance, and experiences. Med spas are creating a perfect environment for this population by making their environments an exclusive “experience” that makes clients feel special. And given that millennial’s are only just starting to purchase med spa treatments and are poised to take over as the largest percentage of the U.S. population, imagine what the med spa market will look like in, say, 10 years when millennial’s are actually showing signs of aging? Right now, millennial’s go to med spas for ‘preventative’ treatments, i.e. to stop the wrinkles from ever forming.
Moreover, the generation behind the millennial’s (called “post-millennial’s” or Gen X’ers) is even bigger than the millennial population. Accordingly, there is serious potential for the medical spa market to continue to grow for years to come.