MedSpa Market Observations
A Large and Growing Industry Supported by Strong Tailwinds
- The ~$5.6B U.S. MedSpa market provides non-invasive aesthetic procedures to multiple age groups
- Consensus suggests the U.S. MedSpa market will reach ~$11.1B by 2028P (15.2% CAGR), fueled by:
- An expanding addressable market: Women aged 35-54, the sector’s largest customer base, is a demographic that has grown significantly in recent years and is expected to keep rising through 2040
- The male customer base has displayed 5% Y-o-Y growth and presents itself as a target demographic in the coming years
- Increased cultural acceptance: ~30% of American adults aged 18-24 have used MedSpa services, with ~16% planning to try MedSpa services, indicating rising popularity among younger generations
- Favorable consumer spending trends: Gen Z, a rapidly growing customer demographic in the MedSpa space, accounted for ~4% of total consumer spending in 2022 and is projected to account for ~23% by 2030
- Heightened importance of self care: Americans are taking charge of their self-care as ~70% of U.S. consumers actively buy products related to wellness / self-care and ~94% of American women incorporate at least one healthy habit into their daily routines
- An expanding addressable market: Women aged 35-54, the sector’s largest customer base, is a demographic that has grown significantly in recent years and is expected to keep rising through 2040
Industry Snapshot
$5.6B → $11.1B
U.S. MedSpa market projected to nearly double by 2028.
10,500+
MedSpa locations across the U.S.
1,600
New Medical Spas added in 2023
90%
U.S Medical Spas are privately owned, highlighting a fragmented market ripe for consolidation
5% YoY
Growth of the male MedSpa customer base
