The Importance of Keeping an Eye on Industry Trends for Your Business
The medical spa industry is constantly changing and evolving. If you don’t want to get left behind, one of the things you have to do as a business owner or leader is to keep your finger on the pulse of industry trends. Staying updated with industry trends will allow you to make informed decisions, build credibility, and catch new opportunities. The knowledge will help you steer your business in the right direction and stay ahead of the curve.
Various beauty and wellness trends pop up every year, and they can be overwhelming. Which trend should you keep up with? This is where an understanding of the target market will be useful.
Who Is the Target Market for Medical Spas?
The target market is a large group of people who you think can benefit from your business offerings. Many confuse the target market with the target audience. But remember that the target audience refers to a specific group of people. They are a segment of the target market with shared demographics that have been identified as the most likely buyers of the spa’s services.
Medical spa services can include microdermabrasion, Botox injections, and other anti-aging procedures. These services usually benefit men and women over 35 who want to look younger, and they are the medical spa’s target market. These consumers can be working professionals who want to look appealing or people leading active lives.
How Is the Med Spa Industry Doing?
The medical spa or med spa industry is doing well, which is great news for businesses in this sector. It’s growing at a fast rate and generating billions of revenue. In fact, single-location businesses can generate medical spa revenue of over a hundred thousand dollars monthly.
It can be tempting to enter this industry. However, before you do so, it’s best to learn how many med spas in the US you’ll be competing with. In 2022, there were over 8000 medical spas in the country alone. It means more competition. On the good side, you can do a few things to stay on top of the minds of clients, like managing your online reputation and getting more reviews.
10 Top Medical Spa Industry Trends for 2024
Keeping up-to-date with the latest trends in the MediSpa industry is more than a mere task. Those trends may help you attract more customers and grow your med spa business.
Let’s start exploring ten trends that will likely shape the medical spa landscape this year.
1. Cheek Fillers
Cheek fillers are a relatively simple cosmetic procedure. It takes a person’s facial structure to the next level in just minutes. It can transform flat, sunken cheeks that make someone look older and tired into something more sculpted and defined. But the solution isn’t just for aging. Youthful individuals also seek the treatment. But the reason is often to enhance their overall aesthetic appeal and become more confident.
2. Dysport
Dysport is an FDA-approved wrinkle-relaxing treatment. It has been gaining notoriety because of its beautiful results. It allows customers to experience the same benefits of Botox, one of the most popular and common cosmetic treatments. Dysport and Botox use the same toxins but have different formulations and dosing units. Dysport also has a faster onset of action, requires fewer injections, and costs less than its counterpart.
3. Masseters
Injecting Botox into the masseter muscle is gaining popularity. Masseters are muscles on either side of the jaw that we often clench in times of stress. Injecting Botox on this muscle helps prevent the jaw and teeth from involuntarily clenching. However, many get this treatment to achieve a slimmer jawline within a relatively short period.
4. Buccal Fat Reduction
Buccal Fat Reduction is a decade-old procedure that has created a buzz on TikTok and other social media platforms. This craze involves a surgeon cutting out a glob of a person’s cheek to achieve a sharper cheekbone. It’s now touted as the “holy grail” of facial contouring among younger patients, although people of all ages seek out this treatment.
5. Microneedling + PRP
Treatments that reverse signs of aging will remain popular in 2024. But this time, pro-aging will be the dominant trend. These treatments work on a cellular level to reverse signs of aging instead of filling and freezing one’s features to maintain a youthful appearance. Microneedling + PRP fall under this category. Microneedling and PRP (platelet-rich plasma) are two different treatments. Combined, they can stimulate natural collagen production and maintain youthful skin.
6. Morpheus8 + Exosomes
Beauty editors and celebrities are trying Morpheus8. This revolutionary treatment combines all microneedling benefits with radio frequency technology. In a sense, it’s a more advanced version of the microneedling treatment. Customers love it for its many amazing effects. It can make pores look smaller, wrinkles and fine lines less noticeable, and acne scars and marks less prominent. This treatment also makes the skin look tighter, firmer and lifted. On the other hand, exosomes quicken the recovery process and help improve skin texture.
7. Facelifts
Facelifts are popular among the older generation who want to regain a youthful-looking face. However, with innovations in techniques, facelifts aren’t only for patients ages 40 to 50 anymore. Specifically, micro facelifts are gaining popularity with the younger demographics looking for subtle enhancements. The procedure takes less time than traditional facelifts, and patients can achieve a more defined neck and jawline.
8. Hydrafacials
Hydrafacials were one of the hottest trends in the MediSpa industry last year. It will likely remain a popular option for anyone looking to improve their skin’s health this year. A hydrafacial is a three-step treatment that cleanses, peels, and exfoliates the skin. The treatment is customizable, non-invasive, and offers immediate results, which is probably why it has gained popularity. It’s also safe and effective for all skin types, so anyone can undergo the treatment.
9. PDO Brows Lift
Eyebrows can change face dynamics, but luckily it’s possible to change its shape through PDO brows lift treatment. It’s a minimally invasive, non-surgical way of lifting brows using PDO threads. PDO threads are becoming one of the most-requested treatments in medical spas right now.
10. Body Sculpting
Body sculpting treatments, like EMSculpt and CoolSculpt, are also surging in popularity. These are non-surgical ways of redefining one’s body shape. These treatments make the patient’s dream body a reality, without hitting the gym (although exercising remains crucial in staying healthy and fit). Body sculpting treatments use advanced techs to help you reduce fat and build muscles.
In a nutshell, 2024 is likely to give rise to the popularity of non-surgical and minimally invasive procedures and the use of cutting-edge technologies. Services will go beyond traditional aesthetic treatments. MedSpa businesses will likely start incorporating more holistic wellness programs into their offerings.
But don’t forget about improving your client’s experience. It’s one of the keys to keeping loyal clients and getting new ones in the first place. Your clients may talk about their experience in reviews, and that could affect your business.
But should you get negative feedback, you can implement a reputation management strategy to prevent it from causing harm.
Med Spa Industry: Market Analysis & Forecast
Now, let’s take a closer look at some spa industry statistics.
In 2023, the global medical spa market reached a staggering $18.6 billion. And, it’s expected to grow even higher, possibly reaching over 15% compound annual growth rate (CAGR) from 2024 to 2030. Single-owned facilities dominate the industry today, with the largest med spa chains constantly expanding.
Right now, some treatments are increasing in demand. It includes minimally invasive treatments, anti-aging skincare solutions, and wellness packages. The facial treatment segment dominates the market in 2023, with a revenue share of over 50%. Meanwhile, the segment for body shaping is expected to witness a swift CAGR from 2024 to 2030.
In terms of customers, women remain the primary customers, leading to more women-oriented services. But men are also more likely to get more medspa treatments in the coming years. The gradual use of med spa services by men is likely due to them realizing the benefits of wellness treatments. Adults in their mid-30s to 50s will also remain as the main customers. However, more teenagers will likely incorporate med spa treatments into their beauty regimes because of social media influence.
Unfortunately, innovation remains low in the industry, as innovative technologies require high investment. Shortage of research and development efforts also limits the innovation and testing of cutting-edge solutions. However, technologies for managing and growing med spa businesses are aplenty.
Med Spa Industry Growth: The Future of the Beauty Industry
The medical spa industry has been experiencing steady growth. The popularity of med spas and treatments has skyrocketed, specifically in the US, in the past decade. This massive growth is attributed to various factors, including rising disposable income, increasing awareness among consumers about anti-aging and self-care services, and the fast growth of the wellness sector.
Use the Right Tools to Grow Your Medical Spa Facility Today!
Now that you know the trends to keep up with, the next thing to do is try Podium’s services to expand your med spa. If you don’t know where to start, Podium offers unique solutions especially designed to help the med spa business grow and succeed.
