According to a recent study by the American Med Spa Association, Medical Spa revenues are forecasted to grow at an 8% average year over year between now and 2022. We believe those numbers are very conservative and the industry is growing at a much faster rate.
Medical Spas are Changing
Medical Spas used to be a defined practice that was led by a Doctor or Physician’s Assistant who administered several cosmetic procedures such as facial fillers, skin tightening treatments and more.
As new aesthetic services continue to emerge, the industry is growing, and client patients are seeing positive results from aesthetic procedures.
In addition to the growing number of services offered, there is also an upward trend of Dermatologists who are adding these cosmetic services to their standard skin care treatments. The reason is two-fold. There is a growing demand for cosmetic services, and the margins for these services are very high compared to other dermatology procedures.
Med Spas without Doctors?
There is also an emerging trend of business owners that open Med Spas without a medical practitioner on staff. In these spas, there is more of a blend of Day spa treatments; such as facials and massage, with a mix of aesthetic treatments such as microdermabrasion and laser hair removal.
Where Dermatology clinics can cross-sell their cosmetic service to existing patient clients, Med Spas with day spa and aesthetic treatments often are most successful using social media and organic med spa marketing solutions to drive new clients to their door.
If the American Med Spa Association were able to expand their study to all practices that sell aesthetic and cosmetic treatments, the growth numbers would be much higher!
This is great news for those who are thinking about starting a Medical Spa business. The demand is extremely high for so many of the aesthetic treatments, and that demand is driving business growth.
Laser Hair Removal Trending Upward
One of the fastest trending treatments in the U.S. is Laser Hair Removal. One way to determine how many potential customers are searching for laser hair removal clinics is to use a keyword suggestion tool that shows how many monthly Google searches for the term ‘laser hair removal.’
Since these services are administered at the local level, it is easy to determine demand by searching the keyword + city. For example, according to the Ubersuggest keyword tool, there are 2400 searches a month for this service.
That is a huge number for local businesses. The sites that rank in the top 3 for this keyword are getting most of the clicks and qualified leads for laser hair removal in Houston. Promoting laser hair removal can be done in so many ways. But if there are 2400 searches in Google, it is very clear that ranking in Google maps and organic will give med spa owners a generous return on their investment.
Any local Medical Spa, Day Spa or other small business can research demand using similar tools. This is an excellent way to determine the feasibility of adding a new cosmetic treatment or opening a Med Spa business that offers a great selection of aesthetic treatments to meet the growing demand of local customers.
Can Small Businesses Compete with Large Chains?
Anytime demand grows for a product or service; larger chains tend to appear on the playing field. This is really more of an advantage for product-based businesses and not as much for service-based local businesses. In other words, a large chain of Med Spas still has to compete at the local level. If local businesses are well-positioned, there is not a huge concern about the little guy competing with bigger companies.
The advantage that small med spas have is being able to relate to their community. Business owners, who have lived in the community for some years, know their target market better than anyone else. Small businesses can communicate through marketing copy that connects to the pain points of their local clientele.
Big chains tend to have a standard branded message that reflects who they are, not necessarily how they can help local clients.
All in all, the future is very bright for Medical spas, and it’s not too late to start a spa in your local community. Remember to do a feasibility study to determine how much demand there is for the services you plan to offer.
Create a marketing message and brand that meets your clients’ needs and get that message on social media platforms. Lastly, make sure your med spa is visible to those clients who are actively looking for you, by leveraging Google and other search engines.