Portland, OR -- (SBWIRE) -- 02/17/2018 -- Global Spa Services Market projects that the market would reach $154.6 billion by 2022. Medical spa is expected to register the fastest growth, during 2016-2022, according to new research published by Allied Market Research. Europe accounted for the largest market share of about 39.1%, followed by Asia-Pacific and North America, in 2015. LAMEA region is expected to witness the highest growth, owing to rising investments into tourism industry in countries such as Brazil and UAE.

Growth of the market is fostered by factors such as increasingly hectic lifestyles, rising wellness tourism, rising demand from teenagers and improving standards of living. Moreover, increase in population of working women and rising popularity of spa among male customers is also supplementing the growth of world spa services market. However, scarce availability of skilled labor and lesser penetration in underdeveloped regions limit the market growth to a certain extent. Furthermore, the cost of employing skilled labor in the world spa services market is high, thereby adding to the operation costs incurred by the firms.

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The salon spa segment accounted for the largest market share of around 41.8% in 2015. Increase in disposable income among the middle-income class, affordable services, and innovative marketing strategies used by salons contribute to the growth of this segment. However, the highest CAGR of 10.7% is expected to be witnessed by the medical spa segment during the forecast period. Technological advancement in medical treatments such as laser technology, dermal fillers, cellfina ultratherapy and others are driving the demand for medical spa

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The world spa services market was dominated by Europe in 2015, owed to higher demand in Western European countries such as Germany, France, UK and others. In addition, extensive demand arising from Eastern Europe countries due to rising income of middle class customer groups has also contributed significantly to the market growth. Asia-Pacific is the second largest region in the world spa services market owed to huge contribution by countries such as Japan and China, which are highly concentrated with mineral spa.

SPA MARKET SEGMENTS

By Type

-Salon spa
-Hotel spa
-Medical spa
-Destination spa
-Mineral spa
-Other spa