Medical spa payment trends [infographic]

The medical spa, or “medspa,” market can be defined as an “amalgamation of medical clinics and traditional spas, offering soothing, relaxing, therapeutic, and luxurious spa experience along with specialized medical treatments. It involves skin care, nutrition, exercising advice, cosmetic procedures, facial treatments, light & laser treatments, and chemical peels among many other services.” Our infographic takes a look at the revenue and growth of this industry.

Infographic showing payment trends in the medspa industry

Medical Spa Revenue

  • The top 5 revenue-generating medspa procedures in the US in 2018 were:
    • Botox
    • Dermal Fillers
    • Laser Hair Removal
    • Body Contouring (Body Sculpting)
    • Dermabrasion Facials
  • While nearly 43% of US medical spas reported revenue loss in 2020 due to the pandemic, the industry is already bouncing back.
  • The global medical spa market size was valued at USD 12.7 billion in 2020 and is expected to expand at a CAGR of 14.3% from 2021 to 2028.
  • Facial treatments were the most sought-after category of services in 2020 - this category accounted for the largest revenue share at 54.9%.

Top Medspa Procedures

  • The top procedures performed most often on women in 2021 include neurotoxins (63 percent), fillers (57 percent), and rhinoplasty (62 percent).
  • The top procedures for male patients are rhinoplasty (79 percent), neurotoxins (58 percent) and blepharoplasty (42 percent).

Medspa Growth

  • According to the American Med Spa Association, “New technology, younger patients, and a desire to avoid surgery, among other motivations, have led to an explosion of new consumers.”
  • The body shaping and contouring segment is expected to see the fastest growth over the forecast period of 2021-2028.
  • The “Zoom boom” is causing cosmetic surgeons to see an increase in patients. One survey found that 55% of respondents expressed an increase in anxiety and self-consciousness about facial appearance after spending time on video conferences during quarantine.

Medical Spa Software

To ensure their business is profitable, owners should invest in the right medspa software. Independent software vendors (ISVs) who offer a medical spa management software solution should make sure to include these key tools in their solution in order to set their clients up for success.

  • Online booking - Offering online appointment booking allows customers to book appointments at their convenience, and also frees up spa staff to focus on the in-person customer experience.
  • Payment processing options - Today’s consumers have varied preferred payment methods, so medspas should accept a variety of payment methods to meet their customers’ expectations. These should include credit and debit cards, contactless payments, and recurring payments. Text to pay is also a valuable functionality for medspas to offer. Businesses can request credit card payments with a simple link sent via text or email. They can send outstanding balances anytime or automate the process completely.
  • QR codes - Medspas can use QR codes to offer a more streamlined and touchless self-check-in process for customers. This provides a modern, digital experience for customers, and allows them to easily verify and update information upon check-in.
  • Online forms - Medspas require their customers to fill out forms such as health history, consent to treat, etc. They can make this process easier and more convenient for their customers by offering them the option to fill out these forms online prior to their appointment.
  • Two-way texting communication - Medspas can send appointment reminders via text to reduce no-shows. They can communicate with their customers via two-way texting, allowing them, for example, to still assist customers who might call when the receptionist is on another call. They can also text review site links to customers in order to easily request and collect reviews.
  • Reputation management - Many customers seeking out a medical spa will first do their research online, visiting social media pages and customer review sites. For this reason, it’s imperative that medspas continually monitor their online reputation. ISVs can include a reputation management tool within their software solution that allows medspa managers to see and respond to reviews on a variety of different sites, all in one single dashboard.

Global Payments Integrated can help ISVs offer all these tools and robust payment processing within their software solution, thus adding value and becoming more competitive in the medspa vertical. To learn more, contact us today.