Looking to Sell Your Practice? What a Booming Medspa Industry Means for You
Medspa owners looking to sell, we’ve got good news for you: The industry is thriving.
While medical aesthetics used to be more of a hush-hush industry, in recent years, it has become a mainstream topic of discussion. Patients are becoming more and more comfortable wanting to share their remarkable results with their peers, friends and family. And not only are medspas more popular, but they’re also more profitable than ever.
The current state of the medspa industry, along with indications of future long-term growth, makes now a great time to sell your medspa. As seasoned medspa owners, industry pioneers and financial advisors, Princeton Medspa Partners (PMP) is confident that the industry will continue to grow with no end in sight.
According to the recent 2022 Medical Spa State of the Industry Report:The medspa industry is one of the fastest growing industries in the United States.
The medical spa industry is a $15 billion industry that employs 70,000 people. It is projected that by 2025, there will be 11,553 medical spas in the country. Over a three-year timespan, the total number of medspas increased by over 30%:
- 2019: 6,582 medspas
- 2022: 8,841 medspas
From 2021 to 2022, the average annual medspa revenue increased from $1,722,551 to $1,982,896. This growth is only poised to soar with the financial forecast estimating the average annual medspa revenue will be between $2,006,725 and $2,310,543 by 2025.Patients are spending more and visiting more often.
Repeat patients comprise an average 65% of medspa patients, with 35% on average being new patients. The average patient-spend for non-surgical aesthetic procedures exceeded $500 per visit in 2022, compared to an average spend of under $500 per visit in 2019. Not only are patients spending more per visit, but there are also more patients visiting:
- 2019: 243 average patient-visits per month
- 2022: 283 average patient-visits per month
Though financials were impacted by COVID-19 in 2020 and 2021, 88% of medspas anticipated revenue increases in 2022 compared to 2021. And 74% of those medspas estimated greater than 10% growth.
PMP is actively seeking out successful medspas as well as providing owners with desirable exit opportunities. If you have a desire to sell, we can help you take the next step in your medspa journey! Reach out to PMP today by emailing us at email@example.com.