We attended the Medical Spa Show (AmSpa Meeting) April 9–12, 2026 in Las Vegas, Nevada and came away with a sense of optimism about the sector. After speaking with 20 CEOs in the industry, our sense is that market growth picked up in 1Q2026 and is now growing between 5–8%. We have also heard that the industry has gone through a healthy rationalization that is benefitting the well managed platform companies.
According to the AmSpa State of the Industry Report for 2024, there were 10,488 Med Spas in the US in 2023 and, based on our count of PE owned Med Spa locations and AmSpa’s own analysis, the industry remains fragmented with only an estimated 10% of med spas being owned by private equity platforms/strategic players.
In the 2020-2024 timeframe, we believe that there was a host of new entrants to the med spa market that were not “business people” that under-estimated the professional resources needed to build a successful operation, including the capital to invest in and effectively manage digital marketing campaigns to build brand and generate leads and recruit and retain providers. Many also failed to appreciate the importance of proper training of staff and establishing compliance protocols and SOPs. Managing scheduling systems, patient satisfaction, inventory/purchasing and margin management, procuring and financing equipment and other financial aspects of running a business are also important. Essentially, they had trouble scaling profitably. We heard repeatedly at the show that many of these providers are now looking to close their businesses and re-join their former employers. The 130 Ideal Image locations or staff of those locations have also now been absorbed into other med spa platforms or have been closed.
Mesirow Financial, Inc., member FINRA, SIPC.