Chapter III · 6 min read
The Money
Unit economics, 50-state Botox pricing, and the $8.7B tourism pressure map.
The average medspa generates $1.4M — and the number keeps climbing.
Up from $1.3M in 2022. The average visit generates $527, and injectable-heavy practices report 20–25% net margins — among the highest of any outpatient category.
With 10,488 locations in 2023 (up 18% YoY), revenue per location is still climbing even as supply grows. That's the rare signal of a market expanding on both axes.
$1.4M
Avg annual revenue per medspa
20–25%
Net margin (injectable-heavy)
AmSpa 2024 State of the Industry, FotroMed 2025 margin study, Apex Leaders 2024 projections
Botox: $252 in Wyoming. $536 in Wisconsin. A 2.1× spread.
We priced Botox across all 50 states + DC. The gap isn't just cost-of-living — competitive density, patient demographics, and menu architecture all shape what a market will bear.
States with fewer providers per capita and more affluent patient bases command premiums — the highest- and lowest-priced markets are charted below.
$252
WY (lowest)
$536
WI (highest)
CareCredit, Direct Aesthetics, and provider surveys (2024–2025)
The face accounts for 4 of the top 8 highest-margin procedures.
We mapped demand, pricing, and margins across 9 body regions. Botox leads with a search index of 100 and very-high margins ($350–$700). Lip filler follows with a social index of 88 — the second-most Instagram-driven procedure in the dataset, just behind Botox.
The takeaway: face-first menus maximize both search discoverability and margin simultaneously.
$350–$700
Botox treatment range
88
Lip filler social index
CareCredit, Google Trends search indices, provider margin surveys (2024–2025)
Aesthetic tourism: an $8.7 billion parallel market.
Cosmetic surgery tourism alone is $4.5B. Hair transplants add $1.6B (heading to $5.3B by 2033). BBL tourism to Colombia and the Dominican Republic is $480M, and dental tourism adds $2.1B. These cross-border flows show where price can beat proximity — useful pressure-map context, not a one-for-one domestic revenue loss.
Not all of this is US-origin demand — but each dollar flowing to Turkey or Thailand marks the frontier where a cheaper result wins out over proximity.
$8.7B
Combined aesthetic tourism market
$19.3B
Forecast total by 2030–33
MarketIntelo + PubMed cosmetic-tourism studies (2024). Hair & dental sourced; cosmetic & BBL components modeled.
Botox pricing — all 50 states + DC
Average per-treatment price, ranked. National average $420.
Δ = vs. the $420 national average. Source: CareCredit / Synchrony cost study (per-state averages are vendor-blended and thin-sample at the extremes). Showing 51 of 51 jurisdictions.
Three readings of the same data.
- The same Botox treatment ranges $252–$536 across states — know where you sit.
- $527 average visit; injectables carry the 60–80% margin.
- Watch the tourism leak — price-sensitive patients are going offshore.
- $1.4M avg revenue per location at 20–25% net margins.
- Injectables ≈ 45% of revenue with 3–4×/yr repeat frequency.
- Pricing power varies 2.1× by geography — a real lever for platforms.
- Face-first menus maximize both search discoverability and margin.
- Capture tourism-leak demand with financing + trust signals.
- Benchmark per-state pricing before setting the rate card.
Next step after pricing and revenue
Pricing pressure needs confidence, not louder discounts.
When patients compare providers, a cheaper price is not the only lever. Clear proof, realistic visualization, financing context, and low-friction booking can protect margin by helping patients understand value before they ask for a deal.
The Atlas stays free either way. Mirror is for clinics that want this research to turn into a stronger consult path on their own site.
Is this worth booking here instead of shopping one more clinic?
The best margin protection happens before the price objection.
Mirror helps the patient see the value before the consult.