BOOM: Multi-Location (MULO) “Needles” Businesses: Part 1
The IV therapy industry is booming! From hangover cures to vitamin infusions, MULO (multi-location) and mobile businesses are cropping up to fill consumers’ bodies with various liquids designed to give them energy, help them lose weight, and recover from dehydration. The market is valued at approximately $2B and is projected to grow.
- REVIV was the first MULO IV Therapy location we became aware of. A colleague was killing time in Las Vegas before a comedy show and stopped in for a “booster” of B-complex vitamins. The brand now has multiple locations worldwide, including express locations. Their offering has expanded to include a range of testing and health consulting services.
- Restore Hyper Wellness has close to 200 locations nationally, and consumers can also be heated, chilled, and compressed at these retail storefronts. Last year, they opened 67 new studios.
- iV Bars now has more than 25 locations and is growing.
- Companies like Drip Hydration are mobile-only but serve most states in the U.S. In-home hydration is a huge category, provided to grow to $62B by 2030.
Other MULO brands in the IV therapy space include:
- IV Nutrition (multiple franchise locations throughout the U.S.)
- Whydrate (14 locations)
- Refresh IV Bar (a regional brand based in Michigan)
- Liquivida Lounge (about 15 locations, many of which are in Florida)
- City Hydration (which has a handful of regional locations and pop-ups)
Various health professionals can administer IV therapy services. Other than physicians, the professionals who are allowed to do it are physician assistants (PAs), nurse practitioners (NPs), and registered nurses (RNs). Some states allow licensed practical nurses (LPNs), emergency medical technicians (EMTs), and paramedics to wield needles and fill drip bags.
The industry now has its own professional conference. According to commercial real estate analysts at CoStar, IV therapy centers will continue to be a staple of retail malls throughout the U.S.
IV treatment centers are also located within other businesses, like general storefront health clinics, medical offices, and day spas. Because they serve various purposes, they appeal to a broad demographic group. Regulated differently from other health-related services, they must comply with the requirements in a specific section of the Federal Food, Drug, and Cosmetic Act.
As the population ages and health and longevity remain priorities, perhaps getting that extra boost into your system will become a standard part of preventative care and as convenient as the grocery store or hair salon. And, after a long night of partying in Vegas or with brides/grooms-to-be, sitting with your friends to get relief from a hangover is likely to be promised “near you.”
And, even if you hated needles as a kid, you might be curious about this one!