The health and wellness market size was valued at US$ 4 Trillion in 2020 and is expected to reach US$ 6.75 trillion by 2030, expanding at a CAGR of 5.2% from 2021 to 2030.
Health and Wellness Market (By Sector: Personal Care, Beauty, and Anti-Aging, Healthy Eating, Nutrition, and Weight Loss, Wellness Tourism, Physical Activity, Preventive & Personalized Medicine and Public Health, Traditional and Complementary Medicine, Spa Economy, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030
Health & wellness is a broad terminology that covers various techniques, services, and product offerings provided to maintain fitness, health, and wellbeing of individuals around the world. Health includes various parameters such as mental, social, and emotional. Wellness is a form of quality of life, which includes mental and physical wellness, emotional, and socio-economic wellness, along with fitness, nutritional, and other important forms of wellness.
Rise in prevalence of dystrophic epidermolysis bullosa and surge in research to manage dystrophic epidermolysis bullosa are projected to drive the global health and wellness market during the forecast period.
- Rise in prevalence of chronic lifestyle diseases across the globe is a key factor driving the market
- Prevalence of diabetes, blood pressure, asthma, arthritis, cancer, dementia, and other stress-related disorders has increased significantly, owing to sedentary lifestyles and hectic schedules. People unable to synthesize essential amino acids, vitamins, and other components as well as those who do not get essential nutrition from their diet are prescribed with additional medical supplements.
- According to the International Diabetes Federation (IDF), the number of people with diabetes in North America stood at around 46 million in 2017, which is expected to increase to 62 million by 2045
- According to a report published by the World Health Organization in 2018, one in five men and one in six women across the world are diagnosed with cancer during their lifetime. Hence, increase in incidence of chronic diseases is likely to fuel the market during the forecast period.
- Cardiovascular diseases (CVDs) are a leading cause of death around the world. According to the World Health Organization (WHO), cardiovascular diseases account for nearly 17.9 million deaths every year, which is estimated to be 31% of all global deaths.
- According to CDC, 18.2 million adults aged 20 and older have CAD (about 6.7%) in the U.S. Two out of every 10 deaths occur due to CAD in adults less than 65 years old.
- Hence, rise in prevalence of chronic diseases, such as CVDs, Cancer, diabetes, etc., is projected to fuel the global health and wellness market during the forecast period
High Cost of Products, Services to Hamper Market
- Dietary supplement and functional food/beverages incur significantly high costs, which is likely to hamper the growth of the health and wellness market. Players such as Amway offer supplements under the brand Nutrilite, which is quite expensive.
- These supplements, being less cost-effective, could restrain the development of the health and wellness market, especially in developing countries such as South Africa, and other emerging markets
- Surge in concerns about complete wellness and changes in way of life has prompted customers to prefer various wellness services such as spa, gyms, clubs, etc., in order to have a balanced and healthy life. However, these services are expensive and be afforded by people earning basic wages, which, in turn, is projected to hamper the market.
- Certain corporate wellness services such as health risk assessment and fitness require more investment and are therefore, cut down by corporates
- These factors are likely to restrain the market during the forecast period
Physical Activity to Dominate Global Market
In terms of sector, the global health and wellness market has been classified into personal care, beauty and anti-aging, healthy eating, nutrition and weight loss, wellness tourism, physical activity, preventive and personalized medicine and public health, traditional and complementary medicine, spa economy, and others. The physical activity segment dominated the global health and wellness market in 2020, and the trend is projected to continue during the forecast period. Physical activities include not only fitness/gym and mind-body (“mindful movement”) activities, but also a variety of other sports and active recreation activities that people engage in as part of being physically active.
Rising concern about obesity and chronic disease and awareness about their link to inactivity are estimated to continue to prompt governments, nonprofit organizations, medical systems, employers, and consumers to pay more attention to physical activity, which, in turn, is a key factor that is projected to propel the segment during the forecast period.
North America dominated the global health and wellness market in 2020, and the trend is anticipated to continue during the forecast period. Rise in population suffering from various chronic diseases and increase in awareness about healthy lifestyle & balanced diet in North America are expected to boost the consumption of health and wellness products during the forecast period. North America’s large share of the global health and wellness market can be attributed to the increase in the adoption of health and wellness services in the U.S. and Canada. It is a key target region for all players in the global health and wellness market.
Asia Pacific is likely to be a highly lucrative market for health and wellness from 2021 to 2030. The market in the region is projected to expand at a high CAGR during the forecast period.
Key players in the global health and wellness market include The Estée Lauder Companies Inc., L’Oréal S.A., Unilever plc, BioThrive Sciences, Abbott Laboratories, Herbalife Nutrition Ltd., Amway Corp., THE BOUNTIFUL COMPANY, Anytime Fitness LLC, Lift Brands, BodyHoliday Saint Lucia, Healing Holidays (Cleveland Travel Ltd.), COMO Hotels and Resorts, Grand Resort Bad Ragaz, and SOUKYA International Holistic Health Centre.
Global Health and Wellness Market: Segmentation
Health and Wellness Market, by Sector
- Personal Care, Beauty, and Anti-Aging
- Healthy Eating, Nutrition, and Weight Loss
- Wellness Tourism
- Physical Activity
- Preventive & Personalized Medicine and Public Health
- Traditional and Complementary Medicine
- Spa Economy
Health and Wellness Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/38526 or call: +1 9197 992 333