Global Health and Wellness Market Size to Reach $12,850.3 Bn by 2031Download Sample Reports Overview
The Global Health and Wellness Market Size is predicted to be valued at $12,850.3 billion by 2031, surging from $4,712.5 billion in 2021 at a noteworthy CAGR of 10.9%.
Impact Analysis of COVID-19 on the Health and Wellness Market
The significance of health and wellness has been highlighted by the COVID-19 outbreak. COVID-19 has compelled a larger change in the healthcare industry by causing a fundamental shift in how people use health supplements. Significant changes in lifestyles have resulted from this. As public knowledge of the COVID-19 epidemic has grown, so has the demand for personal hygiene and homecare goods. Manufacturing firms feel that the pandemic has increased consumer awareness of the importance of maintaining personal and household hygiene to lower the risk of infection. This helps manufacturers to focus more on introducing new and innovative products for COVID-19 prevention in the market.
For instance, in March 2020, Abbott, a leading medicine and healthcare device manufacturing company, introduced a molecular point of care test device to detect the coronavirus. This device is capable of providing positive results in 5 minutes and negative results in 13 minutes.
Global Health and Wellness Market Analysis
One of the main factors fueling the market's expansion is the rising prevalence of chronic lifestyle illnesses in the world. The prevalence of diabetes, blood pressure, asthma, arthritis, cancer, dementia, and other stress-related ailments has greatly increased as a result of sedentary lives and busy schedules. This has inspired the general public to adopt numerous healthcare practices like meditation, yoga, and exercise. The increase in incidence of chronic lifestyles disease in the young generation due to which young generation is now more focusing on lifestyle. Youngsters are focusing more on using thermal springs and spas to reduce their stress and using healthy food and supplements to improve the immunity. These are the major factors anticipated to boost the health and wellness market share during the forecast period.
However, the high price of health and wellness-related goods and services is a major barrier to the market's expansion. Moreover, the establishment and maintenance of thermal springs and health spas demand substantial investments. Thermal springs and spas require a dedicated infrastructure and technology, which can hamper the health & wellness market demand in future.
The incorporation of a number of cutting-edge technologies, including IoT, virtual reality, and artificial intelligence, is one of the many factors that are anticipated to offer market participants worldwide a profitable growth potential. The implementation of smart technology and creative production techniques for a variety of health and wellness goods is the outcome of ongoing R&D. The growing trend of adopting wearable gadgets like fitness trackers and bands is accelerating market expansion. The major players in the market are now investing in R&D of new and advanced healthcare devices to capture the demand for health and wellness devices in the market. Such factors are likely to drive global health and wellness market revenue growth in the coming years.
Global Health and Wellness Market, Segmentation
The global health and wellness market is segmented on the basis of product type and region.
The product type segment is further classified into beauty & personal care products, health & wellness food, wellness tourism, fitness equipment, and others. Among these, the beauty & personal care products segment is anticipated to have a dominant market share in 2021. For businesses in the health and wellness market, beauty and personal care trends like sustainability and hand care premiumization are translating into income potential. The relevance of sustainability in personal care products has grown as a result of the COVID-19 pandemic. By ensuring that pop-up store designs and product construction are environmentally friendly, personal care firms are emphasizing sustainability. Personal care bottles and containers are made from recyclable materials.
The health and wellness market opportunity in the Asia-Pacific region is projected to show the fastest growth. The region is offering profitable chances to market players due to the availability of inexpensive production inputs and welcoming governmental policies that draw foreign direct investments. Countries like China and India are evolving into global manufacturing hubs due to the fact that nearly all of the major players in the health and wellness industry have production facilities in these nations. In addition, it is anticipated that during the forecast period, the presence of a sizable youth population, rapid industrialization, and rapidurbanization will propel demand for beauty and personal care products, nutritional supplements, physical activities, and various other wellness and health products.
Key Players in the Global Health and Wellness Market
Some of the leading health and wellness market players are
- B. Braun Melsungen AG
- General Mills Inc.
- Omron Healthcare Inc.
- Koninklijke Philips N.V.
- Animas LLC
- Johnson & Johnson Services Inc.
- The Coca-Cola Company
- F. Hoffmann-La Roche Ltd
In June 2022, Abbott, a leading healthcare and medicine manufacturing company, announced that it is developing a first of its kind dual monitoring system that will help diabetic people to continuously monitor ketone and glucose levels using only single sensor devices.