Health and Wellness Market Analysis | 2023-2028

Market Insights

The Health and Wellness Market is likely to rebound at a promising CAGR of 4.9% during the forecast period to reach US$ 6.9 Trillion by 2028. 

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What are health and wellness?

The World Health Organization (WHO) defines health as "a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity." This definition highlights the importance of both physical and mental health, as well as the social and environmental factors that can impact our health.

The National Wellness Institute defines wellness as "an active process through which people become aware of, and make choices toward, a more successful existence." This definition emphasizes the importance of taking personal responsibility for your health and well-being.

Market Dynamics

Health and wellness have become an important concern among people, particularly in the younger and middle-aged population. The primary driver of the health and wellness market share is the rising consumer expenditure on a variety of products and services related to health and wellness. The growing prevalence of physical and mental diseases, such as anxiety and depression, is largely responsible for the growth of the health and wellness industry.

The health and wellness market is driven by a host of factors, some of which are noted below:

• Global demand for healthy products and growing public awareness of the value of personal cleanliness have fueled the expansion of personal care products.

• The primary drivers of the market are consumers' sedentary lifestyles & hectic schedules.

• The rising prevalence of various chronic diseases like asthma, high blood pressure, diabetes, cancer, arthritis, and various mental disorders.

• The worldwide health and wellness business is anticipated to benefit significantly from the growing popularity of wellness tourism. The term "wellness tourism" refers to traveling for one's physical and mental well-being.

• Wellness tourism encompasses pursuits like traveling to meditate, doing yoga, touring farms, and engaging in a variety of leisure pursuits.

Here are some of the latest trends to watch in 2023:

Virtual reality (VR) and augmented reality (AR) for health and wellness: VR and AR are being utilized to promote health and well-being in a variety of ways, including delivering immersive workout experiences, assisting patients with pain management, and lowering stress.

Sustainable and ethical wellness: Consumers are becoming more interested in environmentally friendly and ethical wellness products and services. This includes products created from natural components, are cruelty-free, and have a beneficial environmental impact.

Wearables and other connected devices: Wearables and other linked gadgets are gaining popularity for measuring fitness, sleep, and other health data. These devices can provide beneficial data about our health and assist us in making healthier lifestyle choices.

Tech-enabled coaching and support: People are turning more often to technology-enabled coaching and support to help them accomplish their health and wellness goals. Technology is used in these programs to give personalized coaching, assistance, and accountability.

The health and wellness market is a large and growing industry, but it also faces several challenges. Some of the most common challenges include:

Rising healthcare costs: The cost of healthcare is rising faster than inflation, making it difficult for many people to afford preventive care and treatment for chronic diseases. This can lead to delayed diagnoses and worsening health outcomes.

Growing prevalence of chronic diseases: The prevalence of chronic diseases such as heart disease, cancer, and diabetes is on the rise. These diseases are often preventable, but they are also expensive to treat.

Changing consumer preferences: Consumers are increasingly demanding personalized and convenient healthcare experiences. This is putting pressure on traditional healthcare providers to adapt their services.

Misinformation and disinformation: The spread of misinformation and disinformation about health and wellness can lead to poor decision-making and negative health outcomes.

Regulation and compliance: The health and wellness industry is heavily regulated. This can be a challenge for businesses, as they must stay up-to-date on the latest regulations and comply with them.

Technology and innovation: The rapid pace of technological change can be both a challenge and an opportunity for the health and wellness industry. Businesses that can adapt to new technologies and develop innovative products and services will be well-positioned for success.

COVID-19 Impact 

The COVID-19 pandemic has brought about several concerns that have resulted in significant economic losses as many industries around the world have come to a standstill. However, COVID-19 has had a favorable effect on the health and wellness market for the health and well-being industry. During the epidemic conditions, people's attention turned more and more toward their health and well-being.

People all over the world are becoming increasingly aware of the importance of living healthily. The pandemic has brought attention to socio-economic and psychological effects, teaching us a very important lesson about health. Despite how the world was affected by COVID-19, perhaps there is a silver lining, in that people are now more aware of their health. People today seek to enhance their lifestyles more than ever, which may have been damaged by bad habits or carelessness before the pandemic.

Segmentations

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories:

By Sector Type

• Beauty and Personal Care
• Healthy Eating
• Nutrition, and Weight Loss
• Wellness Tourism
• Physical Activity
• Preventive & Personalized Medicine and Public Health
• Traditional and Complementary Medicine
• Spa Economy
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Segment Analysis

Sector Trends

The market is segmented into, beauty, and personal care, healthy eating, nutrition, and weight loss, wellness tourism, physical activity, preventive & personalized medicine and public health, traditional and complementary medicine, spa economy, and others.  Beauty & personal care products occupied the largest share of the market in 2022 & are expected to remain the largest and fastest-growing sector in the market during the forecast period.

Owing to the growing desire for organic and natural cosmetics and personal care products, amongst the female population driving the sales of beauty and personal care goods over time. The introduction of an online shopping model, the development of a distribution channel, and rising income are a few other factors that have contributed to the market growth for personal care and beauty products. Other factors include increased awareness of the value of maintaining long-term attractiveness, changing lifestyles, and increasing awareness of the importance of maintaining long-term attractiveness.

Regional Analysis

North America dominated the health and wellness market with the highest share in 2022 & is expected to remain the largest market for health and wellness during the forecast period. The demand for health and wellness is fueled by factors such as increasing disposable income, more health consciousness, increased demand for healthy products, and improved consumer knowledge of health and wellness products.

Furthermore, the proliferation of the North American market opportunity in the region has been greatly aided by the existence of numerous key industry players and the diverse development methodologies they have utilized. Additionally, there is a growing trend among people to live healthier lives, which includes consuming organic meals, vegan foods, and dietary supplements.

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Key Players

The following are the key players in the health and wellness market:

• Abbott Laboratories
• Amway Corp.
• Anytime Fitness LLC
• BioThrive Sciences
• Herbalife Nutrition Ltd.
• Lift Brands
• L'Oréal S.A.
• The Bountiful Company
• The Estée Lauder Companies, Inc.
• Unilever plc

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market

What Deliverables Will You Get in this Report?

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.