Health and Wellness Market: Introduction
According to the report, the global health and wellness market was valued over US$ 4.1 Trn in 2020. It is projected to expand at a CAGR of 5% from 2021 to 2031. 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.
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.
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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 2031. The market in the region is projected to expand at a high CAGR during the forecast period.
Rise in Prevalence of Chronic Disease to Drive Market
The rise in prevalence of chronic lifestyle diseases across the globe is a key factor driving the market. The prevalence of diabetes, blood pressure, asthma, arthritis, cancer, dementia, and other stress-related disorders has increased significantly, owing to the 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.
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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, the 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.
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.
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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.
Competition Landscape
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.
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