The global health and wellness market is expected to grow at a CAGR of 4.2% during the forecast period. As a result, the global revenue is estimated to reach USD 4216 Billion by 2028 from USD 3432 Billion in 2023.
Health refers to the complete state of all-around physical and mental wellness. Well-being refers to not only the wellness of a person in health but also to their lifestyle and day-to-day scheduling. Overall health and well-being of a person can help determine how comfortable and happy they are with their life. Health and well-being depend heavily on each other; good well-being leads to good health, and inadequate health can disrupt overall well-being. Therefore, well-being ensures good health by maintaining proper and healthy habits for physical and emotional health. The market for health and well-being focuses on products to help enhance individuals' well-being.
Impact of covid-19 on the global health and wellness market:
Numerous severe issues during the COVID-19 epidemic affected many parts of the world. Businesses lost a lot of money due to the pandemic's disruption of supply and demand networks, which led to lockdown limitations. In addition, due to an increase in cases and patients, as well as a shortage of beds, medical supplies, and healthcare professionals to care for the patients, Due to COVID-19, the healthcare sector was most negatively impacted. As a result, the focus was switched to COVID patients, and the less urgent procedures and medical exams were postponed. The market for health and wellness, which involves various personal fitness programs and health supplements for people, fell behind in revenue during the pandemic. As the activities like going for a walk and gyms for exercising were restricted because of the lockdowns and buying health supplements became difficult due to production and delivery restrictions, the marker for health and well-being fell. However, as the pandemic caused depression worldwide and helped raise attention to mental health, the market is expected to bounce back and grow significantly in the post covid era.
The health and wellness market is rising due to the increased cases of mental disorders and the demand for psychological care worldwide. Problems like depression, anxiety, and stress are now everyday problems for the standard population, and the wellness market is rising due to this predicament. Furthermore, people have more awareness about maintaining personal health and hygiene, and personalized care is being adopted into lifestyles. Additionally, after the pandemic, people are more concerned about their immunological well-being and the hygiene standards of living, so the intake of supplements for health and cleaning equipment has increased significantly.
Resuming wellness tourism activities post-pandemic to push growth.
The health and wellness market is growing due to global campaigns and activities relating to wellness tourism. As a result, people are participating in activities of travel and tourism, which allow them to relax and enjoy free moments in their lives. As travel restrictions have been removed from almost all countries around the world and borders and now open within and outside the country, tourism activities have increased, creating market opportunities. Growing specialties providing spas, therapeutic services, and activities like yoga and Zumba promote fitness.
The rapidly busy and full-stress days and the sedentary lifestyles of the current generation require the assistance of activities and products of mental and physical well-being to keep them on their feet. In addition, the digital advances in the healthcare field, innovations like wearable fitness devices, rising disposable incomes among populations, and government funding support to promote the importance of well-being are helping the market's revenue growth. Furthermore, rising costs of healthcare also encourage people to self-care.
The high costs associated with healthcare supplements and activities hinder the market. For example, membership programs in fitness regimes can be expensive, and the prices of dietary supplements are even more so. Popular brands produce trustworthy products but charge handsomely for their services, and affording a healthy lifestyle becomes difficult for the average salaried man.
The research report on the global hematology market has been segmented and sub-segmented based on the sector and region.
Global Health and Wellness Market - By Sector:
The personal care & beauty & anti-aging segment is expected to hold the most significant share of the market during the forecast period due to the growing interest in looking youthful and having glowing skin among populations. The middle-aged population looks for ways to keep their skin rejuvenated, and the younger people want to make themselves look presentable.
The nutrition and weight loss segment is also expected to grow significantly due to the need for building immunity and the growing obese population worldwide. In addition, maintaining a proper nutritional diet system encourages people to adapt to these habits.
Global Health and Wellness Market - By Region:
The market in North America is expected to grow significantly and dominate the revenue during the forecast period. This dominance of the region is due to an increase in disposable income, widespread use of health and wellness services, improved health awareness, an increase in the prevalence of chronic diseases, an increase in the demand for healthy products, an increase in the number of product launches, and the existence of significant market players in countries like the U.S. and Canada.
The market in Asia-Pacific is fast growing due to the large population, expanding public awareness of the value of health and well-being, rapid industrialization, demand for wellness travel, rising urbanization, and supportive government programs. Additionally, people are aware of the importance of health in countries like China, India, Japan, South Korea, etc.
KEY MARKET PARTICIPANTS:
There are several key market players in the global health and wellness market. Here are a few of the most significant players, L'Oréal SA, Nestlé SA, Procter & Gamble, Unilever Plc, Vitabiotics Ltd., David Lloyd Leisure Ltd., Fitness First, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, etc.
RECENT MARKET HAPPENINGS:
the Health and Wellness market is expected to grow at a CAGR of 4.2% during the forecast period 2022-2027
The market in North America is expected to grow significantly and dominate the revenue during the forecast period.
The market in Asia-Pacific and Europe are also growing at a fast pace in future
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