Health and Wellness Market Size to Worth Around US$ 6.75 Trillion by 2030

According to Vision Research Report, the health and wellness market valued at US$ 4 trillion in 2020 and it is expected to reach US$ 6.75 trillion by 2030, expanding at a CAGR of 5.2% from 2021 to 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.

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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.

Key Driver

• 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

Scope of The Report

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

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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.

Competitive Landscape and Market Share Analysis

The health and wellness market competitive landscape provides details by vendors, including company overview, company total revenue (financials), market potential, global presence, health and wellness sales and revenue generated, market share, price, production sites and facilities, SWOT analysis, product launch. For the period 2017-2020, this study provides the health and wellness sales, revenue and market share for each player covered in this report.

• Crucial data regarding the major contenders, product portfolio, market remuneration, and production patterns are documented in the report.
• The report presents the pricing models followed by each company, alongside the gross margins and market share held by each company.

Regional Scope

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

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
  • Others

Health and Wellness Market, by Region

• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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