by Immunity-boosting Retreats, Staycations Grow Popular Due to COVID-19 Pandemic
The COVID-19 outbreak has laid increased emphasis on the importance of health and wellness. However, unprecedented developments in the health and wellness market are being witnessed by stakeholders. For instance, the wellness tourism faced a significant revenue impact due to travel restrictions. However, mass inoculation measures and decline in active coronavirus cases are now catalyzing the demand for staycations coupled with immunity-boosting retreats. Anxiety and stress due to the pandemic are being resolved with holidays in wellness-focused places.
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The poor market sentiments on the other hand have caused a slowdown in economic activities in the health and wellness market. Hence, brands in this sector are targeting health-conscious consumers to boost product sales and keep the economies running.
Hand Care Premiumization, Sustainability Important for Personal Care Products
Beauty and personal care trends such as sustainability and hand care premiumization are translating into revenue opportunities for companies in the health and wellness market. The COVID-19 pandemic has fanned the flames and accelerated the relevance of sustainability in personal care products. Personal care brands are placing emphasis on sustainability by ensuring the eco-friendliness of pop-up store designs and kiosks. Recyclable materials are being used to manufacture personal care bottles and containers.
Since the pandemic has skyrocketed the demand for hand sanitizers, companies in the health and wellness market are increasing the availability of alcohol-based hand sanitizers. They are developing hand purifying gels to meet hygiene needs of consumers. The multi-functional hand care products are gaining prominence in the market.
Smart Use of Technology, R&D Help Advance in Personalized Medicine
The health and wellness market is projected to surpass US$ 6.94 Trn by 2031. However, challenges pertaining to the integration of Big Data, ICT solutions, and shaping of sustainable healthcare are influencing the growth rate of the market. Hence, to tide over these challenges, stakeholders are increasing awareness about the smart use of technology combined with greater participation of patients in the management of their own health.
The recent approval of the U.S. FDA (Food and Drug Administration) for a new tumor-agnostic cancer treatment designed to counteract a specific genetic mutation, as opposed to a specific type of tumor such as breast or colon cancer, is grabbing the attention of stakeholder in the healthcare landscape.
High Performance Ingredients in Skincare Products, Anti-ageing Facial Tools Witnessing Increased Demand
The spa economy is undergoing a critical change with the onset of high performance ingredients in skincare products and facial kits. Vitamin F, Squalene, and Niacinamide are becoming popular in skincare products. Minimal products in skincare and fundamental skincare practices are becoming a priority in salons and households.
The metallic face tools made of Kansa, an alloy of bronze, copper, and zinc, Jade rollers, and Gua sha coins are being produced by brands in the health and wellness market to facilitate facial muscle toning and training. These beauty tools are gaining popularity as an effective anti-ageing weapon for women.
Analysts’ Viewpoint
Since the COVID-19 pandemic has caused disruptions in the services industry such as spas and salons, brands are increasing marketing of high performance ingredients in personal care products for DIY skincare practices. The highly competitive health and wellness market is estimated to clock a modest CAGR of 5% during the forecast period. This is evident since lack of awareness about personalized medicine and challenges for policymakers to ensure ICT systems obtain patient consent are potentially influencing market growth. Thus, stakeholders in the health and wellness market should ensure the smart use of technology and increase R&D for once-in-a-generation medical advancements to boost the efficacy and awareness of personalized medicines.
Health and Wellness Market: Overview
The global health and wellness market for the historical period of 2017–2019 and forecast period of 2021–2031, 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
According to the report, the global health and wellness market was valued over US$ 4.1 Trn in 2020. It is anticipated to expand at a CAGR of 5% from 2021 to 2031.
Rise in Prevalence of Chronic Disease to Drive Demand for Health and Wellness: 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
Decline in Overall Healthcare Cost to Boost Market
The U.S. healthcare system has historically focused on the treatment of diseases. For every US$ 100 spent on healthcare, about US$ 80 is typically spent diagnosing and treating patients after they become sick.
There is change observed in spending pattern of consumer, in context to health & wellness industry
Wellness spending is likely to encompass not only the treatment of physical and mental illness, but also investments in data and algorithms that help generate health and wellness insights. This might include things that consumers use to stay healthy, such as app-based algorithms that illustrate the impacts of eating healthy.
It might also include enterprises that address the drivers of health (often referred to as social determinants) and can help address disparities in health outcomes, like housing, community, adequate food, and other enterprises that contribute to well-being
According to an article published by Deloitte, the amount spent in the wellness industry is estimated to eclipse treatment-related expenses by 2033. By 2040, it is expected that wellness industry’s spending would account for nearly two-thirds of the total health spending -or 11.3% of the GDP – and spending on treatments and diagnostics to make up the rest (7.1% of GDP).
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
Health and Wellness Market: Competition Landscape
This report profiles major players in the global health and wellness market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
Leading players operating in the global health and wellness market are
- 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
- SOUKYA International Holistic Health Centre
Key Questions Answered in Health and Wellness Market Report
- What is the scope of growth of companies present in the global health and wellness market?
- What will be the Y-o-Y growth of the global health and wellness market between 2021 and 2031?
- What is the influence of changing trends in the global health and wellness market?
- Will North America continue to be the most profitable market for health and wellness providers?
- Which factors are anticipated to hamper the growth of the global health and wellness market during the forecast period?
- Which are the leading companies in the global health and wellness market?
Health and Wellness Market – Segmentation
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
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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