USD 4712.5 billion
Report ID:
SQMIG35D2039 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
45 |
Figures:
74
Health and Wellness Market size was valued at USD 4712.5 billion in 2019 and is poised to grow from USD 5226.16 billion in 2023 to USD 11957.36 billion by 2031, growing at a CAGR of 10.9% in the forecast period (2024-2031).
The growth of the global market is attributed to increasing prevalence of chronic diseases such as blood pressure, diabetes, asthma, arthritis, cancer, dementia, and others. This encouraged the adoption of various healthcare activities such as yoga, meditation, and athletics. In addition, the increasing use of wearable devices such as fitness bands and trackers, rapid urbanizations, increasing disposable income, increase in the number of health-conscious people are the factors which help to propel the market growth.
Rapid growth of wellness tourism and mineral spas sectors also drive the market. Spa operator used specialized therapeutic water such as iodine-bromine and Malinskaya mineral water to treat various cardiovascular alignment, circulation disorders, asthma, and others. Wellness tourism takes activities such as meditating at destination, practicing yoga, visiting agricultural fields, and various recreational activities for physical and mental well-being.
US Health and Wellness Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4712.5 billion
Largest Segment
Personal, beauty, and anti-aging
Fastest Growth
Personal, beauty, and anti-aging
Growth Rate
10.9% CAGR
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The global health and wellness market is segmented into sector and region. Based on sector, the global market is segmented into beauty, anti-aging, personal care, healthy eating, nutrition, and weight loss, wellness tourism, preventive, physical activity, and personalized medicine and public health, complementary medicine, traditional, spa economy, and others. Based on region, the market is segmented into North America, Asia Pacific, Europe, Latin America, and others.
Health and Wellness Market Analysis by Sector
The personal, beauty, and anti-aging segment is expected to dominate the global health and wellness market during the forecast period and accounted for the 24% market share. This segment was followed by the nutrition & weight loss segment that accounted for around 15.6% share. The growth of this segment is attributed to the increasing youth population. Younger population focuses more on their physical appearances so they use beauty, personal care, nutrition, and weight loss products.
Wellness tourism is expected to account for about 6% market share and expected to be the fastest growing segment during the forecast period. The growth of this segment is attributed to increasing awareness regarding wellness tourism, increasing disposable income, rapidly growing tourism industry, and rising consumer expenditure on health and wellness services. Wellness tourism provides activities such as yoga, meditation, spa therapies, recreational activities, etc. also increasing government initiatives boost the growth of this segment.
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Throughout the forecast period, North America is anticipated to dominate the global health and wellness market. The rise in consumer disposable income, rising health consciousness, rising demand for healthy products, and rising consumer knowledge of health and wellness items are all factors contributing to the market's expansion. The expansion of the North American health and wellness market is also greatly aided by the existence of numerous key companies and the different strategic initiatives they have taken.
During the projected period, Asia Pacific is anticipated to be the market with the highest opportunities. Increased population, rising urbanisation, rapid industrialization, favourable government attempts to draw FDIs, and the enormous growth potential of numerous sectors of the health and wellness business are all credited with the market's expansion. The industry for health and wellness receives a significant amount of support from developing nations including China, India, Japan, and South Korea.
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Health and Wellness Market Drivers
Increasing Prevalence of Chronic Diseases to Bolster Market Growth
Health and Wellness Market Restraints
High Cost of Products and Wellness Services to Hinder Market Growth
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Global health and wellness market's competitive landscape is highly fragmented. Key players adopted strategic development such as merger & Acquisitions, collaboration & partnerships, and others to strengthen their position in the global market.
Health and Wellness Market Top Player's Company Profiles
Health and Wellness Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global health and wellness market analysis, increasing consumer awareness about healthy life, rapidly increasing wellness tourism, increasing use of wearable devices, rapid urbanization, rising government initiatives are the factors responsible for the growth of the market. High cost of nutritional products and expensive wellness services hamper the market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4712.5 billion |
Market size value in 2031 | USD 11957.36 billion |
Growth Rate | 10.9% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Health and Wellness Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Health and Wellness Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Health and Wellness Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Health and Wellness Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONHealth and Wellness Market size was valued at USD 4712.5 billion in 2019 and is poised to grow from USD 5226.16 billion in 2023 to USD 11957.36 billion by 2031, growing at a CAGR of 10.9% in the forecast period (2024-2031).
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Product ID: SQMIG35D2039