Health and Wellness Market Market Size To Surpass US$ 7,656.7 BN By 2030

According Nova one advisor, the global Health and Wellness Market market is valued at US$ 4,436.1 billion in 2021 and it is expected to grow at a CAGR of 5.5% during the forecast period (2022-2030) The demand in the Health and Wellness Market market is projected to reach a valuation of US$ 7,656.7 billion by the end of 2030.

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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

Scope of the Health and Wellness Market Report

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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

 Some of the prominent players in the Health and Wellness Market 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
• SOUKYA International Holistic Health Centre

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

• 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

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Regional snapshot

North America is the global leader in the health and wellness market. This is attributed to the increased consumer spending on the health and wellness products and services in the region. Further, the higher adoption rate of advanced and innovative technologies in North America has significantly boosted the growth of the health and wellness market in the past few years. North America is characterized by the presence of various top manufacturers of pharmaceuticals, beauty and personal care products, and nutritional supplements that crucially contributes towards the development of the health and wellness market in the region.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The region is providing lucrative opportunities to the market players owing to the availability of cheap factors of production and favorable governmental policies that attracts foreign direct investments. Countries like China and India are becoming the manufacturing hub of the world as these countries are characterized by the presence of the manufacturing units of almost all the top players operating in the health and wellness market. Moreover, the presence of huge youth population, rapid urbanization, and rapid industrialization are the various factors that are expected to drive the demand for the beauty and personal care products, nutritional supplements, physical activities, and various other wellness and health products, during the forecast period.

Various developmental strategies adopted by the market players such as partnerships, agreements, new product launches, mergers, and acquisitions contribute exponentially towards the market growth. For instance, in June 2021, Unilever entered into a partnership agreement with the food-tech company, ENOUGH to produce plant-based meat products in the market. Further, in June 2020, L’Oreal acquired Thayers Natural Remedies, a US based skincare brand, to integrate it into L’Oreal’s Consumer Products Division.

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