Health and Wellness Market Worth USD 6.94 Trillion with CAGR of a 5% from to 2031 | TMR Study

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Oct 18, 2022, 13:30 ET

Growing popularity of wellness tourism creates promising growth frontier in health and wellness market; rising demand for skincare formulations containing novel ingredients and high-performance and personal care products propelling revenue growth, notably anti-aging devices
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WILMINGTON, Del., Oct. 18, 2022 /PRNewswire/ -- Health and wellness market companies are witnessing ample opportunities the back of rising adoption of preventive healthcare practices and growing trend of premiumization of personal care products. Strides made in wellness tourism and emphasis on public health have created a massive avenue for companies to capitalize into in the health and wellness market. The health and wellness market is forecast to advance at CAGR of 5% from 2021 to 2031.

An in-depth study by TMR has evaluated current demand and emerging opportunities in various health and wellness market segmentations, including in healthy eating, nutrition, and weight loss. Rapidly increasing adoption of anti-aging devices and prescription products globally has generated sizable revenues over the years. The trend is likely to continue unabated, anchored in growing spending on healthcare products by the elderly populations globally.

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Growing awareness of the spa culture has fueled strides in the spa economy, and has opened an incredible growth frontier in the health and wellness market. Immunity-boosting staycations present a massive avenue for wellness tourism, observed the market analysts. Premiumization of hand care products after the COVID-19 outbreaks had spurred revenues for health and wellness market manufacturers. Promoting sustainability in personal care products underlies some of the major health and wellness market strategies adopted by key players.

Key Findings of Health and Wellness Market Study

Demand for High-performance Personal Care Products Creates Massive Lucrative Growth Avenue: Firms in the health and wellness market are garnering massive revenues from the rising uptake of high-performance personal care products. The demand for novel ingredients in skincare products, observed the study, has provided abundant opportunities by market players.
Strides in Wellness Tourism to Fuel Revenue Generation: Over the past few years, wellness tourism has made rapid strides, supported by government regulations. This is gathering momentum on the back of popularity of holistic health concepts and focus on leading a healthy lifestyle. Corporate wellness programs also present a value-grab opportunity which players are keenly looking to commercialize in the health and wellness market.
Positive Attitude toward Personalized Medicines Presents Incredible Opportunity: Personalized therapies and medicines are expected to gain steady and wide adoption, steered by positive attitude toward them. The awareness of the role of personalized medicine in maintaining adequate health and promoting wellness has bolstered the revenue potential. Additionally, healthcare policies are rapidly emerging, which is catalyzing the implementation of personalized medicine in clinical practice. This will enrich the value chain of the health and wellness market.

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Health and Wellness Market: Key Drivers

Inclination toward adopting health regimes for preventive healthcare and growing popularity of patient-centric approaches for wellness are key factors driving health and wellness market.
Considerable health burden of chronic diseases worldwide has accelerated the growth prosects for healthcare companies in health and wellness market. Of note, prevalence of lifestyle diseases such as diabetes, arthritis, and asthma has spurred the demand for health and wellness products, including traditional and complementary medicine.
Rapidly aging populations in some countries is a key driving factor for health and wellness market. New technologies such as in mobile health and wellness apps are expanding the horizon.

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Health and Wellness Market: Competition Landscape

The TMR study provides a detailed scrutiny of the marketing strategies adopted by leaders and several other key players to gain market shares.

Some of the key players are L'Oréal S.A., Grand Resort Bad Ragaz, COMO Hotels and Resorts, Lift Brands, Anytime Fitness LLC, Amway Corp., Herbalife Nutrition Ltd., Abbott Laboratories, and BioThrive Sciences.

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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