Wilmington, Delaware, United States, December 4, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – It is estimated that the global health and wellness market reached a value of $4.1 trillion in 2020. It is expected to register a CAGR of 5.0% between 2021 and 2031 and by 2031 the market is likely to to win $6.94 trillion.
The proliferation of smart home fitness equipment, virtual fitness classes and interactive workout apps is expected to change the way individuals approach physical activity, especially with the trend towards at-home fitness.
Social media platforms and influencers play an important role in shaping consumer preferences. Brands in the health and wellness sector are using these platforms for marketing and education.
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Global Health and Wellness Market: Key Players
The following companies are well-known participants in the global health and wellness market:
- The Estée Lauder Companies Inc.
- L’Oréal SA
- Unilever plc
- BioThrive Sciences
- Abbott Laboratories
- Herbalife Nutrition Ltd.
- Amway Corp.
- THE RICH COMPANY
- Anytime Fitness LLC
- Lift brands
- Body holiday Saint Lucia
- Healing Vacations (Cleveland Travel Ltd.)
- COMO hotels and resorts
- Grand Resort Bad Ragaz
- SOUKYA International Holistic Health Center
Key findings of the market report
- The growth of e-commerce is expected to facilitate access to health and wellness products. Online platforms provide consumers with a convenient way to research, purchase and access health and wellness information.
- The holistic approach to wellness, which takes into account physical, mental and emotional well-being, is gaining ground. The trend includes practices such as holistic medicine, integrative healthcare and body therapies.
- The beauty and wellness industries are converging, with products and services that promote both outer beauty and inner wellness, including skincare products with functional ingredients and wellness-focused beauty routines.
- The recognition of mental health as an integral part of overall well-being is driving increased demand for products and services aimed at stress management, anxiety and mental health support.
Trends for the health and wellness market
- Increased awareness of health and wellness issues is leading consumers to seek products and services that promote overall wellness, including a focus on nutrition, physical activity, mental health and preventative health care.
- There has been a shift from treatment-oriented healthcare to preventive measures. Consumers are increasingly interested in maintaining good health and preventing diseases, rather than just treating them.
- The integration of health and wellness technology, such as wearable devices, mobile apps and telehealth services, provides individuals with tools to more actively monitor and manage their health.
- There is a growing demand for personalized health and wellness solutions, including personalized nutrition plans, fitness programs and health monitoring devices tailored to individual needs.
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Global Health and Wellness Market: Regional Outlook
Various reasons are driving the growth of the health and wellness market in different regions. The regions include,
Europe
- The growing awareness and consciousness about health and wellness among European consumers is leading to a demand for products and services that support a healthier lifestyle.
- Supportive government initiatives and policies promote health and well-being, including campaigns for healthier eating, increased physical activity and public health awareness.
- The increasing adoption of digital health technologies and platforms, such as health apps, wearable devices and telehealth services, provide new opportunities for wellness monitoring and management.
North America
- Growing demand for nutritional supplements, including vitamins, minerals and other health-oriented products, is expected to support overall well-being.
- The increasing interest in personalized nutrition plans is tailored to individual needs, including genetic factors, lifestyle and dietary preferences.
Recent development:
In 2023, the Estée Lauder Companies UK & Ireland unveiled the Voice Enabled Makeup Assistant application. The groundbreaking mobile app, powered by artificial intelligence, is designed to help visually impaired users apply makeup with greater ease and confidence. ELC’s primary goal in introducing VMA is to increase support for the visually impaired community, promoting self-expression and self-empowerment through their involvement in makeup.
Global healthcare and wellness market segmentation
Sector
-
- Personal care, beauty and anti-aging
- Healthy eating, nutrition and weight loss
- Wellness tourism
- Fysical activity
- Preventive and personalized medicine and public health
- Traditional and complementary medicine
- Spa economics
- Others
Region
-
- North America
- Latin America
- Europe
- Asiatic-Pacific
- Middle East and Africa
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