Health and Wellness Market Expected to Reach $12.9 trillion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Health and Wellness Market," The health and wellness market was valued at $4.7 trillion in 2021, and is estimated to reach $12.9 trillion by 2031, growing at a CAGR of 10.9% from 2022 to 2031.

The rise of the health spa business is driving the growth of the health and wellness market growth. Thermal springs and health spas can cure patients with irregular blood circulation, hypertension, skin infections, stress, and aid in bodily cleansing. The advantages they give are expected to enhance the health and wellness market trends. Furthermore, the incidence of chronic illnesses is increasing, as is the number of persons suffering from asthma, arthritis, and cancer. These reasons are expanding the global usage of health and wellness services.

However, the high cost of some health and wellness products and services is a key impediment to industry expansion. Massive expenditures are necessary for the establishment and maintenance of thermal springs and health spas, which is expected to impede the health and wellness market size.

Growing demand for environmentally friendly organic food items, as well as increasing demand for sustainable health and wellness goods and services, is creating enormous potential prospects for the health and wellness sector. Furthermore, existing manufacturers are expanding technical partnerships, acquisitions, and product development to fulfill product demand; this factor is expected to drive market expansion. The wellness tourism category is predicted to grow throughout the forecast period. Wellness tourism has grown as a popular method of attracting and engaging visitors. Wellness tourism is also significant in the hospitality industry, which includes hotels, tourist attractions, and resorts. The health and wellness market share for the wellness tourism sector will expand by 2026 due to the growing importance of wellness tourism.

The health and wellness market is segmented on the basis of product type and region. On the basis of product type, it is classified into beauty & personal care products, health & wellness food, wellness tourism, fitness equipment, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the health and wellness market report include Abbott, B. Braun Melsungen AG, L’Oréal, Nestlé, General Mills Inc., Omron Healthcare, Inc., Medtronic, Koninklijke Philips N.V., LifeScan, Animas LLC, Johnson & Johnson Services, Inc., The Coca-Cola Company, and F. Hoffmann-La Roche Ltd.

The report offers a comprehensive analysis of the global health and wellness market by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threat of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Health and Wellness Market

• People's main worry was their health during the COVID-19 outbreak. As a result, companies in the health and wellness industry are employing a variety of strategies, including the development of new goods, capital investment, strategic alliances, and product portfolio expansion
• The COVID-19 pandemic has underlined the importance of health and fitness. COVID-19 may have prompted a bigger shift in the healthcare business by producing a fundamental shift in how individuals utilize health supplements. This has resulted in significant lifestyle modifications
• Cases of COVID-19 boost consumer demand for vitamins, minerals, and supplements as consumers strive to preserve their immune systems, boost their general wellbeing, and minimize health concerns

Key Findings of the Study

• On the basis of product type, the beauty & personal care products segment emerged as the global leader in 2021, and beauty & personal care products segment is anticipated to be the fastest growing segment during the forecast period
• On the basis of region, the North America market registered the highest market share in 2021 and is projected to maintain the position during the forecast period