Health and Wellness Market Size, Share, Global Industry Analysis and Forecast 2021 to 2030

The health and wellness market was valued at US$ 4 Trillion in 2020 and is expected to surpass US$ 6.75 trillion by 2030, expanding at a CAGR of 5.2% from 2021 to 2030.

While the health and wellness industry is growing rapidly, the physical activity sector alone is estimated to cross the $1.1 trillion mark by 2023.

The personal care, beauty, and anti-aging sector make up the largest part of the wellness market. This sector holds a whopping $1,083 billion market share in the wellness industry as numerous people are willing to invest more in anti-aging and beauty products.

Health & wellness is a broad terminology that covers various techniques, services, and product offerings provided to maintain fitness, health, and wellbeing of individuals around the world. Health includes various parameters such as mental, social, and emotional. Wellness is a form of quality of life, which includes mental and physical wellness, emotional, and socio-economic wellness, along with fitness, nutritional, and other important forms of wellness.

Rise in prevalence of dystrophic epidermolysis bullosa and surge in research to manage dystrophic epidermolysis bullosa are projected to drive the global health and wellness market during the forecast period.

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The US has the largest market size in the health and wellness industry at $52.5 billion in value. China comes in second with $19.9 billion, which shows that the US is in the lead with a significant margin. With $9.5 billion value, Australia comes third, and the UK and Germany follow with $9 billion and $6.4 billion value, respectively.

The health and wellness industry spending growth makes it a direct competitor to healthcare spending.

As such, it has been determined that wellness expenditures in 2017 have surpassed half of the healthcare-related spending during the same year. Data provided by the World Health Organization pinpoint general healthcare spending to $7.3 trillion in 2017. Analysts also seem to believe that these numbers will continue to increase, given the population growth and the rising popularity of the trend.

High Performance Ingredients in Skincare Products, Anti-ageing Facial Tools Witnessing Increased Demand

The spa economy is undergoing a critical change with the onset of high performance ingredients in skincare products and facial kits. Vitamin F, Squalene, and Niacinamide are becoming popular in skincare products. Minimal products in skincare and fundamental skincare practices are becoming a priority in salons and households.

The metallic face tools made of Kansa, an alloy of bronze, copper, and zinc, Jade rollers, and Gua sha coins are being produced by brands in the health and wellness market to facilitate facial muscle toning and training. These beauty tools are gaining popularity as an effective anti-ageing weapon for women.

Smart Use of Technology, R&D Help Advance in Personalized Medicine

The health and wellness market is projected to surpass US$ 6.94 Trn by 2031. However, challenges pertaining to the integration of Big Data, ICT solutions, and shaping of sustainable healthcare are influencing the growth rate of the market. Hence, to tide over these challenges, stakeholders are increasing awareness about the smart use of technology combined with greater participation of patients in the management of their own health.

The recent approval of the U.S. FDA (Food and Drug Administration) for a new tumor-agnostic cancer treatment designed to counteract a specific genetic mutation, as opposed to a specific type of tumor such as breast or colon cancer, is grabbing the attention of stakeholder in the healthcare landscape.

Hand Care Premiumization, Sustainability Important for Personal Care Products

Beauty and personal care trends such as sustainability and hand care premiumization are translating into revenue opportunities for companies in the health and wellness market. The COVID-19 pandemic has fanned the flames and accelerated the relevance of sustainability in personal care products. Personal care brands are placing emphasis on sustainability by ensuring the eco-friendliness of pop-up store designs and kiosks. Recyclable materials are being used to manufacture personal care bottles and containers.

Since the pandemic has skyrocketed the demand for hand sanitizers, companies in the health and wellness market are increasing the availability of alcohol-based hand sanitizers. They are developing hand purifying gels to meet hygiene needs of consumers. The multi-functional hand care products are gaining prominence in the market.

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

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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

Physical Activity to Dominate Global Market

In terms of sector, the global health and wellness market has been classified into personal care, beauty and anti-aging, healthy eating, nutrition and weight loss, wellness tourism, physical activity, preventive and personalized medicine and public health, traditional and complementary medicine, spa economy, and others. The physical activity segment dominated the global health and wellness market in 2020, and the trend is projected to continue during the forecast period. Physical activities include not only fitness/gym and mind-body (“mindful movement”) activities, but also a variety of other sports and active recreation activities that people engage in as part of being physically active.

Rising concern about obesity and chronic disease and awareness about their link to inactivity are estimated to continue to prompt governments, nonprofit organizations, medical systems, employers, and consumers to pay more attention to physical activity, which, in turn, is a key factor that is projected to propel the segment during the forecast period.

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Regional Scope

North America dominated the global health and wellness market in 2020, and the trend is anticipated to continue during the forecast period. Rise in population suffering from various chronic diseases and increase in awareness about healthy lifestyle & balanced diet in North America are expected to boost the consumption of health and wellness products during the forecast period. North America’s large share of the global health and wellness market can be attributed to the increase in the adoption of health and wellness services in the U.S. and Canada. It is a key target region for all players in the global health and wellness market.

Asia Pacific is likely to be a highly lucrative market for health and wellness from 2021 to 2030. The market in the region is projected to expand at a high CAGR during the forecast period.

• The global wellness economy is currently valued at $4.5 trillion (2018 data).
  
  
• Wellness expenditures ($4.5 trillion) are more than half as large as total global health expenditures ($7.8 trillion, based on WHO data).
  
  
• The industry grew by 6.4 percent annually from 2015–2017, from a $3.7 trillion to a $4.2 trillion market, nearly twice as fast as global economic growth (3.6 percent annually, based on IMF data).
  
  
• The wellness industry represents 5.3 percent of global economic output.
  
  
• Among the 10 wellness markets analyzed, revenue growth leaders from 2015–2017 (per annum) were the spa industry (9.8 percent), wellness tourism (6.5 percent) and wellness real estate (6.4 percent).

Key Players

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 

Key players in the global health and wellness 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, and SOUKYA International Holistic Health Centre.

A report published by PwC has determined that 49% of US citizens own a wearable fitness device.

This research was carried out in 2018 by PricewaterhouseCoopers (PwC), concluding that wearable devices are here to stay, especially when used for their fitness-related functions.

At this time, fitness wearable devices offer users essential data concerning their heartbeat, stress levels, number of calories burned, steps taken, oxygenation levels, and more. Additionally, they also serve as personal fitness coaches, since they can encourage people to be more active, while also precisely tracking their physical activity and food intake.

Global wellness statistics showcase that out of the 49% of users, 45% own a fitness band. This proves that wearables are mostly purchased for their health and fitness tracking functionalities, rather than other purposes.

This massive growth is based on the main expectations held by consumers regarding their wearable devices. As such, the same study has determined that 70% of respondents expect their devices to help increase their lifespan, 63% expect their devices to help them keep healthy body weight, whereas 62% would like their devices to reduce the cost of insurance premiums, according to the wellness industry statistics.

A PwC research effort determined that 79% of US employers offer a wellness program.

As such, we can see that the wellness industry has become more relevant in the workplace as well, as employers have noticed that employees tend to stick around more and be more productive when working for companies that care about their general wellbeing.

Another aspect that employers are focusing on is flexible workplaces since studies have shown that flexibility also improves the wellness of employees. This statement is based on information compiled by a few of the world’s workplace global wellness statistics.

Mineral & thermal springs businesses have rapidly grown 4.9% from 2017 and expected to cross $77 billion by 2022.

According to the healthy trends in 2020, the mineral&thermal spring industry was valued at $56.2 billion in 2017 with about 1.8 million workers. It has witnessed tremendous growth since 2017 by 4.9% and is expected to generate more than $77 billion in revenue in 2022.

The spa sector is among the top in the beauty health and wellness industry and is estimated to reach $128 billion by next year.

The trends in the health and wellness industry keep changing, but the spa sector has steadily been on top from the start, with an annual growth of 9.9% from 2017. It is projected to cross the $128 billion mark in 2022.

This wellness market statistic showcases that while in its first stages, the smart clothing market is bound to see an increase in the near future, as companies come up with smarter and better clothes designed to improve our general wellbeing.

Global Health and Wellness Market: Segmentation

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

Health and Wellness Market, by Region

• • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This report focuses on health and wellness market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall health and wellness market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global health and wellness market.

The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.

In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).

The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the health and wellness market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the health and wellness market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Health and wellness market.

Market Segments: This part of the report discusses about product, application and other segments of the health and wellness market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global health and wellness market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the health and wellness market.

The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.

Competitive Landscape and Market Share Analysis

The health and wellness market competitive landscape provides details by vendors, including company overview, company total revenue (financials), market potential, global presence, health and wellness sales and revenue generated, market share, price, production sites and facilities, SWOT analysis, product launch. For the period 2017-2020, this study provides the health and wellness sales, revenue and market share for each player covered in this report.

• Crucial data regarding the major contenders, product portfolio, market remuneration, and production patterns are documented in the report.
• The report presents the pricing models followed by each company, alongside the gross margins and market share held by each company.

Research Methodology

The research methodology adopted by analysts for compiling the global health and wellness market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global health and wellness market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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