Health and Wellness Global Market Report 2024

The health and wellness market has grown strongly in recent years. It will grow from $5319.44 billion in 2023 to $5735.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion observed in the historical period can be attributed to an increase in health consciousness, the adoption of preventive healthcare measures, changing dietary preferences, a growing aging population with concerns about longevity, and the demand for stress management solutions.

The health and wellness market is expected to see strong growth in the next few years. It will grow to $8088.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be linked to increased access to information and education, a heightened awareness of mental health, the adoption of a holistic well-being approach, the demand for sustainability and eco-friendly products, and the expansion of e-commerce in the health retail sector. Key trends expected in the forecast period encompass the rise of personalized nutrition, the integration of technology in wellness solutions, the emergence of wellness tourism and experiences, the promotion of holistic approaches to health, and the provision of inclusive and diverse wellness offerings.

The health and wellness market is anticipated to experience growth, driven by the increasing prevalence of chronic diseases. Chronic conditions, lasting three months or more and often impacting older individuals, are on the rise globally. While these diseases can be managed but not cured, regular engagement in physical and wellness activities is known to enhance overall health, fitness, and reduce the risk of chronic conditions. According to a report from the National Institutes of Health (NIH) in 2023, the United States is projected to see a 99.5% increase in the number of individuals aged 50 and older with at least one chronic illness, reaching 142.66 million by 2050. The awareness of chronic noncommunicable diseases is highlighted by the World Health Organization, which estimates that approximately 41 million people, equivalent to 74% of global deaths, will succumb to these diseases annually, with 77% of these deaths occurring in low- and middle-income countries. This escalating prevalence of chronic diseases is a driving force behind the health and wellness market.

A surge in consciousness regarding healthy diets is expected to fuel the growth of the health and wellness market. A healthy diet, characterized by a balanced eating pattern that provides essential nutrients and reduces the risk of chronic diseases, has become a focal point for consumers. This heightened awareness influences consumer preferences, drives innovation, and shapes the market landscape for health and wellness products and services. For example, in 2023, the International Food Information Council reported a significant increase, with 52% of survey participants following a specific diet or eating pattern, up from 39% in 2021. The most popular choices included clean eating, mindful eating, and calorie-counting. The growing consciousness about healthy diets is a major factor propelling the health and wellness market.

Innovation in products is a prominent trend gaining traction in the health and wellness market. Major companies in this sector are actively investing in product innovation to enhance their market presence. Emerging technologies such as augmented reality (AR), virtual reality (VR), Internet of Things (IoT), and blockchain are being integrated into health and wellness offerings. For instance, in October 2021, Apple Inc. launched the Apple Watch Series 7, equipped with various health features such as monitoring heart rate, blood oxygen levels, and taking an electrocardiogram (ECG). Additionally, it provides personalized coaching to help users achieve their fitness goals and monitor and improve their sleep.

Partnerships are a key strategy employed by major players in the health and wellness market to drive revenues. Collaborations within the sector enable the development of comprehensive and innovative solutions, addressing consumers' health needs more effectively. For instance, in October 2023, Noise, a prominent smartwatch and connected lifestyle brand in India, announced a strategic partnership with Aditya Birla Health Insurance. This collaboration aims to promote health and wellness through technology, with Noise's wearables synchronized with Aditya Birla Health Insurance's Activ Health app, allowing users to monitor their health and earn cashback rewards. This partnership exemplifies the growing trend of leveraging wearable technology and digital platforms to empower individuals in managing their health.

In June 2021, INW Group, a US-based manufacturer of dietary supplements, sports nutrition, and personal care products, acquired Capstone Nutrition, LLC. This strategic acquisition positions INW as a leading, full-service platform in the health and wellness market, strengthening its presence in this high-demand segment. Capstone Nutrition LLC, a US-based developer and manufacturer of high-quality health and wellness supplements, adds significant value to INW's portfolio.

Major companies operating in the health and wellness market report are Abbott Laboratories, B. Braun Melsungen AG, L’Oreal S.A., Nestle S.A., General Mills Inc., Omron Healthcare Inc., Medtronic Inc., Koninklijke Philips N.V., LifeScan Inc., Animas LLC, Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., The Coca-Cola Company, Fitness First, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, Amway Corporation, Bayer AG, Danone S.A., David Lloyd Leisure Ltd., Curefit Healthcare Pvt. Ltd., Letterone Investment Holdings S.A., Practo Technologies Pvt. Ltd., The Procter & Gamble Company, Unilever plc, Vitabiotics Ltd., EXOS, ComPsych Corporation, Virgin Pulse Inc., Quest Diagnostics Incorporated, Wellness Corporate Solutions LLC, WellRight, Marino Wellness LLC, Privia Health LLC, Truworth Wellness Technologies Pvt. Ltd., Wellsource Inc., Provant Health Solutions, HealthifyMe Wellness Pvt. Ltd.

North America was the largest region in the health and wellness market in 2023. North America is expected to be the fastest-growing region in the global health and wellness market during the forecast period. The regions covered in the health and wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the health and wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the domain of health and wellness, prominent products include nutritional supplements, fitness equipment, organic foods and natural products, vitamins and minerals, health and beauty products, weight loss and diet programs, among others. Nutritional supplements, for instance, are orally consumed products designed to complement and enhance dietary intake by providing additional nutrients. These products are available through both online and offline channels, finding application in various sectors such as personal care, beauty, anti-aging, healthy eating, nutrition, weight loss, wellness tourism, physical activity, preventive and personalized medicine, public health, traditional and complementary medicine, spa economy, and other related sectors.

The health and wellness market research report provides health and wellness optical components market statistics, including health and wellness optical components industry global market size, regional shares, competitors with a health and wellness optical components market share, detailed health and wellness optical components market segments, market trends and opportunities, and any further data you may need to thrive in the health and wellness optical components industry. This health and wellness optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The health and wellness market consists of revenues earned by entities by providing health and wellness services such as health insurance and health services, wellness coaching and consulting services, and health and fitness apps. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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