Major players in the health and wellness market are Abbott Laboratories, B. Braun Melsungen AG, L’Oréal SA, Nestle SA, General Mills Inc., Omron Healthcare Inc., Medtronic Inc., Koninklijke Philips N.
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Health And Wellness Global Market Report 2023” – https://www.reportlinker.com/p06479742/?utm_source=GNW
V., Lifescan, Animas LLC, Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., The Coca-Cola Company, Fitness First, Herbalife Nutrition Ltd. and Holland & Barrett Retail Limited.
The global health and wellness market is expected to grow from $4,951.16 billion in 2022 to $5,319.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.44%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The health and wellness market is expected to reach $7,357.71 billion in 2027 at a CAGR of 8.45%.
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. provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Health and wellness refer to a state of overall physical, mental, and social well-being. It involves maintaining a healthy lifestyle by making informed choices that contribute to a healthy body, mind, and spirit.
The key components of health and wellness include nutrition, exercise, sleep, stress management, mental health, and social connections.
North America was the largest region in the health and wellness market in 2022. North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products in health and wellness include nutritional supplements, fitness equipment, organic foods and natural products, vitamins and minerals, health and beauty products, weight loss and diet programs and other products.Nutritional supplements are products taken orally to supplement a diet and provide additional nutrients.
The products are distributed through online and offline channels and are used in various sectors including 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 and other sectors.
The growing prevalence of chronic diseases is expected to propel the health and wellness market going forward.
The majority of chronic diseases can be managed but not cured, and they typically affect older persons. Regular physical and wellness activities help to improve overall health, fitness and reduce the risk of chronic conditions.
For instance, in 2023, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Further, in September 2022, according to the World Health Organization, a US-based specialized agency responsible for international public health, about 41 million people will die each year, which is equivalent to 74% of all deaths globally, because of chronic noncommunicable diseases, and further, all the NCD deaths will be around 77% in low- and middle-income countries. Therefore, the growing prevalence of chronic diseases is driving the health and wellness market.
Product innovations are the key trend gaining popularity in the health and wellness market. Major companies involved in the health and wellness market are focused on innovating new products to improve their observation power and sustain their position in the market.
The latest technologies such as augmented reality (AR), virtual reality (VR), Internet of Things (IoT), and blockchain are being increasingly integrated into various industries and applications, including in the health and wellness space. For instance, in October 2021, Apple Inc., a US-based multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services launched the Apple Watch Series 7, which offers several health uses, including heart monitoring spleen, blood oxygen levels, and taking an electrocardiogram (ECG). It also offers features to help users monitor and improve their sleep, and personalized coaching to help users reach their fitness goals.
In June 2021, INW Group, a US-based, manufacturer of dietary supplements, sports nutrition, and personal care products acquired Capstone Nutrition, LLC for an undisclosed amount.This acquisition positions INW as a leading, full-service platform in this fragmented and high-demand segment of the health and wellness market.
Capstone Nutrition LLC is a US-based developer and manufacturer of high-quality health and wellness supplements.
The countries covered in the health and wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
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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