- Substantial adoption of health and wellness products for physical activity application generating massive opportunities to capitalize on; rising trend of wellness tourism to expand horizon for companies in health and wellness market
ALBANY, N.Y., April 26, 2022 (GLOBE NEWSWIRE) -- Relentless focus on expanding the portfolio of skincare and anti-aging products have pivoted several lucrative avenues in the health and wellness market. In recent years, especially after the outbreaks of COVID-19 pandemic, the emphasis on wellness has gained strong momentum, spurring industry stakeholders to tap into new revenue streams. The global health and wellness market valuation was pegged at more than US$ 4.1 Trn in 2020, and is projected to exceed US$ 6.94 Trn by 2031.
The growing commercialization of multi-functional personal care products such as for skincare and hand care has propelled revenue possibilities, finds an in-depth TMR study on the health and wellness market. The authors of the study also assert that hand care premiumization is a trend that has picked up enormous pace in emerging markets such as in Asia Pacific. Furthermore, the upsurge in sales of alcohol-based hand sanitizers and skincare products for all demographics has contributed to the rapidly expanding size of the health and wellness market.
Personal care product manufacturers over the years have geared toward adopting eco-friendly packaging materials and sustainable sourcing and manufacturing processes, thus expanding lucrative frontiers in the health and wellness market. Further, in several of the hygiene products, health-promoting ingredients are expanding the avenue for these players.
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Key Findings of Health and Wellness Market Study
- R&D into Novel Ingredients for Personal Care Products to Extend Canvas: The demand for skincare tools and devices has proliferated over the past few years, notes the TMR study scrutinizing the growth dynamics of the health and wellness market. Ongoing studies and clinical trials on assessing the efficacy of novel ingredients for anti-aging products. A wide range of personal care products have been sold among consumers to meet their DIY skincare regimes, thus boosting the health and wellness market.
- Smart Technologies Help Advance Scope of Personalized Medicine in Health and Wellness Market: The outlook of the health and wellness market has been enriched by the growing emphasis on personalized medicines. The focus of healthcare providers on value-based patient care will drive them toward offering personalized therapies and medicines to the target population. The pressing need for such therapies is evident among patients suffering from diabetes, cancer, and other chronic metabolic disorders. Rising R&D in this regard has augmented the revenue potential of the health and wellness market.
- Products to Manage Chronic Conditions and for Physical Activity Spurring Lucrative Opportunities: The physical activity is a lucrative segment for companies offering health and wellness products, note the authors of the TMR study on the health and wellness market. The increasing burden of numerous chronic diseases has spurred the demand for wellness products. Several wellness programs aim at reducing the risks of stress-related disorders. The mortality and morbidity of cardiovascular diseases (CVDs) has opened a vast lucrative avenue in recent years, note the analysts in a TMR study.
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Health and Wellness Market: Key Drivers
- The continuing focus on preventive health care and wellness is a key driver for the health and wellness market. Corporate wellness programs in various companies around the globe are increasingly focusing on promoting wellness among their employees.
- Strides being made in wellness tourism in developing regions are expanding the revenue potential for various industry players in the health and wellness market. The analysts for this TMR study found that the trend of staycation has gained staggering attention in recent times.
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Health and Wellness Market: Regional Growth Dynamics
- North America held a major share of the global health and wellness market in 2020. The U.S. and Canada markets have contributed sizable revenue growth. Increased awareness about the role of health and wellness products in general fitness and disease prevention has bolstered the demand in the North America health and wellness market.
- Asia Pacific health and wellness market is anticipated to advance at a promising CAGR during the forecast period of 2021–2031. The regional market is witnessing massive demand for products that promote physical activity.
Health and Wellness Market: Key Players
Some of the key players in the health and wellness market are Healing Holidays (Cleveland Travel Ltd.), BodyHoliday Saint Lucia, Lift Brands, Anytime Fitness LLC, Herbalife Nutrition Ltd., Abbott Laboratories, BioThrive Sciences, Unilever plc., L'Oréal S.A., The Estée Lauder Companies Inc., and Anti-ageing Facial Tools.
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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
- North America
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Sexual Wellness Market: Global health organizations and efforts of voluntary organizations for the betterment of women health in underdeveloped countries are also stoking the demand for sexual wellness products, especially sex toys. These organizations conduct adult health awareness workshops periodically for preventive care.
Wellness Tourism Market: The rising demand for services from the global wellness tourism market can be attributed to rising demand for healthy living, stress reduction, gaining authentic experiences, preventing diseases, and managing and changing poor or toxic lifestyle habits or choices.
Health & Wellness Services Market: Rise in awareness about health and wellness services among employers, increase in health care costs, and surge in incidence of chronic diseases are driving demand for health and wellness services in the corporate segment and increasing investments in corporate wellness programs. These factors are expected to drive the global health & wellness services market during the forecast period.
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