Predictions on the future of the health and wellness industry
According to Research and Markets, ‘The global health and wellness market reached a value of US$ 3.31 Billion in 2020.’ Predictions indicate that the market will reach a value of ‘US$ 4.24 Billion by 2026, exhibiting a CAGR of 4.10% during 2021-2026,’ (R&M 2021).
Mckinsey explains that the market consists of six primary areas. These include improved health, better fitness, increased fitness, enhanced appearance, better sleep, and improved mindfulness. (Mckinsey 2020).
Each area of wellness includes many different products and services. For example, improved health includes health trackers, supplements, and medical care. Additionally, gym memberships and health apps can associate with better fitness. From self-care apps to health spas, the industry has plenty to offer.
What’s driving the demand in this industry?
Many factors are driving demand in the health and wellness industry. The events of the COVID-19 pandemic have led to a renewed focus on health. This is not particularly toward physical, but mental as well.
Work-related stress is steadily rising, and employers have to take responsibility. Many companies have started to provide corporate well-being programs to support staff health. According to Wellness Creative Co, ‘Millennial preferences for experiences over ‘material things’ may also be a key factor in the increased interest.’
Future predictions for the health and wellness industry
Tele-wellness and telemedicine
Industry predictions indicate that we will start to see a new connection between wellness and healthcare. Sandra Ballentine, editor of Global Wellness Summit believes that ‘we need to shift our healthcare system away from profiting from sickness and gear it towards preventing it.’ Experts also believe that telemedicine and tele-wellness combined take center stage, (Global Wellness Summit, 2020).
Remote doctor’s appointments have become the norm. While many prefer the convenience of online appointments, some fear that remote appointments could accelerate a rise in misdiagnosis. If you’ve experienced a misdiagnosis that’s affected your long-term health, it’s best to contact medical malpractice attorneys.
Boosting the immune system
In 2021, there’s been a real focus on boosting the immune system. We can expect that these trends will continue. Wellness products in this area include supplements, educational workshops, app content, and energy healing. Moreover, people are waking up to preventative measures that they can take to support their bodies and improve their health.
Sexual wellness
According to Business Wire,’ The Global Sexual Wellness Market size is expected to reach $125.1 billion by 2026’. These products are geared at providing both enhanced sexual pleasure and safer sex.
Examples include sexual-self care apps which have gained popularity in the last few years. A few of the leading apps include Ferly, Emjoy, and Lover, as the market grows we can expect to see plenty of new start-ups in this sector.
Corporate wellness
A growing number of workplaces are offering corporate wellness tools to support the mental and physical health of their employees. Companies are learning that by supporting wellness they can increase their bottom line, reducing absenteeism and expensive turnover. Workplace wellness programs include many different areas from a focus on exercise to mental health and financial goals.
It’s an exciting time for the wellness industry, and there are many opportunities for new start-ups. As the market becomes more crowded it becomes increasingly important for companies to differentiate themselves, in order to stand out.
