New York, USA, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global health and wellness market is envisioned to garner a revenue of $12,850.3 billion and rise at a CAGR of 10.9% during the analysis timeframe from 2022 to 2031.
As per our analysts, with the increasing demand for thermal and mineral springs and spas among individuals for health and healing, the health and wellness market is predicted to witness progressive growth during the forecast period. Besides, the increasing demand for thermal and mineral springs for providing numerous health benefits such as improving vascular functions, helping in burning calories, and many others, is expected to foster the growth of the market during the analysis period. Moreover, the growing trend of organic and sustainable products and services is expected to upsurge the growth of the market over the estimated timeframe. However, the high cost of wellness products and services may hamper the growth of the market throughout the forecast period.
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Segments of the Health and Wellness Market
The report has divided the market into segments based on product type and region.
Product Type: Beauty & Personal Care Products Sub-Segment
The beauty & personal care products sub-segment is expected to hold the largest share of the market during the analysis timeframe. This is mainly due to the increasing beauty-conscious female population all across the globe. Moreover, the growing demand for cosmeceutical healthcare goods due to the rising trend of healthier lifestyles and growing awareness of the bad effects of utilizing synthetic healthcare and personal care products is expected to uplift the growth of the market sub-segment over the estimated period.
North America Region to Hold the Highest Share of the Market
The North America region of the health and wellness market is predicted to hold the maximum share of the market during the forecast period. This is mainly because of the higher demand for healthy products, improved consumer awareness of health and wellness items, and increased disposable income among individuals in this region. In addition, the rising need for leading physically and mentally healthy lives among people of this region is expected to drive the regional growth of the market during the analysis period.
Covid-19 Impact on the Health and Wellness Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the health and wellness market. This is mainly due to the increased consciousness of health and wellness among people during the pandemic period. Moreover, the increased government initiatives to improve health and wellness among people and encourage them to adopt healthy lifestyles have inclined the growth of the market during the crisis period.
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Key Players of the Market
The major players of the health and wellness market include
- Medtronic
- Omron Healthcare Inc.
- Koninklijke Philips N.V.
- General Mills Inc.
- LifeScan
- Nestlé
- Animas LLC
- L’Oréal
- Johnson & Johnson Services Inc
- B. Braun Melsungen AG
- The Coca-Cola Company
- Abbott
- F. Hoffmann-La Roche Ltd.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in November 2022, Abbott, an American multinational medical devices and healthcare company, announced its partnership with Americares India Foundation, a renowned health-focused relief and development organization. With this partnership, the companies aimed to upgrade 75 Primary Health Centres (PHCs) to Health and Wellness Centres (HWCs) across nine states in India.
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Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.
More about Health and Wellness Market:
- Are Health and Wellness Distinct? What is the Difference between them?
- Health and Wellness: What Should You Do to Ensure a Healthy Lifestyle?
- 5 Must Try Activities for Improving Your Health and Wellness
- Health and Wellness Market to Observe Significant Growth by 2031 Due to Product Launches and Company Acquisitions by Market Players, such as L'Oréal, Abbott, and Others
