Health and Wellness Market Size Could Reach USD 8,945.30 billion by 2032 | Precedence Research

OTTAWA, ON, Nov. 29, 2023 /PRNewswire/ -- The global health and wellness market size surpassed USD 5,243.30 billion in 2022 and is estimated to reach around USD 8,945.30 billion by 2032.

The global health and wellness market is anticipated to grow at a healthy CAGR of 5.5% during the forecast period from 2023 to 2032, According to Precedence Research. The U.S. health and wellness market size was valued USD 1,209.90 billion in 2022.

Forecasted Health and Wellness Market Size 2022 to 2032

The term "health and wellness" refers to a wide range of social, psychological, and physical aspects that affect an individual's general state of well-being. To be healthy, one must identify and manage illnesses, evaluate one's risk of contracting a certain condition, and treat unintentional injuries.

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Wellness is a dynamic process of personal development and transformation to reach optimal health and general well-being. It involves actively participating in activities, making educated decisions, and implementing lifestyle changes. This includes minimizing risk factors, prioritizing nutrition, eating a balanced diet, and adopting spiritual activities for holistic health.

The health and wellness market is segmented based on sector and region. Factors such as the rising prevalence of chronic diseases, growing awareness of the importance of preventive care, the aging population, and increasing disposable income are driving the growth of the health and wellness market. However, the high cost of products and services, limited access to healthcare and education, lack of regulation, and limited insurance coverage are expected to restrain the growth of the market. Furthermore, North America dominated the market.

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Growth Factors of Health and Wellness Market

The global health and wellness market is primarily driven by the increased consumer expenditure of a wide variety of health and wellness products and services across the globe. The growing burden of physical and mental diseases such as cancer, depression, anxiety, and numerous others has a significant role in the development of the trillion dollars health and wellness industry. The rising personal disposable income, increased awareness regarding the health and wellness products and services among the consumers, rising government expenditure on the development of sophisticated healthcare infrastructure, and desire for healthy and active lifestyle among the population are several important factors that drives the growth of the global health and wellness market.

The increased demand for the healthy products and increased awareness regarding the importance of personal hygiene has boosted the growth of the personal care products globally. The sedentary lifestyle of the consumers, busy and hectic schedules, and growing prevalence of various chronic diseases such as asthma, blood pressure, diabetes, cancer, arthritis, and various mental disorders are the major drivers of the health and wellness market. The rising popularity of wellness tourism is expected to be a significant contributor to the global health and wellness industry. Wellness tourism is associated with undertaking tourism activities for the physical and mental well-being. The wellness tourism includes activities such as meditating at destinations, practicing yoga, visiting agricultural fields, and various recreational activities.

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Key Companies & Market Share Insights

The market is moderately fragmented with the presence of huge number of market players. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products and services. Moreover, they are also focusing on maintaining competitive pricing.

The various developmental strategies like acquisitions, partnerships, and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.

Market Key Players:

• Amway Corp.
• Bayer AG
• Danone
• David Lloyd Leisure Ltd.
• Fitness First
• Herbalife Nutrition Ltd.
• Holland & Barrett Retail Limited
• L'Oréal SA
• Nestlé SA
• Procter & Gamble
• Unilever Plc
• Vitabiotics Ltd.

Recent Developments

• In June 2023, P&G's vitamin boost brand, VÖOST, announced the launch of a new product called VÖOST Gummies. These gummies provide customers with a simple and convenient way to enhance and personalize their daily vitamin routines. The gummies are available in four varieties, each offering specific benefits in the vitamins, minerals, and supplements category.
• In 2023, L'Oréal has announced a deal with Natura &Co to acquire Aesop, the Australian luxury beauty brand. The proposed transaction values Aesop at an enterprise value of USD 2.525 billion. Aesop has a presence in approximately 400 points of sale across the Americas, Europe, Australia, New Zealand, and Asia. It has recently started expanding in China, with its first store opening in 2022. In 2022, the brand recorded sales of USD 537 million.
• In March 2023, Holland & Barrett launched Ivie, a new service that provides finger-prick blood tests and expert advice to help customers take control of their health and wellness journey. It partners with Londan Medical Laboratory the customers can get clinically accurate results and a doctor-reviewed breakdown in just 48 hours via the Ivie Wellness app and book a free 15-minute appointment with a trained H&B advisor to receive lifestyle, supplement, and product advice. The Ivie Wellness app also offers tools to boost wellbeing and help customers stay well.
• In Feb 2023, Danone inaugurated its Daniel Carasso research and innovation center at the Paris-Saclay University campus in France. The center aims to advance nutrition and bring health through food to a broader population. It will focus on developing and innovating fresh dairy, plant-based products, and natural mineral water. The facility includes laboratories, pilot production sites, and limited production for specific prototypes.

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Global Health and Wellness Market Revenue Snapshot, by Regions ($ Billion)

The North America region dominated the market in 2022, holding a major share and is expected to grow rapidly during the forecast period. The growth of the market is driven by increased awareness of health and has led people to take an active approach to managing their health. Preventive healthcare has gained importance, with a shift towards products and services that help prevent chronic health conditions. For instance, the demand for organic and natural foods has surged as consumers prioritize healthier dietary choices. The prevalence of chronic health issues, such as obesity and diabetes, has fueled a growing market for wellness-related solutions, including fitness programs and specialized health products.

Moreover, Technological advances like smartphone applications and health-tracking gadgets have given people the ability to actively monitor and improve their health. Consumer preferences have also been impacted by a societal movement towards healthy living, with an importance on physical fitness, mental health, and general well-being. The region has seen constant innovation, providing a wide variety of wellness-related goods and services. With a broader awareness of well-being, holistic health practices which integrate physical, mental, and spiritual aspects. Wellness tourism, where travel is undertaken for health improvement, further expands the industry. Furthermore, North America has major players' presence such as Johnson & Johnson, Procter & Gamble, and Unilever.

Global Health and Wellness Market Revenue Snapshot, by Sector ($ Billion)

The growing physical activity segment is growing rapidly as people place more focus on their overall health. This industry is changing due to trends like technology-driven fitness solutions and the incorporation of exercise into corporate wellness programs. These developments are driven by the realization of the critical role that physical exercise plays in mental health and vitality. Exercise is becoming more accessible and interesting due to virtual fitness platforms and smart equipment, and community-based fitness initiatives help people become healthy together.  Moreover, Innovative wearables and virtual platforms that meet consumer desire for individualized, tech-driven fitness experiences offer a wide range of business opportunities in the fitness technology sector. However, addressing challenges such as sedentary lifestyles and ensuring inclusivity in fitness initiatives remains crucial.

Browse More Insights:

Anti-aging Market: The global anti-aging market was estimated at US$ 64 billion in 2022 and is expected to surpass around US$ 121.8 4billion by 2032, poised to grow at a CAGR of 6.70% from 2023 to 2032.

Personalized Medicine Market: The global personalized medicine market was valued at USD 548.72 billion in 2022 and is expected to reach over USD 988.72 billion by 2030, poised to grow at a notable CAGR of 7.6% from 2023 to 2030.

Dermatology Market: The global dermatology market size was estimated at USD 1.59 billion in 2022 and it is expected to hit around USD 3.14 billion by 2032, poised to grow at a CAGR of 7.03% during the forecast period from 2023 to 2032.

Next-generation Sequencing Market: The global next-generation sequencing market was valued at USD 10 billion in 2022 and is expected to surpass around USD 44.69 billion by 2032, poised to grow at a remarkable CAGR of 16.20% from 2023 to 2032. 

Skincare Devices Market: The global skincare devices market size surpassed USD 15.6 billion in 2022 and is projected to hit around USD 43.31 billion by 2032, exhibiting a CAGR of 10.80% during the forecast period from 2023 to 2032.

Red Biotechnology Market: The global red biotechnology market size was valued at USD 365.25 billion in 2022 and is expected to reach over USD 618.64 billion by 2032, growing at a CAGR of around 5.41% from  2023 to 2032.

Personalized Medicine Biomarkers Market: The global personalized medicine biomarkers market size was valued at USD 14.22 billion in 2022 and is projected to hit around USD 61.29 billion by 2032, poised to grow at a CAGR of 15.73% during the forecast period from 2023 to 2032.

Biomarkers Market: The global biomarkers market size was estimated at USD 71.88 billion in 2022 and is predicted to hit USD 207.46 billion by the end of 2030, representing impressive CAGR of 14.1% during the forecast period 2021 to 2030.

Skin Care Supplement Market: The global skin care supplement market is surging, with an overall revenue growth expectation of hundreds of millions of dollars from 2023 to 2032. 

Smart Bandages Market: The global smart bandages market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period from 2023 to 2032.

Dermocosmetics Skin Care Products Market: The global dermocosmetics skin care products market size was reached at USD 52.47 billion in 2022 and it is expected to hit around USD 132.66 billion by 2032, poised to grow at a CAGR of 9.71% between 2023 to 2032.

Market Dynamics

Driver: Personalized wellness experiences

Consumers increasingly demand specific health and wellness experiences, but they are also becoming more privacy-conscious, with 56% of consumers expressing concern about trusting digital businesses with their health information. To establish and maintain customer confidence, health and wellness firms need to provide value to those prepared to give up some privacy for personalized experience. This requires going beyond basic marketing efforts and developing personalized product offerings for each consumer. According to a Vesta survey, 58% of customers, particularly younger generations such as Gen Z and millennials (71%), are interested in individualized supplements personalized to their exact needs. HUM Nutrition, for instance, demonstrates this technique by providing personalized recommendations based on a detailed 13-question assessment that gathers facts about customers' daily lifestyle, nutrition, and exercise routines.

The health and wellness market are expected to develop rapidly in 2023, owing to an increased focus on well-being in the post-pandemic era. Social media is buzzing with new and helpful self-care habits, while traditional practices that gained popularity during the epidemic are again becoming part of regular routines. Spas, gyms, and fitness studios are adopting holistic methods to improve entire well-being, focusing on mental health alongside physical fitness. Emerging health and wellness trends are impacting the sector in this dynamic context. Cold Water Therapy, which was previously used by athletes for muscle rehabilitation, is gaining popularity as a daily practice due to demonstrated advantages such as lowering inflammation and alleviating depression. Furthermore, the popularity of medicinal mushrooms, which are high in protein, fiber, and antioxidants, reflects a wider shift toward functional foods and supplements that focus adaptogens for stress response. These developments point to a consumer-driven movement toward total well-being, with the potential to impact and modify the health and wellness business.

Restraints

The ongoing issues of socioeconomic inequality, which significantly limit beneficial access to wellness resources and services, is one major restraint in the health and wellness sector. Disparities in access to superior medical care, fitness facilities, and wellness programs exist across economic levels and geographic regions. Higher-income people frequently have greater access to premium wellness services, resulting in an inequality in possibilities for total well-being. Furthermore, inhabitants in economically deprived regions, whether rural or urban, lack access to proper healthcare and exercise facilities, making it difficult for them to engage in holistic health practices. This inequality extends beyond education and awareness, since lower-income populations face issues to health literacy and exposure to the most recent wellness trends. The expense of healthy living, nutritious food alternatives, and wellness services continues to be an issue of concern for individuals with low incomes. Furthermore, cultural views, social support networks, and the digital gap add to the difficulty of tackling these inequities in the health and wellness market.

Opportunities:

The increasing incidence of sleep deprivation, as shown by a Direct Line Life Insurance report, reveals a significant opportunity for the health and wellness market. With 71% of UK people falling short of the required seven to nine hours of sleep per night, there is a rising need for solutions that address this widespread issue. Recognizing this, health food retailer Holland & Barrett forecasts that' sleep synchronization' will become increasingly common. It includes an extensive strategy to improve sleep, such as circadian eating behaviours, new sleep aid elements such as glycine, and a concentrated effort to turn off electronics before bedtime to mitigate the negative impacts on sleep quality.

The shift towards circadian eating points to a potential market for nutrition during the night, creating opportunities for goods that align the body's natural cycles. The general availability of new compounds for sleep aids makes it possible to create innovative sleep aids that satisfy customers looking for safe, all-natural alternatives. Furthermore, the ' sleep synchronization' concept offers a chance to grow the line of wellness items made especially for use at night by including skincare regimens before bed.

 Furthermore, the demand for a major reduction in technology use before bedtime offers possibilities for the development of tech-switch-off goods or applications that promote better nighttime practices. This is consistent with more general developments in mental health and digital detoxification. It aligns with general developments regarding mental health and digital detox. Moreover, the entirety character of the'sleep synchronization' craze presents opportunities for businesses to create holistic sleep solutions.

Market Segmentation:

By Sector

• Personal Care & Beauty & Anti-Aging
• Nutrition & Weight Loss
• Physical Activity
• Wellness Tourism
• Preventive & Personalized Medicine
• Spa Economy
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

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