LONDON--(BUSINESS WIRE)--The global health and wellness market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Increasing incidence of chronic diseases, stress, and other adverse health conditions are expected to have a positive impact on the health and wellness market growth during the forecast period. Various chronic health conditions including diabetes, blood pressure, asthma, cancer, arthritis, and dementia are rising at an alarming rate. This is encouraging consumers to focus on preventive measures often offered by the health and wellness products and services industry. Moreover, vendors in the market are targeting at increasing the overall consumer expenditure on preventive care products for chronic diseases. In addition, other factors such as the rising incidence of stress and other health-related issues are driving consumers to spend on fitness equipment, healthcare devices, and supplementary diets. These factors will foster the growth of the health and wellness market during the forecast period.
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As per Technavio, the growing influence of thermal and mineral springs and spas will have a positive impact on the market and contribute to its growth significantly over the forecast period. The health and wellness market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Health and Wellness Market: Growing Demand for Thermal and Mineral Springs and Spas
The growing demand for thermal and mineral springs and spas will foster growth in the health and wellness market. Health and wellness spa operators are using therapeutic waters sourced from natural thermal/mineral springs across Europe, North America, and Asia to treat several cardiovascular conditions including bronchitis, asthma, and spinal column ailments. In addition, modern techniques including hydrosulfuric and hydropathic healing are being used by the spa operators for treating heat and chemical burns while increasing mobility in disabled people. This will eventually drive the global health and wellness market during the forecast period.
“Rising demand for organic, eco-friendly, clean-labeled, and sustainable health and wellness products coupled with the growing number of distribution deals, technological associations, collaborations, and acquisitions are expected to further contribute to the growth of the health and wellness market size during the forecast period.,” says a senior research analyst at Technavio.
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Global Health and Wellness Market: Segmentation Analysis
This market research report segments the global health and wellness market by product (health and wellness food; wellness tourism; beauty and personal care products; preventive and personalized health; and fitness equipment) and geographic regions (North America, Europe, APAC, MEA, and South America).
North America led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. The market dominance of North America can be attributed to the high demand for health and wellness products and services in the US and Canada. Factors such as the increasing obesity levels and high prevalence of chronic diseases in these economies are contributing to the growing health and wellness market size in the region. Furthermore, the increasing number of new product launches in the packaged health and wellness food sector and other categories will foster market growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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