LONDON--(BUSINESS WIRE)--The health and wellness market is expected to grow by USD 1,299.84 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Various chronic health conditions including diabetes, blood pressure, asthma, cancer, arthritis, and dementia are causing alarm among patrons of the health and wellness market. This is encouraging people to focus on preventive measures offered by the health and wellness products and services industry. Vendors in the market are also focusing on encouraging the consumers to increase their 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. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Health and Wellness Market: Growing Influence of Thermal and Mineral Springs and Spas
The growing influence of thermal and mineral springs and spas will foster the health and wellness market. Spas and health resorts are using therapeutic waters sourced from natural thermal/mineral springs across Europe, North America, and Asia for the treatment of various physical and mental conditions including bronchitis, circulation disorders, asthma and others. This will drive the global health and wellness market during the forecast period, for instance the number of operational spas in the US has grown considerably in recent years. Major spa operators are increasingly focusing on deploying therapeutic waters including iodine-bromine waters for treating cardiovascular conditions. In addition, techniques such as hydrosulfuric healing and hydropathic healing are increasingly being adopted by modern spas for treating chemical and heat burns. Thus, the rising influence of thermal and mineral springs and spas will contribute to the global health and wellness market growth during the forecast period
“Rising number of new product launches in the market, increasing emphasis on promotion of health and wellness activities and programs and surging demand for organic, eco-friendly, clean-labeled, and sustainable health and wellness products are a few other factors that will eventually contribute to the global health and wellness market growth during the forecast period,” says a senior research analyst at Technavio.
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Health and Wellness Market: Segmentation Analysis
This market research report segments the health and wellness market by product (beauty and personal care products, health and wellness food, wellness tourism, fitness equipment, and preventive and personalized health), and geography (North America, APAC, Europe, South America and MEA).
The North America region led the health and wellness market in 2019, followed by Europe, APAC, MEA and South America. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as increasing demand for wellness tourism in the region and government initiatives supporting wellness tourism.
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Some of the key topics covered in the report include:
- Beauty and personal care products
- Health and wellness food
- Wellness tourism
- Fitness equipment
- Preventive and personalized health
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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