New York, USA, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Research Dive has added a new report to its offering titled, “Health and Wellness Market, by Product Type (Beauty & Personal Care Products, Health & Wellness Food, Wellness Tourism, and Fitness Equipment, Preventive & Personalized Health), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
The report states that the global health and wellness industry is expected to hit $6,543.4 million by 2026 and grow at a CAGR of 4.8% from 2019 to 2026. This research study delivers thorough insights on the existing circumstances and future scope of the market. The report is a complete research study, offering reliable market insights for new players, shareholders, existing market players, investors, stakeholders, etc.
The significant drivers for the health and wellness market are increasing demand for health spas and mineral & thermal springs centers globally. Moreover, thermal and mineral springs have several therapeutic benefits including boosting blood circulation, reducing stress, relieving pain, healing skin diseases and afew other benefits. Also, taking frequent baths in thermal springs can reduce 46% of hypertension; this aspect will eventually boost the health and wellness market growth in the upcoming years.
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Key Segment Highlights of the Market:
The market is segmented based on product type and region.
Among product type segment, the food sub–segment is projected to show fast-paced growth by growing at a CAGR of 5.5% during the forecasted timeframe. This is mainly due to the rising awareness about consuming healthy food products among people across the world for maintaining good health and well-being.
Based on region, the North American region market is projected to hold a major share of the market and garner $2,519.2 million during the estimated period. This is mainly due to the rising occurrence of chronic ailments and extensive use of health and wellness services and products in the developed countries such as the U.S. and Canada in the North American region.
Market Dynamics
Rising demand for spas and thermal & mineral spring’s centers worldwide, increasing number of artificial thermal & mineral springs and health spas for treating physical as well as mental disorders, and growing occurrence of chronic conditions are propelling the growth of the global health and wellness market. Additionally, increasing trend for organic as well as sustainable products & services is projected to unlock novel growth opportunities for the market in the upcoming years. However, high prices of health and wellness products and services is likely to obstruct the market growth.
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Moreover, various government initiatives are contributing to the market growth. For instance, in October 2020, Prime Minister Narendra Modi inaugurated Paediatric Heart Hospital at the UN Mehta Institute of Cardiology and Research Centre in Ahmedabad, developed at an investment of Rs. 470 core by the state’s health & family welfare sector.
Top Players of the Industry
The major players of the global health and wellness sector are -
- Omron Healthcare, Inc.
- B. Braun Melsungen AG
- L’Oréal
- Nestlé
- Koninklijke Philips N.V.
- General Mills Inc.
- Medtronic
- Abbott
- LifeScan
- Johnson & Johnson Services, Inc.
- The Coca-Cola Company
- F. Hoffmann-La Roche Ltd
- Animas LLC
Several top business strategies, such as groundbreaking technological advances, R&D activities, acquisitions and mergers, etc., implemented by these players are cited in the report. Additionally, the report caters several details about the foremost players, such as annual performance, financial status, and product portfolio along with Porter Five analysis and SWOT analysis. Quick Download Top Companies Development Strategies Summary Report
Porter’s Five Forces Analysis for Health and Wellness Market:
- Bargaining Power of Suppliers:The established suppliers in the health and wellness market utilize their switching influence to gain high costs. Furthermore, the transferring costs from supplier to supplier is predicted to be high. The negotiating power of suppliers is HIGH.
- Bargaining Power of Purchaser: The market has huge number of consumers and requirement of health and wellness services and products are rising rapidly. The negotiating power of consumers is HIGH.
- Threat of New Entrants: High cost associated for maintenance and installation coupled with government regulatory restrictions, provides the low threat of new entrants in the market. The threat of new entrants is LOW.
- Threat of Substitutes: This market contains very low substitute products and services, delivers low treat of substitutes. The threat of alternatives is LOW.
- Competitive Rivalry in the Market: Health and wellness market contains several small&medium, and large manufacturers. Leading manufacturers are implementing various approaches such as product developments, technological advancements and joint ventures. These are common strategies followed by manufacturers, is a major factor for the high competitive rivalry in the global health and wellness market. The competitive rivalry in the industry is HIGH.
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