Health and Wellness Market Size to Lead USD 9,245.8 Bn by 2033

Ottawa, Aug. 07, 2024 (GLOBE NEWSWIRE) -- According to Precedence Research, the global health and wellness market size was estimated at USD 5,546 billion in 2023 and is predicted to increase from USD 5,862.1 billion by 2024 to approximately USD 9,245.8 billion by 2033. The health and wellness market is driven by increasing chronic prevalence, increasing mental issues, and changing consumer preferences.

The U.S. health and wellness market size surpassed USD 1,282.90 billion in 2023 and is predicted to be worth around USD 2,188.16 billion by 2033, expanding at a CAGR of 5.43% from 2024 to 2033.

The health and wellness market encompasses a broad range of products, services, and activities aimed at promoting and maintaining overall well-being, physical health, mental health, and quality of life. Well-being and good health are essential for a happy life because they allow people to overcome challenges and achieve their goals. Well-being refers to the physical, mental, emotional, and social factors that influence a person's health. Maintaining excellent health is critical for everyone, particularly as we age. The four pillars of well-being are physical, mental, social, and economic.

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Individuals who want to preserve their mental health and well-being should spend quality time with close friends and family, participate in important activities, volunteer, have a support network, exercise regularly, and try new experiences. A strong feeling of well-being and health may improve relationships, attract positive behavior, and help you recover from minor diseases. Overall, keeping a healthy physique and well-being is critical for life satisfaction, happiness, and overall well-being.

Health and Wellness Market Highlights:

• Asia Pacific dominated the global health and wellness market with the largest market share of 33.60% in 2023.
• North America is expected to be most opportunistic during the forecast period.
• By sector, the personal & beauty & anti-aging segment contributed the biggest market share of 21.59% in 2023.
• By sector, the wellness tourism segment is expected to grow at the fastest rate during the forecast period.

Health and Wellness Market Revenue (USD Billion) 2020 to 2023, By Sector

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Health and Wellness Market Regional Outlook

The Asia Pacific health and wellness market size is expected to be valued at USD 1,983.8 billion in 2024. The market is predicted to increase from USD 1,863.6 billion in 2023 to USD 3,333.5 billion by 2033, with a CAGR of 5.9% from 2024 to 2033.

Asia Pacific dominated the global health and wellness market in 2023, owing to workplace productivity losses and stress brought on by long working hours and work-related stress, which has led to a greater emphasis on emotional and financial well-being by employers. For instance, according to a collaborative survey conducted by Aon and TELUS Health, 82% of Asian employees are at moderate to high risk of developing mental health difficulties, with 54% feeling their career possibilities would be limited if their employer was aware. China dominates the market due to rising demand for healthy and nutritionally dense foods and an increasing number of health-conscious people in the region. The market is predicted to expand further due to China's market share and income.

North America is expected to be most opportunistic during the forecast period. The health and wellness business in North America is growing as consumer disposable income rises, health consciousness grows, and demand for healthy products increases. The presence of leading industry players, as well as their development plans, have a substantial impact on market growth. The rising incidence of chronic illnesses, along with restricted physical activity time, needs the supply of diet, lifestyle, and fitness instruction to avoid the start of these ailments.

• For instance, Divine Fitness, a unisex gym in Udupi, opened on July 14 at the Shankar Building. Valentine D'Souza, a former MLA, president of the Coastal Development Authority, and retired DYSP, attended the occasion. The gym's ribbon-cutting event was led by Leena Fernandes, Wilson Fernandes' wife.
  
• In July 2024, Zeam Health & Wellness, a multi-specialty clinic with locations in Sacramento, Roseville, and Folsom, will open in Northern California. Pacific Heartwood Wellness and Zeam Medical Group founded it to provide comprehensive, individualized mental healthcare that combines compassion and research.

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Health and Wellness Market Segmentation Outlook

Health and Wellness Market Share (%) 2023, By Sector

Beauty is important in determining our identity because it allows us to express ourselves, validate our worth, and be creative. Beauty rituals help us reconnect with sensory pleasure, improve our lives, and create a bubble of tranquility. These gestures of self-love promote awareness and improve intergenerational relationships. Beauty rituals are necessary for all significant events in life, including first jobs, dates, birthdays, and marriages. They offer structure, connect generations, and maintain us in sync with time. Beauty rituals make us feel good about ourselves and be present in the moment by enabling us to reflect on our bodies, the purpose of life, and the bonds that bind us to others.

The wellness tourism segment is expected to grow at the fastest rate during the forecast period. Wellness tourism, which combines retreats, yoga, and Ayurvedic treatments, is popular among visitors all over the world. Massages, hot spring therapy, and body treatments can all help with blood flow, sleep quality, and skin healing. Wellness tourism also produces money for the hotels and facilities that provide these services. It improves physical well-being, happiness, and productivity while also enhancing creativity, problem-solving, and stress reduction. It also helps the economy and foreign exchange profits while creating job and business possibilities in local areas. Furthermore, wellness tourism promotes local customs and culture while drawing guests and instilling a feeling of communal acceptance.

• For instance, Visa India is extending its digital payment options to meet the rising demand for experience travel and medical tourism, with cards recognized in more than 200 countries. India's tourism business makes a substantial contribution to the economy, with a market value of Rs 1,004.3 crore expected in 2023.
  

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Health and Wellness Market Coverage

Health and Wellness Market Dynamics

Driver

Aging population

The world population is increasing, with one in every six individuals anticipated to live into their sixties or older by 2030. This aging trend, known as population aging, originated in high-income nations but is increasingly spreading to low- and middle-income countries.

By 2050, these countries will be home to two-thirds of the world's over-60 population. Aging is caused by the buildup of molecular and cellular damage over time, which reduces physical and mental function, increases the risk of disease, and leads to mortality. Aging is also linked to life changes such as retirement and death.

Restraint

Changing consumer preferences and trends:

The health and wellness market is seeing fast changes in customer tastes, which makes it difficult for entrepreneurs to modify their services. For example, the shift towards plant-based diets and sustainable health practices has necessitated the need for entrepreneurs to keep current on these trends. This might include adding additional plant-based menu options to wellness cafés or bringing eco-friendly practices into spas and fitness facilities.

Browse More Insights:

• Behavioral Health Market: The global behavioral health market size was valued at USD 162.31 billion in 2023 and is projected to surpass around USD 310.82 billion by 2033 with a CAGR of 6.71% from 2024 to 2033.
  
• U.S. Behavioral Health Market: The U.S. behavioral health market size was valued at USD 109.02 billion in 2023, and it is expected to reach around USD 166.91 billion by 2033 poised to grow at a noteworthy CAGR of 4.35% during the forecast period from 2024 to 2033.
  

• Corporate Wellness Market: The global corporate wellness market size was valued at USD 59.68 billion in 2023 and it is expected to hit around USD 119.96 billion by 2033. The corporate wellness market is poised to grow at a CAGR of 7.30% from 2024 to 2033.
  
• U.S. Corporate Wellness Market: The U.S. corporate wellness market size was estimated at USD 20.75 billion in 2023 and is expanding to around USD 39.27 billion by 2033, poised to grow at a CAGR of 6.6% during the forecast period from 2024 to 2033.
  
• Digital Health Market: The global digital health market size was valued at USD 309.93 billion in 2023, and it is anticipated to surpass around USD 1,019.89 billion by 2033 with a CAGR of 12.19% over the forecast period 2024 to 2033.
  
• U.S. Digital Health Market: The U.S. digital health market size was exhibited at USD 67.38 billion in 2023 and is projected to be worth around USD 230.31 billion by 2033, poised to grow at a CAGR of 12.61% from 2024 to 2033. 
  
• Medical Tourism Market: The global medical tourism market size was estimated at USD 115.6 billion in 2022 and it is expected to reach around USD 346.1 billion by 2032, poised to grow at a CAGR of 11.59% from 2023 to 2032.
  
• Cycle Tourism Market: The global cycle tourism market size was valued at US$ 345.1 million in 2020 and is expected to hit over US$ 1,291.3 million by 2030 with a registered CAGR of 14.78% from 2021 to 2030.
  
• Wellness Supplements Market: The global wellness supplements market size was estimated at US$ 240 billion in 2022 and is expected to hit around US$ 474.31 billion by 2032, poised to grow at a CAGR of 7.10% from 2023 to 2032.
  
• Space Tourism Market: The global space tourism market size was estimated at USD 869.20 million in 2022 and is projected to surpass around USD 3,884.18 million by 2032, poised to grow at a registered CAGR of 16.20% from 2023 to 2032.
  
• Wellness Genomics Market: The global wellness genomics market size was USD 22.61 billion in 2023, calculated at USD 25.83 billion in 2024 and is expected to reach around USD 85.75 billion by 2033. The market is expanding at a solid CAGR of 14.26% from 2024 to 2033. 
  

Opportunity

Expansion of market

The health and wellness market is booming, providing firms with new customers and products. The increased popularity of plant-based diets and environmentally friendly products creates potential for vegan meal delivery services and plant-based food items. Elorn can supply businesses with payment processing solutions that enable safe and quick transactions, allowing them to offer these services to their consumers. This rise in the wellness industry creates chances for firms to enter new markets and provide new products and services.

• For instance, David Beckham has invested in the biotech company Prenetics and will co-found IM8, a new consumer health brand. Beckham has previously supported brands such as Adidas, perfumes, and Haig Club and has collaborated with Coty and L'Oréal on branded items.
  
• In March 2024, Next Health will open two additional facilities in Austin, Texas, as part of a multi-unit development deal. This strategic approach builds on the company's previous success in customized healthcare and dedication to proactive health solutions.

Top Companies of Health and Wellness Market

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

Recent Developments:

• In July 2024, India's pharmaceutical and wellness industries are pushing for deliberate financial allocations for R&D, innovation, and healthcare accessibility, with the goal of creating a healthcare system that prioritizes innovation, accessibility, affordability, and traditional medicine.
  
• In July 2024, Kalories, a wellness startup, is transforming health and wellbeing with Intimacy Chocolate and Spark Energy Square, which combine quality dark chocolate with Epimedium, Maca root, and DHEA to promote sexual health, hormonal balance, and cognitive performance.
  
• In July 2024, Nakita Bowman plans to create a new mental health and wellness facility in Marlin, named after her grandparents who lived there, to celebrate their legacy.
  

Market Segmentation

By Sector

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

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)
  

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