Future Of Wellness Market In 2021 And Beyond!
Remember the workout tapes, aerobatics, yoga, and whatnot!
Those were the times when people used to work out from home watching all those tapes and following instructions.
Earlier if you met somebody before Covid-19 struck and asked them (excluding gym freaks!!) about healthy living and their views on it, odds are you probably won’t get a convincing explanation on why they should remain active. But after the arrival of the stay-at-home lifestyle, individuals got motivation to displace their stationary way of life with more blood-pumping activities.
This flood to get fit and live a healthy life resulted in individuals having digitized their routine through use of ARs in exercising, use of mobile apps, and exercise video recordings via social channels, such as Youtube, Facebook, and Instagram stories.
The last couple of years has made individuals throughout the world to become self-aware about the significance of wellbeing and health. To place things into a certain point of view, wellness industry statistics are by and large depicted as a method to be followed to accomplish top mental health and physical prosperity.
Here are some wellness industry statistics to understand why the future for this market is bright and what trends in the wellness industry can be adopted.
Health and Wellness Stats and Facts
1. The wellness industry is valued at $4.5 trillion
According to research by the Global Wellness Institute, the wellness industry is valued at $4.5 trillion and is continuing to grow at a historic rate.
2. Global wellness forecast by PwC
The report by Global Wellness Institute states that the physical activity economy will exceed $1.1 trillion by 2023. The report also states that Asia-Pacific will overtake North America as the largest market, with 40% of global growth through 2023. Mindful movement will be the #1 growth sector (12 percent annually from 2018–2023), taking a jump from $29 billion to $52 billion market.
3. Health and wellness market value is said to grow by USD 1,299.84 billion during 2020-2024.
As per the Health and Wellness Market by Product and Geography – Forecast and Analysis 2020-2024, the health and wellness market size is expected to grow by USD 1,299.84 billion with a CAGR of 6.37% during 2020-2024.
4. Global Digital Health Market Size Will Grow to USD 220.94 Billion by 2026
According to the recent analysis research report; the Global Digital Wellness Market size in 2019 was approximately USD 84.08 Billion. The market is expected to grow at a CAGR of 14.8% and is anticipated to reach around USD 220.94 Billion by 2026.
5. The PwC report wearable device has determined the wellness wearables market to reach $27 billion by 2022.
This massive growth is based on the expectations of the consumers regarding their wearable devices.
According to the PwC report, 70% health-conscious consumers want their wearable devices to help them live longer, 63% want to maintain a healthy weight, and 62% want to reduce their health insurance premium.
6. Workplace wellness market is projected to grow to $66 billion by 2022
According to the Global Wellness Institute estimate, only 10% of the world’s employees have access to workplace wellness programs and services, that too mostly from North America and Europe. Workplace wellness in 2017 had a $48 billion market, which in 2022 is projected to grow to $66 billion.
7. Wearable device sales with $24 billion+ market by 2022
According to CCS Insight, worldwide smart wearable device sales to double between 2020 and 2025 to 388 million. The report also states that over 1.2 billion devices will be used by the end of 2025, with yearly sales approaching 400 million units in the year.
The report also states that of the 258 million smartwatches that will be sold in 2025, about 40% will feature cellular connectivity.
8. Global Wellness Market estimated to be more than $1.5 trillion
According to Mckinsey, the global wellness market is estimated to be more than $1.5 trillion, with annual growth of 5% to 10%.
The research was based on noticing the consumer interest and purchasing power as spending on personal wellness is rebounding after stagnating during the COVID-19 crisis. Currently the wellness market is increasingly getting crowded, being strategic about where and how companies compete.
9. The wellness tourism is projected to reach US$1.2 Trillion by 2027
According to Business Wire, the global market for Wellness Tourism is projected to reach US$1.2 Trillion by 2027, growing at a CAGR of 6.6% over the period 2020-2027.
The Wellness Tourism market in the U.S. was estimated at US$212.7 Billion for 2020. Currently the U.S. accounts for a 28.9% share in the global market. Apart from U.S., China is forecast to reach an estimated market size of US$220 Billion by the year 2027 with a CAGR of 10.5%.
10. Health and Wellness Market Revenue will reach $6033196 Million in 2025
The Health and Wellness market revenue was 4428174 Million USD in 2019, and the wellness industry future will reach 6033196 Million USD in 2025, with a wellness industry growth rate of CAGR of 5.29% during 2020-2025.
This wellness market report is dedicated to providing niche markets, potential risks, opportunities, and strategy analysis in different fields to focus on.
11. Revenue in meditation apps segment is projected to reach US $5,008.93m in 2021
One of the interesting statistics for meditation app is the revenue. As per Statista reports, the revenue of meditation apps is expected to show an annual growth rate of 18.61%, resulting in a projected market volume of US $9,914.80m by 2025. The average revenue per user is expected to reach US $41.94.
Is The Wellness Market Growing?
With these stats and increasing consciousness on health there is no doubt that the future of health and wellness industry growth is rising with the way consumers approach their physical, emotional, and spiritual wellbeing.
With the positive and growing predictions for the wellness industry, there is a vast degree of scope for organizations to make the most of the forecast and upcoming wellness market trends.
Sooner, the health industry worldwide will observe new health and wellness business trends, driven by consumer interest and demand along with development from the main players in the market. Opportunities present in business are to be discovered across various segments including the one in luxury spas, fashion, and wellness tourism.
From the development of applications by wellness software development company which will personalize the experience for consumers, to utilizing technologies like AI, AR, there will be an emphasis on giving the customers an exciting experience.
Simultaneously, the profile of service providers in the health area is also observing a huge change. Along with the established chains, there has been an expansion of new businesses or startups which are enjoying some real success on the flood of the growing interest among the customers. With celebrities joining the bandwagon, by promoting and collaborating with the health and wellness brands, there appears to be a great chance for value creation.
Wellness Defined By Customers
According to Mckinsey research, their Future of Wellness survey released the categories that interest consumers the most. Categories are:
- Better health
- Better fitness
- Better nutrition
- Better appearance
- Better sleep
- Better mindfulness
These were some of the health and wellness stats mentioned that tell how the wellness industry’s future is changing with time. Now that we have encountered the facts and predictive future reports, all we need to do is look out for the wellness industry trends that will stick around making an impact.
There is no doubt that the health and wellness industry has increased the customer’s attention and interest. We need to keep a tab on the future of the health and wellness industry.
Fitness apps along with meditation apps and health related apps have become quite popular. Thus, if you are looking for any expert advice, then connect with the top Wellness & Fitness app development company experts for great advice. You can also consider our wellness app developers for your app idea.
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