Global Health And Wellness Market Size 2024, Forecast To 2033
6 Mar, 2024
The health and wellness market size has grown strongly in recent years. It will grow from $5319.44 billion in 2023 to $5735.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rise in health consciousness, preventive healthcare measures, evolving dietary preferences, aging population and longevity concerns, stress management solution. The health and wellness market size is expected to see strong growth in the next few years. It will grow to $8088.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. Major trends in the forecast period include personalized nutrition, integration of technology in wellness solutions, wellness tourism and experiences, holistic approaches to health, inclusive and diverse wellness offerings.
Global Health And Wellness Market Key Driver
The health and wellness market is set to experience significant growth, fueled by the escalating prevalence of chronic diseases. Chronic conditions, which persist for extended periods and often impact older individuals, are on the rise globally. According to a report by the National Institutes of Health (NIH) in 2023, the United States anticipates a staggering 99.5% increase in individuals aged 50 and older with at least one chronic illness, soaring from 71.522 million in 2020 to 142.66 million in 2050. Moreover, the incidence of multimorbidity is projected to rise by 91.16%, from 7.8304 million in 2020 to 14.968 million in 2050. Additionally, the World Health Organization's September 2022 data reveals that about 41 million people succumb to chronic noncommunicable diseases annually, accounting for 74% of global deaths, with the majority occurring in low- and middle-income countries. This surge in chronic diseases underscores the growing demand for health and wellness solutions to manage these conditions, reflecting in market size estimates for 2023, 2024, and 2028.
Get A Free Sample Of The Global Health And Wellness Market ReportGlobal Health And Wellness Market Segments
The health and wellness market covered in this report is segmented –
1) By Product: Nutritional Supplements, Fitness Equipment, Organic Foods And Natural Products, Vitamins And Minerals, Health And Beauty Products, Weight Loss And Diet Programs, Other Products
2) By Distribution Channel: Online, Offline
3) By Sector: Personal Care, Beauty, And Anti-Aging, Healthy Eating, Nutrition, And Weight Loss, Wellness Tourism, Physical Activity, Preventive, Personalized Medicine And Public Health, Traditional And Complementary Medicine, Spa Economy, Other Sectors
By Geography:The regions covered in the health and wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the health and wellness market in 2023. North America is expected to be the fastest-growing region in the global health and wellness market during the forecast period. The regions covered in the health and wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Health And Wellness Industry Players
Abbott Laboratories, B. Braun Melsungen AG, L’Oreal S.A., Nestle S.A., General Mills Inc., Omron Healthcare Inc., Medtronic Inc., Koninklijke Philips N.V., LifeScan Inc., Animas LLC, Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., The Coca-Cola Company, Fitness First, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, Amway Corporation, Bayer AG, Danone S.A., David Lloyd Leisure Ltd., Curefit Healthcare Pvt. Ltd., Letterone Investment Holdings S.A., Practo Technologies Pvt. Ltd., The Procter & Gamble Company, Unilever plc, Vitabiotics Ltd., EXOS, ComPsych Corporation, Virgin Pulse Inc., Quest Diagnostics Incorporated, Wellness Corporate Solutions LLC, WellRight, Marino Wellness LLC, Privia Health LLC, Truworth Wellness Technologies Pvt. Ltd., Wellsource Inc., Provant Health Solutions, HealthifyMe Wellness Pvt. Ltd.
Get The Full Global Health And Wellness Market Report
Health And Wellness Market Overview
Health and wellness refer to a state of overall physical, mental, and social well-being. It involves maintaining a healthy lifestyle by making informed choices that contribute to a healthy body, mind, and spirit. The key components of health and wellness include nutrition, exercise, sleep, stress management, mental health, and social connections.
Health And Wellness Global Market Report 2023 provides data on the global health and wellness market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The health and wellness market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.