The wellness services market is predicted to increase from US$ 4,937.49 billion in 2022 to US$ 8.433.95 billion by 2032, with a CAGR of 5.5% during the forecast period. The demand for wellness services in the business world is being driven by an increase in health care expenses, a rise in health care awareness among employers, and an increase in the incidence of chronic diseases.
The wellness services market is expanding as a result of rising spending in corporate wellness initiatives. Companies need to recognize that wellness consumers aren't a uniform group with standardized desires. High-income consumers who actively follow brands on social media, keep tabs on new product introductions, and become enthused about developments are known as wellness enthusiasts.
Wellness enthusiasts have the main contribution to the overall development of the market. Price-conscious shoppers acknowledge the value of wellness items, but carefully weigh features and advantages before making a purchase to get the best deal.
While passive participants are only tangentially connected in the wellness area and don't actively follow brands or new goods, loyalists prefer to continue with their current habits and the brands they are familiar with. Major providers of wellness services are attempting to segment their customer bases and offer personalized services to each client to increase the market share for wellness services.
Furthermore, the global burden of cancer is projected to increase to 16.3 million cancer deaths and 27.5 million new cases by 2040, per the American Cancer Society's figures from 2021. As a result, there is a strong need for holistic approaches to workplace wellness programs to inform employees about the value of forming healthy habits and the benefits of sticking to fitness goals.
Attributes
Details
Wellness Services Market CAGR (2022 to 2032)
5.5%
Wellness Services Market Size (2022)
US$ 4,937.49 billion
Wellness Services Market Size (2032)
US$ 8.433.95 billion
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Recent Trends In The Wellness Services Market: Statistical Information
In 2020, the wellness economy contributed 5.1% to global economic output.
Wellness real estate had a market worth US$ 225 billion in 2019 and exploded to US$ 275 billion in 2020 during the pandemic.
The wellness economy's fastest-growing sector in 2020 was wellness real estate.
In 2020, the yearly global construction production for wellness properties was roughly 2.4%.
The largest market is the United States, followed by China, Japan, Canada, and Germany.
In 2019, the market for mental wellness was estimated to be worth $122 billion globally. During the pandemic, it increased by 7.2%, growing to $131 billion in 2020.
The market for workplace wellness services dropped from $52 billion in 2019 to $49 billion in 2020. In addition to COVID-19, a number of long- and short-term structural changes are to blame for the decrease in workplace wellness spending in 2020.
Rising Focus On Rejuvenation To Offer Momentum To The Market
Wellness is a vital process of becoming aware of and taking responsibility for making choices that directly contribute to health. It is a balanced amalgamation of one’s body, mind and spirit. Wellness means valuing and taking good care of one’s body. The objective of wellness services is to change the association between service users and health services by allowing individuals to preserve and improve their health.
It spread knowledge, motivation, and skills toward enhancing personal fitness and health. Wellness services help make healthy and positive choices regarding a variety of factors, such as nutrition, physical activity, sexuality, sleep, the use of alcohol and drugs, self-care, and the appropriate use of health care systems. The services help enhance awareness of our current state of health in multiple dimensions with the initiative, tools and support to make lasting changes towards a more optimal life.
The primary dimensions of wellness are: mental, physical, spiritual, social, environmental, emotional and occupational. The integrated model of wellness services encompasses a broader spectrum that includes a healthy lifestyle, family and early years, welfare, community development and leisure, work, learning and skills, self-care and independent living, and healthy protection and personal safety.
Wellness services include rejuvenation, slimming, beauty, counselling, alternative therapy and fitness. Among these, rejuvenation services such as spas and ayurvedic treatments are trending while slimming and fitness centres also augment the global wellness services market.
Primary drivers of this market are increase in population and their per capita income. People are becoming health conscious and focusing more towards relaxation and proper maintenance of physical fitness. Increase in life expectancy, non-uniform reach of medical systems and globalization are some of the major trends in wellness service industry.
A key advantage of wellness services is that consumer spending in this market continues to be buoyant, due to which the demand for wellness is rapidly increasing developed economies as people are becoming more aware of fitness and beauty.
However, there are some disadvantages too, like paucity of skilled and trained personnel, usage of low-value, ineffective and harmful products by wellness services providers with a view to regulate costs, regional differences in the probable wellness service offering, leading to a non-standardized approach for offerings, etc.
The global wellness services have a strong market presence in the U.S. and Europe as these regions are more attentive towards health and wellness. Additionally, demographics-driven wellness services and anti-ageing treatments, younger people and escalating middle-classes are augmenting the growth of global wellness services market.
The market is emerging in Asia-Pacific where the population is growing and there is awareness among its people for health and wellness. Industrial growth in the corporate sector is one of the reasons in developing countries to demand for wellness services, thus acting as a growth opportunity for the global wellness services market.
Key vendors in the global wellness services market include Gold's Gym International, Inc., Johnson & Johnson and others. A growing concern over health and fitness has led these companies to expand their business.
For instance, Gold’s Gym, the world leader in fitness and wellness, collaborated with Microsoft on its just-unveiled smart wearable band for people who want to live healthier and be more productive. Also, Johnson & Johnson recently collaborated with Janssen and USAID (United States Agency for International Development) to fight against the health threat of antibiotic-resistant bacteria.
A wellness Service offers support to people in order to improve their health and well-being. The service aims to build people’s capacity to live healthy lives by motivating the factors that impact health and well-being.
This research report presents a comprehensive assessment of the wellness services market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market geographies, types and applications.
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The report covers an exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition and Companies Involved
Technology
Value Chain
Regional analysis includes
North America
Latin America
Asia-Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. It provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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