The ‘Global Medical Wellness Market Share Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global medical wellness market, assessing the market on the basis of its segments like wellness sectors, age groups, distribution channels, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Medical Wellness Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2028): 14%
The medical wellness market is being aided by the rising health consciousness, the growing focus on obesity and weight loss management, and the rising prevalence of various health-related complications. Such factors are also mainstreaming eating patterns like intermittent fasting, hence fuelling the demand for fasting apps, fitness trackers, supplements, and low-calorie beverages like green and black tea.
Self-care is gaining prominence among the rising millennial and Gen-Z population, which is surging the demand for wellness services and products aimed at boosting both mental and physical health. As a part of the self-care movement, skincare is also gaining significant traction and driving sales of skincare products.
With the growing trend of preventative healthcare, spa and wellness providers are developing new services and products that can meet the growing customer demand for wellness and beauty enhancements. In addition, surging sales of beauty supplements, the expansion of luxury spas, and the introduction of programmes offering symptom-specific retreats are favouring the medical wellness market.
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Medical Wellness Market Definition and Major Segments
Medical wellness refers to a healthcare practice that is aimed at enhancing the overall well-being of an individual by using wellness practices and medical treatments. It also promotes the application and development of professional standards for wellness and clinical practices. The rising healthcare anxiety and the growing burden on the healthcare sector are boosting the application of this practice.
By wellness sector, the market is segmented into:
- Traditional and Complementary Medicine
- Beauty Care and Personal Care
- Healthy Eating, Nutrition, and Weight Loss
- Preventive and Personalised Medicinal Products
- Spa Industry
- Workplace Wellness
- Others
The market, on the basis of age group, is categorised into:
- Adults
- Geriatric
Based on distribution channel, the market is divided into:
- Franchise
- Company Owned Outlets
- Others
The major regional markets of medical wellness include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Medical Wellness Market Trends
Some of the key medical wellness market trends include the growing focus on healthy living, the surging geriatric population, and increasing accessibility to robust healthcare due to favourable government initiatives.
As the COVID-19 pandemic bolstered the focus on holistic well-being, the demand for medical wellness products supporting immune health is increasing. In addition, there is a growing preference for personalised wellness experiences, due to which key players are attempting to create personalised marketing campaigns and develop tailor-made offerings.
With the surging focus on mental well-being amid the rising cases of anxiety, burnout, and depression, among others, the popularity of mental wellness apps, guided meditations, and online therapies is increasing. The prioritisation of mental health is also prompting customers’ focus on healthy eating, workplace wellness, and preventative healthcare, among others.
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Key Market Players
The major players in the medical wellness market report are VLCC Health Care Limited, Bayer AG, David Lloyd Leisure Ltd., WTS International, LLC, MINDBODY Inc., Amway Corp., Truworth Wellness, Naluri’s, Minmed Group, Healthkart, and Enrich Hair & Skin Solutions Pvt Ltd. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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