Sales Revenue of Health and Wellness to Soar in the Near Future Owing to Growing Consumer Adoption

The global market for health and wellness is anticipated to account for $6,543.4 million in 2026, at a 4.8% CAGR increasing from $4,514.3 million in 2018.

The significant drivers for the health and wellness market are increasing demand for health spas and mineral & thermal springs centers globally. Moreover, thermal and mineral springs have several therapeutic benefits including boosting blood circulation, reducing stress, relieving pain, healing skin diseases and afew other benefits. Also, taking frequent baths in thermal springs can reduce 46% of hypertension; this aspect will eventually boost the health and wellness market growth in the upcoming years. However, the huge expenditure is essential for the launching and maintaining of mineral & thermal springs and health spas, and these are key restraints for the global market size. In addition, price of the health and wellness products is also expected to hinder the market size.Increasing awareness among people about organic products and growing knowledge on sustainable products will create vast opportunities for the health and wellness market growth in the coming years.

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The beauty & personal care product type accounted for the highest health and wellness market size in 2018 and is projected to grow at a rate of 4.5% CAGR during the estimated timeframe. The wellness tourism segment is anticipated to raise at a noteworthy rate of 4.8% CAGR and is expected to endure its growth throughout the forecast time. This expected growth is mainly because of swift growth in the wellness tourism in hospitality sector, and it is playing a significant role in attracting tourists. Due to advantages of wellness tourism, growing adoption of wellness tourism by the hotels, resorts and tourist destinations to entertain tourists is anticipated to drive the market size in the forecast timeframe.

The global health and wellness market share was dominated by the North America region in 2018, with a size of $1,793.6 million in 2018. This is projected to generate a revenue of $2,519.2 million till 2026. This dominance in the current market is because of extensive utilization of health and wellness products and services in developed economies including Canada and U.S. Asia-Pacific market. The markets in these regions will experience a noteworthy growth, it is projected to generate a significant revenue and create substantial growth opportunities during the forecast time. This growth is accredited to risingconsciousnessabout health and wellness services and products prominenceamongst the individuals in Asia-Pacific. In addition, existence of promising government initiatives coupled with growing need of health and wellness products are promoting the market in Asia-Pacific region.

Some of the significant health and wellness market players include

LifeScan
Medtronic
L’Oréal
Abbott
General Mills Inc.
B. Braun Melsungen AG
Nestlé
Koninklijke Philips N.V.
Omron Healthcare, Inc.
The Coca-Cola Company
Johnson & Johnson Services, Inc.
F. Hoffmann-La Roche Ltd
Animas LLC and many others.

These major participants are following several approaches such as product developments, acquisitions, joint ventures and R&D activities to achieve top spots in the overall health and wellness industry.

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