Zachry Godfrey of Texas is a developer with experience in sports partnerships and wellness communities. In the following article, Mr. Godfrey looks at the Global Wellness Market report, and discusses key factors driving the industry, and the future outlook over the next 10 years.
Wellness is the state of well-being of the body, mind, and soul. While there are many important aspects of the industry, the most prevalent are preventive medicine, fitness, personal care, beauty, nutrition, and weight management. However, wellness tourism and real estate, mineral springs, and health spas provided to consumers make up a significant chunk of the market.
Zachry Godfrey says that according to the latest Global Health and Wellness Market report, the market reached $3,294 billion in 2021 and is expected to reach a whopping $4,277 billion by 2027, showing a compound annual growth rate of 4.2% throughout 2022 to 2027.
Experts are continuously tracking the industry, keeping certain factors, including the continuous impact of the coronavirus pandemic, in mind.
COVID-19’s Impact on The Health and Wellness Industry
As many expected, COVID-19 negatively affected the health and wellness market explains Zachry Godfrey of Texas.
While the pandemic grew in severity, major industry companies suspended operations as social distancing and lockdowns became the isolating norm.
However, the post-pandemic world has been incredible for the market due to the rapid urbanization and ever-growing necessity to remain safe and well.
Inside the report, Zachry Godfrey says that readers can expect to find analysts’ evaluation of current COVID-19 research and how it pertains to the health and wellness industry, including product development pipelines, testing approaches, vaccination programs, regulatory concerns, and more.
The Key Driving Factors Behind the Market’s Growth
Aside from the pandemic, Zachry Godfrey of Texas notes other key factors behind the market’s current and projected fast-paced growth.
One significant factor is the prevalence of chronic lifestyle diseases around the world.
Many people lead very sedentary lives while cramming their schedules (often without realizing it) full of business meetings, school runs, social gatherings, and more explains Zachry Godfrey.
Even though humans have come to accept this busyness as part of life, it’s unwittingly increasing cases of high blood pressure, diabetes, arthritis, dementia, cancer, asthma, and other stress-related problems.
Wearable technology, such as fitness watches, trackers, and bands, have also provided a huge market boost as the world shifts into an increasingly tech-heavy place.
On top of that, Zachry Godfrey of Texas says that the unprecedented growth of the mineral spa and wellness tourism sectors is contributing to the industry’s acceleration. Spa operators are constantly finding newfangled ways to treat rheumatism, cardiovascular issues, circulation disorders, bronchitis, and asthma.
Finally, the report considers rising disposable incomes, exponential urbanization, and the growing number of health-conscious buyers will enhance the market’s increase.
Looking Toward the Future: Health and Wellness in 2030
Expert analysts have considered the information provided in the latest market report to imagine the future of this industry.
While the report itself forecasts facts and figures up to 2027, Zachry Godfrey of Texas says this provides a clear image of what the wellness market will look like in 2030.
As per their visions, people have a lot to look forward to in the health and wellness industry, including:
- Consumers Expected to Spend More on Wellness
Research suggests consumers are currently interested in health, nutrition, fitness, appearance, sleep, and mindfulness. And with the market already into the trillions, consumers are expected to spend even more on their wellbeing in 2030, providing plenty of companies with expansion opportunities explains Zachry Godfrey of Texas.
- Extensive Services Offered by Beauty Retailers
Zachry Godfrey suggests beauty retailers should begin, if not already offering a wider service range, giving consumers the option to get injectable treatments like lip and cheek filler in stores.
On top of that, microdermabrasion, and other services currently only available in medical spas or offices to be available in retail outlets.
- Mattress Sleep Tracking Technology
Even now, there are innovations, such as under-the-mattress sensors that track sleep, already on the market. But Zachry Godfrey of Texas says that this will likely advance to provide increasingly in-depth analysis.
The Global Health and Wellness Market Report Proves Beneficial for Companies Looking to Stay Ahead
Overall, the thorough analysis of the global health and wellness market is proving wholly beneficial for well-established industry giants and new players using it to gain a competitive edge — a valuable thing in such a continuously promising market.
It’s clear that, with the world shifting into an evolving tech-based realm, the health and wellness industry will have to quickly catch on to these trends and apply them to stay relevant.