Stats and facts help entrepreneurs to know about a market’s growth and audience. It helps them find a perfect opportunity to start a business and make profits.
It makes a wise decision to look at this 4.5 trillion dollar market, i.e., the wellness industry market. This market has grown consistently due to an increase in demand for its products and services.
You can understand the future of the wellness market even better by getting all the valuable healthcare market stats and facts from this blog.
Look at some of the best and most valuable market stats that can help you in your business strategy for entering this market.
The Global Wellness Institute reports that the wellness industry market is valued at $4.5 trillion and is consistently growing for many reasons, such as people getting more health-conscious after pandemics and polluted environments.
With the growth of the health and fitness industry quickly, many big brands are coming into this industry. The market could reach upto USD 1.39 Trillion by 2025.
Wearables mainly due to their health tracker apps have made it more demanding nowadays among health-conscious users.
Talking over these users, according to a PwC report, they use wearables for the following fitness goals:
CCS Insight’s report predicts that the sales of wearables will become two times between 2020 and 2025. Its advanced health tracking features have attracted many users worldwide as these features have improved their lives in many ways. Which increases the demand for these wearables year by year. Many entrepreneurs are entering this market by making wearable apps.
Whenever you travel for the purpose of boosting your mental, physical or spiritual health is known as wellness tourism.
According to Business Wire, the global value of wellness tourism can go upto $1.2 Trillion by 2027 as its CAGR is growing at 6.6%. As of 2020, the worth of the Wellness Tourism market was around US$212.7 Billion. The U.S. holds a 28.9% share of wellness tourism in the global market.
In 2019, the market value of digital wellness was around US$212.7 Billion. As the trend in digitalization is booming already, the digital wellness market could reach around USD 220.94 Billion by 2026. The expected growth is a CAGR of 14.8%.
The corporate wellness market’s worth was around $48 Billion in 2017, which can reach $66 Billion in 2022. Also, according to the Global Wellness Institute, only 10% of the world’s employees have access to the corporate wellness market programs and services.
Over the year between 2012 to 2016, the number of health geeks performing yoga has grown by 50%. Moreover, it assumes that 300 million people are engaged in yoga worldwide.
The practice of yoga on such a large scale has made its market size worth around $80 billion. Also, among 36 million Americans, 1.7 million are children who practice yoga in the U.S.
After knowing some important wellness market facts, let’s move on to the next section that will tell you the most popular health care trends that creates many business opportunities for entrepreneurs.
What factors do users focus on that keep them fit and active? Knowing this factor will also tell you about the trends and activities that consumers follow, which can help you find all the potential areas where you can start your healthcare and wellness business.
Eating healthy food has been one of the essential parts of health and wellness. However, since the rise of the internet, many users follow health-related social pages & blogs that encourage them to consume healthy foods by following diet plans, drinking juices, avoiding fried and spicy foods, etc.
Moreover, mindful eating is also popular nowadays. Mindful eating is all about focusing on awareness instead of getting distracted by T.V.s and smartphones while taking meals. Now, users also keep track of the nutritional value of each food they consume.
After living the pandemic years, people are health cautious. They follow healthy habits such as consuming healthy food, practicing meditation, and workouts to boost immunity.
Also, users are spending their money to purchase health supplements, meditation courses, and organic foods to improve their body’s resistance to diseases.
As we already discussed how users are adopting meditation-based activities such as yoga & pranayama in their modern lifestyle. The market for yoga & pranayam goes beyond our expectations.
After COVID-19, many people can’t move out of their homes. Isolation makes them left with few options related to health activities. Yoga & pranayam are one of them.
Many products are selling well within this market, such as yoga mats, yoga classes, and other yoga’s related accessories.
First, let’s understand “Adaptogenic.” These are superfoods such as herbs and spices that users consume for their wellness. That can boost mood, help sleep, strengthen the immune system, and give a burst of energy. Many health supplements are selling well.
This one is one of the best well-performing markets within the healthcare business, as its market size could reach USD 216.7 billion in 2022. It consists of gadgets and digital services like wearable, healthcare apps & so on.
Starting your business in digital health care is the best option from this list because this market is already booming, and many users are moving to it due to sudden growth in digitalization.
Which tech trends make the digital health care business most profitable among other options? We’ll discuss this in detail.
Using advanced technologies in the wellness industry market has made this market more futuristic. Now users can get a data visualization on their smartphone about their sleeping schedule, heart rate, number of steps, etc. Also, these techs make patients’ and doctors’ life more accessible than before.
Know what these techs are most demanded and well-performing in the digital wellness industry.
The healthcare industry alone takes up the market share of the whole IoT market by 30%. That is estimated to grow further to around $6.25 trillion by 2025.
The boosting of IoT market share becomes possible with its wide application of this technology in the healthcare industry, such as:
The A.I. market within the healthcare business is estimated to reach around $13 billion by 2025. It comes with its wide applications in the healthcare industry that makes the A.I. market more profitable than ever. Have a look at the typical example of artificial intelligence and machine learning in the healthcare and wellness industry:
Big data helps the healthcare industry in many ways, such as collecting and managing vast amounts of information and data, providing data security, making advanced databases, etc.
The robust data software helps this industry process such data as fitness stats, medical diagnosis, data imaging, and others for better data analysis.
After knowing that investing in the digital wellness market is the best option, it is acceptable to ask about what is the best way to start a business in digital wellness?
You can start your business in the digital wellness market in many ways, like selling your meditation courses, starting an online pharmacy app, telemedicine app, etc,
However, it is noticed that many entrepreneurs are making great profits from their app development within this industry.
Publishing your app will take less effort, time, and investment and returns more profits as compared to other healthcare business options like manufacturing supplements, making diet plans, etc.
Also, it is easier and faster to scale your app business to get quick returns on your investments. The future of the wellness market will be more profitable compared to the present.
According to McKinsey, the online medicine market could reach upto USD 250 billion in the upcoming years. The success of the market becomes possible from the benefits & advantages that it provides to its users, such as
Let’s move to the end of this blog to get a perfect conclusion.
Healthcare and wellness are already booming, and every entrepreneur knows the worth of this industry. Choosing a simple and more straightforward way of starting your business will increase the chance of succeeding in this market.
Going for app development in the healthcare and wellness market will be better for you. For any doubts related to app development within this market: you can contact us for getting a free consultation from our team. We can help you publish your app by making it from our app development team.
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Know some most common doubts and their answer/solutions from this section. The doubts may come whenever anyone wants to enter this wellness market to start their business.
The health and wellness industry consists of a list of activities that boost mental and physical health, such as:
And more things remain where you can start your business in the wellness industry.
The wellness industry is doing well by expanding by 6.4% within five years from $3.7 trillion to $4.2 trillion from 2017 to 2022.
The process can be well understood by looking at the development stages that come at the time of making a wellness app which is given as follows:
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