Medical Wellness Market

Global Market Study on Medical Wellness: Improving Wellness Technology to Drive Market Growth Over Coming Years

Medical Wellness Market Segmented By Wellness Sector such as Complementary and Alternative Medicine, Beauty Care and Anti- Aging, Preventative & Personalized Medicine and Public Health, Healthy Eating, Nutrition & Weight Loss, Rejuvenation, Others (Lifestyle Coaching, Workplace Wellness Challenges)

  • August-2021
  • PMRREP18787
  • 261 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

Market Snapshot

Newly released industry analysis on medical wellness reveals that the market enjoyed year-on-year (YoY) growth of 14.1% in 2021. By value, Persistence Market Research has projected a market value of US$ 4.3 Tn by 2031 with the industry expanding at a CAGR of 14.1%.

Find Out More about the Report Coverage

Companies

  • Naluri
  • MINMED GROUP PTE LTD
  • Magenta Wellness Pte Ltd.
  • Asiamedic Limited
  • Truworth Wellness (Truworth Health Technologies Pvt. Ltd.)
  • Mednefits
  • BaliSpirit
  • Sukhavati Retreat
  • BDMS Wellness Clinic
  • MeeHappy Wellness

Key Insights Covered in Medical Wellness Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis By Key Players
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Demand for Medical Wellness and How to Navigate
  • Recommendation on Key Winning Strategies

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Sales Analysis of Medical Wellness Services from 2016 to 2020 Vs Market Outlook for 2021 to 2031

The global medical wellness market expanded at 7.8% CAGR over the past 5 years.

Wellness defines complete mental, physical, and social activities that constitute emotional, social, physical, spiritual, intellectual, and emotional wellbeing to lead a healthy lifestyle. Mental health and well-being are important and essential components of health that are comprised of various components used to lead a healthy life.

The sector goes further than disease or disability and highlights the maintenance and improvement of the health and well-being of a person. Wellness includes activities that would further enhance the quality of life, improvement in a healthy lifestyle, and increase the levels of well-being of a person.

The Global Wellness Institute (GWI) has organized an e-Global Spa & Wellness Summit organization. This organization discusses various aspects of health and wellbeing together with leaders and visionaries. This subsequently resulted in higher demand for effective medications.

The market is expected to expand at a considerable growth rate over the next ten years at a CAGR of 14.1% and offer an incremental $ opportunity of US$ 3.1 Tn.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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What are the Key Opportunities on Offer for Medical Wellness Product Manufacturers?

Expansion of the medical wellness industry and the opportunistic factors guided by the consumer perception of local/traditional approaches to healing as well as mindfulness has offered lucrative opportunities for the medical wellness industries.

Adoption of services such as ayurveda, energy therapy, therapeutic touch, chiropractic medicine, and acupuncture is expected to attract a larger tourist base. The aesthetic purpose of enabling the local and traditional culture and incorporating healing services have given rise to the emergence of various wellness establishments, and are expected to be a major opportunistic sector for the growth of the global medical wellness industry.

Moreover, rising instance of chronic and infectious disease-related mortality have led to the adoption of measures to improve health and wellness among the general population.

Rising awareness in medical wellness has introduced the uptake of plant-based food consumption due to the positive benefits of vegetarian and vegan diets. This is closely associated with the purchasing power of the millennial population. This has given rise to an opportunity for innovation by wellness providers as well as food service providers, and is expected to augment market growth over the coming years.

Rising innovation in the wellness industry such as the development of meat substitutes as well as incorporation of plant-based extracts for mental stimulation further possesses factors expected to improve the adoption of medical wellness services as well as products.

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What is Restraining Demand for Medical Wellness Products?

Over recent decade, the medical wellness industry has witnessed a boom in terms of consumer base. However, despite the collaborative efforts of private institutions and wellness centers, there has been very little research on incorporated policies related to wellness along with evidence that suggests the adjunction of wellness policies by the government.

The prime factor responsible for lack of formulation of policies related to wellness is the level at which wellness is understood by governments. Although, government engagement in wellness tourism, and to a certain extent, spas and thermal and mineral spring sectors do exist, yet, engagement is fairly narrow and does not cover a holistic portion of the wellness approach.

Additionally, the advent of the COVID-19 pandemic affected the global economy and projected a decline in consumer confidence and spending ensued by reduction in private consumption as well as investments due to looming loss of activity.

Moreover, lack of workforce and employee participation in other healthcare plans has diverted their preference from medical wellness to other benefits such as incentives or appraisals, as well as the presence of rigid healthcare plans. This is a major challenge for the adoption of medical wellness services.

medical-wellness-market

Country-wise Insights

What Makes the U.S. an Important Market for Medical Wellness?

The U.S. dominates the North American region with a market share of 91% in 2021, and is projected to continue experiencing high growth throughout the forecast period.

The U.S. population is most interested in mindfulness. The U.S. government is offering wellness programs to increase awareness among the population toward a healthy lifestyle. These corporate wellness programs include a set of policies, benefits addressing multiple risk factors, and conditions influencing both employees and organizations for healthy well-being.

According to the National Centre for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the U.S., corporate programs promoting wellbeing and health and providing disease prevention plans can potentially influence more than 150 million employees, reducing the cost of healthcare significantly.

Why is Germany Considered a Lucrative Market for Medical Wellness in Europe?

Germany dominates the European market for medical wellness with a share of 18%. Germany’s per capita healthcare spending is around 11.2% of its GDP, offering diverse benefit packages, high-quality service delivery, and easy access to care. Germany is also a powerful global business force with an innovative, tech-heavy wellness industry.

Germany’s population is more inclined toward the fitness sector. As home-grown fitness tech expands and boutique fitness booms, international operators’ reticence to venture into the market may mean missed opportunities.

Why is the U.K. an Emerging Market for Medical Wellness?

The U.K. holds 15% share in the European market and is projected to expand at a CAGR of over 12%. Expansion of direct operations by industry leaders is one of the factors attributed to the growth of the market in the country.

How is South Korea Influencing Market Growth for Medical Wellness?

South Korea holds 41% share in the East Asia market and is projected to expand at a CAGR of over 14.9%. Expansion of direct operations by industry leaders is one of the factors attributed to the growth of the market in the country.

South Korea has designed the Korean New Deal, which fosters partnerships and investments across all facets of the economy, including its medical travel industry. As part of the project, the Korea Tourism Organization partnered with the Medical Tourism Association, the world’s leading medical travel expert, to expand healthcare offerings to a wider international patient base.

To promote its medical travel to a wider patient base and establish it as a leading medical tourism brand, the Korean government leveraged innovative strategies to expand its niche to other areas of medical expertise. A critical point in this journey for the country came in 2020 when the pandemic hit the globe.

What is the Outlook for China Regarding Medical Wellness?

In 2020, China dominated the East Asia market with 29% share and is projected to expand at a CAGR of 13.7% from 2021 to 2031. According to the Global Wellness Institute, China and India together expect to drive nearly one-third of growth. The country is more emphasized in the nutrition sector.

While China's healthcare and hospital systems are struggling to manage flourishing medical needs, it is clear that corporate health and wellness experts play a central role in mitigating this looming crisis. Unlike, the U.S. where employer-borne medical costs drive many corporate health initiatives, Chinese employees anticipate financial benefits and returns of these programs through deeper staff engagement and retention.

Category-wise Insights

Which Medical Wellness Service is Driving Market Growth?

Personal care, beauty, and anti-aging expect to lead the market with a share of 29% over the forecast period. Several service-oriented offerings in this area have sprung up recently for non-surgical aesthetic procedures, such as micro-needling, lasers, and oxygen jets.

Thus, rise in the number of aesthetics procedures and increase in the number of beauty care wellness firms will drive market expansion.

Will the Adults Demographic Keep Driving Demand for Medical Wellness?

Adults dominated the medical wellness industry with 67% revenue. This trend is expected to continue during the study period. The high share of this segment is attributed to growing sedentary lifestyle, habits, and hectic schedules that have led adults to prefer medical wellness services for a healthy lifestyle.

Increasing self-awareness and health wellness have surged the preference for medical wellness over other traditional alternatives.

Which Application Has Gained Popularity in Medical Wellness?

Therapeutic wellness application has gained popularity and witnessed the account highest share of 61% in 2021. Therapeutic wellness is a natural healing therapy that has been more preferred and witnessed a high market share over other applications.

What is the Impact of COVID-19 on the Medical Wellness Industry?

COVID-19 induced sudden demand surges in the health and wellness industry, and navigation through the pandemic has led to a rise in consumer awareness through service exaltation by medical wellness providers.

According to Global Wellness Institute projections, the wellness tourism sector is expected to grow during the post-pandemic era at an average annual rate of 7.5% by 2022. This projection includes an integrated analysis of the likely uptick in visitations and requests, implying repressed demand for medical wellness services due to the pandemic.

COVID-19 limiting the preference for essential services during the pandemic period has anticipated a downfall for other industries. Significant decline in the non-essential medical, elective surgeries, and aesthetic procedures perceived a downfall in revenue. A good percentage of medical wellness completely stopped operations while others resorted to the introduction of digital solutions.

Medical wellness resorts and establishments had to follow completely new protocols obeying safe operations which proved to be costly. Medical practitioners found it ever more difficult to operate a medical spa even after the reopening of activities owing to strict regulations after the pandemic outbreak.

Competitive Landscape

Key players are focusing on expansion in emerging regions and new revised services. The strategy of expansion, service launches, agreements, partnerships, collaborations, and developed online services by key companies is further strengthening their market presence.

  • For instance, in March 2021, Everwell invested in research-backed alternative therapies alongside conventional solutions to address wellness issues from multiple angles. The company has launched the Everwell health and wellness clinic, located in Newport Beach, California. This clinic will offer a selected range of advanced wellness solutions that are designed to optimize mind and body health.

Similarly, recent developments related to companies manufacturing medical wellness products have been tracked by the team at Persistence Market Research, which are available in the full report.

Medical Wellness Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • Thailand
  • Singapore
  • India
  • Malaysia
  • Philippines
  • Vietnam
  • Indonesia (Excluding Bali)
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa

Key Market Segments Covered

  • Service Type
  • Age Group
  • Application
  • Client
  • Region

Key Companies Profiled

  • Naluri
  • MINMED GROUP PTE LTD
  • Magenta Wellness Pte Ltd.
  • Asiamedic Limited
  • Truworth Wellness (Truworth Health Technologies Pvt. Ltd.)
  • Mednefits
  • BaliSpirit
  • Sukhavati Retreat
  • BDMS Wellness Clinic
  • MeeHappy Wellness

Pricing

Available upon Request

Key Segments Covered in Medical Wellness Industry Research

By Service Type

  • Personal Care, Beauty and Anti-Aging
  • Nutrition and Weight Loss
  • Fitness and Mind-Body
  • Preventative and Personalized Medicines
  • Traditional and Complementary Medicines
  • Medical Spas
  • Thermal/Mineral Springs
  • Workplace Wellness

By Age Group

  • Medical Wellness for Adults
  • Medical Wellness for Geriatric Population

By Application

  • Therapeutic Wellness
  • Rehabilitation
  • Occupational Wellness

By Client

  • International Clients
  • Domestic Clients

FAQs Answered in Study

  • How much is the medical wellness market worth at present?

    The global medical wellness market is worth US$ 1.1 Tn and is expected to reach US$ 4.3 Tn by 2031.

  • What was the last 5-year market CAGR for medical wellness?

    Historically, from 2016 to 2020, the market for medical wellness expanded at a CAGR of 7.8%.

  • What is driving demand for medical wellness?

    Growing inclination toward fitness technology and wellness programs, rising ageing population, prevalence of chronic disease, and growing demand for thermal and mineral spring centers are some of the driving factors for the market.

  • Which are the top 5 countries driving demand for medical wellness?

    The U.S., Canada, Brazil, Mexico, and China are the top 5 countries driving demand for medical wellness.

  • What is the North America market outlook?

    North America holds more than 35% revenue share in the global market.

  • At what percentage is the medical wellness industry projected to register growth in Europe?

    The European market is set to exhibit a CAGR of 6.3% during the forecast period.

  • Which countries are key producers of medical wellness products?

    The U.S., South Korea, Japan, China, and Germany are key providers of medical wellness products.

  • What are the key market statistics for Korea and Japan?

    South Korea remains the economic driving force in the medical wellness market after the U.S. and exhibits a high market share of 40.9% with a growth rate of 11.1%, and Japan holds a revenue share of 30.1%.

Enquiry before Buying

  • Is the market research conducted by Persistence Market Research?

    Yes, the report filled with medical wellness market insights has been compiled by expert analysts of Persistence Market Research, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

  • What research methodology is followed by Persistence Market Research?

    Persistence Market Research follows a methodology that encompasses the demand-side assessment and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

  • Who are the respondents for primary research?

    Persistence Market Research speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

  • What are the sources of secondary research?

    Persistence Market Research conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

  • Is a sample of this report available for evaluation?

    Yes, you can request a sample, and it will be sent to you through email.

  • How can I buy this report?

    Persistence Market Research provides a secure online payment system to buy reports seamlessly. You can buy the report securely and safely.

Media Release

- FAQs -

The global medical wellness market is worth US$ 1.1 Tn and is expected to reach US$ 4.3 Tn by 2031.
Historically, from 2016 to 2020, the market for medical wellness expanded at a CAGR of 7.8%.
Growing inclination toward fitness technology and wellness programs, rising ageing population, prevalence of chronic disease, and growing demand for thermal and mineral spring centers are some of the driving factors for the market.
The U.S., Canada, Brazil, Mexico, and China are the top 5 countries driving demand for medical wellness.
North America holds more than 35% revenue share in the global market.
The European market is set to exhibit a CAGR of 6.3% during the forecast period.
The U.S., South Korea, Japan, China, and Germany are key providers of medical wellness products.
South Korea remains the economic driving force in the medical wellness market after the U.S. and exhibits a high market share of 40.9% with a growth rate of 11.1%, and Japan holds a revenue share of 30.1%.
The global medical wellness market is worth US$ 1.1 Tn and is expected to reach US$ 4.3 Tn by 2031.
Historically, from 2016 to 2020, the market for medical wellness expanded at a CAGR of 7.8%.
Growing inclination toward fitness technology and wellness programs, rising ageing population, prevalence of chronic disease, and growing demand for thermal and mineral spring centers are some of the driving factors for the market.
The U.S., Canada, Brazil, Mexico, and China are the top 5 countries driving demand for medical wellness.
North America holds more than 35% revenue share in the global market.
The European market is set to exhibit a CAGR of 6.3% during the forecast period.
The U.S., South Korea, Japan, China, and Germany are key providers of medical wellness products.
South Korea remains the economic driving force in the medical wellness market after the U.S. and exhibits a high market share of 40.9% with a growth rate of 11.1%, and Japan holds a revenue share of 30.1%.

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