Covid-19 to Gel “Well” with the Medical Wellness Market?
Date : Sep 18, 2020 Author : PMR Editorial Staff Category : Healthcare
Persistence Market Research states that the global medical wellness market will explode between 2020 and 2030. Mental wellness could be summed up as a state of intellectual, physical, emotional and social well-being.
Mental wellness is an essential and integral element of health. It needs to be noted that mental wellness goes way beyond disability or disease. It is inclusive of activities improving health and enhancement of quality of life. Lifestyle wellness, wellness tourism, and workplace wellness constitute different kinds of wellness. GWI (Global Wellness Institute), in order to aid in prevention of disease, reduction of stress, and improvisation on quality of life, does organize a GSWS (Global Spa & Wellness Summit) every year, so as to have visionaries and leaders in this regard on the same page.
What’s Trending in the Medical Wellness Market?
The present-day scenario is such that people emphasize on proactive, preventive aspects regarding wellness. Rejuvenation is one such aspect. People also prefer personalized medicine to have their mental wellness intact. Moreover, it has been observed that skin rejuvenation, along with physical refurbishment, does render mental elevation as well. In other words, it transcends the psychological barrier regarding aging. The methods falling under the gambit of skin rejuvenation include ablative lasers and Er: YAG, non-ablative lasers, fractional resurfacing, LED devices, radiofrequency, microdermabrasion, chemical peels, fractional resurfacing, IPL photo rejuvenation, and dermabrasio.
The skin rejuvenation market is expected to witness a CAGR of over 9% in the forecast period. Face skin care medical wellness is also doing the rounds these days. It absolves the people of the inferiority complex regarding wrinkles on the skin.
Ayurveda treatments (falling in the category of complementary and alternative medicine) are also being looked upon as a means to help humans in living strong, long, and healthy, more so as dependence on complex surgeries, drugs, or any other painful intervention is out of question.
The outbreak of Covid-19 has escalated the medical wellness market. This could be attributed to the fact that being cooped up in homes for more than 6 months in a row has increased the frequency of mental sickness all through. It’s human to socialize. Partial/total lockdown has compelled people to work from homes, and for a few of them, to just stay at home.
The above-mentioned reality has called for medical wellness. Complementary and alternative medicines in the form of yoga are reported to restore medical wellness. So, in all, medical wellness market, which has registered a two-fold growth since Mar 2020, is expected to continue with the winning streak till the end of 2020. The subsequent period is also expected to show linear progression, as it will take a while for people to come to terms with the mental blocks like job losses, staying in isolation, and so on.
Till Covid-19 vaccine finds its way to the healthcare market, natural therapies mentioned above could prove to be soothers.
The prominent participants in the medical wellness market include VLCC Wellness Center, ClearCost Health, Spafinder Wellness 365, MINDBODY Inc., Kaya Skin Clinic, World Gym, Gold’s Gym International, Inc., Massage Envy, Guardian Lifecare, Enrich Hair & Skin Solutions, The Body Holiday, WTS International, Healthkart, and Bon Vital.
A bit of Globe-Trotting
North America dominates the medical wellness market with respect to revenue share. This could be credited to the fact that the US is home to advanced products as well as services due to presence of leading players therein. Also, wellness tourism in this region is at its peak. Europe comes in second on the analogous grounds. Asia-Pacific is expected to grow at the highest rate due to increase in awareness herein. Moreover, the ongoing pandemic, which has led to loss of more than 1 Bn jobs since Apr 2020 call for medical wellness.