NEW YORK, Sept. 7, 2021 /PRNewswire/ — As per Persistence Market Research’s latest industry analysis, the global medical wellness market was valued at over US$ 1 Tn in 2020, and is expected to exhibit a CAGR of 14.1% over the forecast period (2021-2031).
Wellness includes activities that improve health, quality of life, and level of human happiness. Nowadays, people are focusing on the preventive and proactive aspects of health, and the health economy is integrated into the industrial sector. Key areas of wellness include wellness tourism, fitness, complementary and alternative medicine, lifestyle wellness, spa and rejuvenation industry, workplace wellness, etc.
Service providers are focusing on introducing effective services that would meet consumer demand and give satisfactory outcomes.
For instance, in July 2020, Daybreak Health launched an online mental health therapy for teens amid the COVID-19 pandemic’s mental health crisis.
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Key Takeaways from Market Study
- Personal care, beauty and anti-aging services are expected to rise at a CAGR of 12.1% over the forecast period (2021–2031).
- Based on age group, the adults segment accounted for the highest share of 66.8% in 2021.
- Among the applications, therapeutic wellness gained popularity accounting for 66.8% of market share and is expected to dominate throughout the forecast period at a growth rate of 12%.
- Based on client, domestic clients gained the highest revenue share of 53.7% at a growth rate of 12%.
- North America holds a major share in the global medical wellness market and a similar trend is expected to continue.
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“Growing awareness regarding healthy lifestyle and inclination toward wellness technology are expected to boost demand for medical,” says an analyst of Persistence Market Research.
To gain large revenue shares in the medical wellness market, leading service providers continue to rely upon acquisitions, collaboration, alliances, and service launches to provide access to safe services. Concerns of patients regarding safety are being taken care of. Many small as well as large companies, are investing in this niche market.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the global medical wellness market in its latest study, presenting a historical demand assessment of 2016 – 2020 and projections for 2021 – 2031. the research study is based on service type (personal care, beauty and anti-ageing, nutrition and weight loss, fitness and mind-body, preventative and personalized medicines, traditional and complementary medicines, medical spa, thermal/mineral springs and workplace wellness), age group (adult and geriatric), application (therapeutic wellness, rehabilitation, and occupational wellness), and client (international clients and domestic clients), across seven key regions of the world.
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