Natural medicines

Health and Wellness Market Size to Hit USD 7656.7 Bn by 2030 – EIN News

Summary

According to Precedence Research, the global health and wellness market size is expected to hit USD 7,656.7 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

/EIN News/ — Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) — The global health and wellness market size was reached at USD 4,436.1 billion in 2020. The rising prevalence of chronic diseases among the global population is the key driver of the global health and wellness market. …….

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According to Precedence Research, the global health and wellness market size is expected to hit USD 7,656.7 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

/EIN News/ — Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) — The global health and wellness market size was reached at USD 4,436.1 billion in 2020. The rising prevalence of chronic diseases among the global population is the key driver of the global health and wellness market. The sedentary and hectic schedules of the consumers had resulted in the prevalence of stress, depression, anxiety, cancer, diabetes, and various other health related issues. Moreover, the lack of proper diet has resulted in the reduced intake of essential nutrients and minerals required for the healthy and active functioning of human body. According to the World Health Organization, around 20% of the men and 16.7% of the women are diagnosed with cancer at least once in their lifetime, globally. Further, cardiovascular diseases results in around 18 million deaths across the globe annually. Therefore, rapidly rising prevalence of chronic diseases are the major drivers of the global health and wellness market.

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The integration of various latest technologies such as AR, VR, IoT, and blockchain are the various factors that are expected to provide lucrative growth opportunities to the market players across the globe. Constant research and development had resulted in the adoption of smart technologies and innovative ways in the manufacturing of various health and wellness products. The rapidly growing biopharmaceutical industry is boosting the medicine industry globally. The development of various life-saving drugs and development of biologics have provided the treatment for deadly diseases like cancer and tumor.

The high costs of various health and wellness products such as functional food & beverages, nutritional supplements, preventive medicines, and personalized medicines may hamper the growth of the market especially in the underdeveloped and developing countries where the population of middle and lower income group is extremely high. Moreover, lack of awareness regarding several innovative health and wellness products such as personalized medicines, wellness tourism, and several other products and services may hamper the growth of the market during the forecast period.

Scope of the Health and Wellness Market

Report Coverage Details
Market Size in 2020 US$ 4,436.1
Growth Rate From 2021 to 2030 CAGR of 5.5%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Companies Mentioned Amway Corp., Unilever Plc, Danone, David Lloyd Leisure Ltd., Fitness First, Herbalife Nutrition Ltd., Holland & Barrett Retail Limited, Bayer AG, L’Oréal SA, Nestlé SA, Procter & Gamble, Vitabiotics Ltd.

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Source: https://www.einnews.com/pr_news/556458399/health-and-wellness-market-size-to-hit-usd-7-656-7-bn-by-2030