It’s a known fact that healthcare journeys are not linear every time. As such, digital advertising is creeping the healthcare vertical. This would be followed by the usage of marketing personalization, that too, while keeping patient’s privacy intact. Healthcare IT would thus cause turbulence in the Medical Wellness Market in the forecast period. In other words, substantiation through digital transformation would be cornerstone of Medical Wellness Market in the next 10 years.
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The global medical wellness market is worth US$ 1.1 Tn and is expected to reach US$ 4.3 Tn by 2031. 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.
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.
Company Profiles:
- Instinct
- 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
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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.
“Growing awareness regarding healthy lifestyle and inclination toward wellness technology are expected to boost demand for medical,” says an analyst of Persistence Market Research.
Market Competition
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.
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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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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