Adoption of Wellness Services by Employers and General Population will drive the Global Market over Forecast Duration (2023-2033)
Industry: Healthcare
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 185
Report ID: PMRREP18787
Worldwide revenue from the medical wellness market stands at US$ 1,309.1 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 14.0% to reach a valuation of US$ 5,524.3 Bn by the end of 2033.
| Attributes | Key Insights |
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Market Size (2022) |
US$ 1,309.1 Bn |
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Projected Market Value (2033) |
US$ 5,524.3 Bn |
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Global Market Growth Rate (2023-2033) |
14.0% CAGR |
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Market Share of Top 5 Countries |
50.6% |
As assessed by persistence market research, personal care, beauty and anti-aging are expected to hold a market value of US$ 1,291.0 Bn by 2023.
The global market for medical wellness recorded a historic CAGR of 11.0% in the last 6 years from 2016 to 2022.
Corporate offices and residential buildings that have fully functional gyms and wellness centres are one of the latest trends seen in the fitness industry. Consumers who previously had to travel outside of their neighbourhoods to engage in exercise as an additional activity may now live comfortably. To maintain a good balance between daily work and wellness, this increased need has also given rise to the on-demand trend.
The demand for home gym equipment through online platforms of fitness coaches, nutritionists, and dietitians is expanding, contributing to the upward trend in wellness at home. This not only impacted market consolidation, but has also encouraged new businesses to emerge with cutting-edge technologies, leading to the accessibility of more tech-driven goods and services that promote a healthier lifestyle. The growing culture of home-based work culture has resulted in longer working hours. This has led to a significant loss in work-life balance.
Several wellness service providers offer a varied array of on-site services through clinics and connect medical professionals with individual employees in the corporate environment.
According to WHO, the South-East Asia region is in a state of nutrition transition which is compelled by the booming economic development and urbanization. The subsequent lifestyle changes and change in the quality of life are set to enforce utilization of healthcare services, incurring cost constraints on individual health.
The growing demand of spas and associated thermal and mineral springs centers in the Southeast Asian region acts as a driver for medical wellness industry. Increasing burden of physical and mental health due to exploitive work culture has led to a rise in activities associated with indulgence of local-based thermal centers.
Thermal springs and health spas can treat patients with abnormal blood circulation, high blood pressure, infections of the skin, stress due to mental triggers, as well as detoxification of the body.
Apart from these factors, the fragmentation of care provided by different healthcare facilities may result in duplication of procedures and tests. Adoption of wellness services by employers and general population prevents the unnoticed decline of health vitals. Additionally, wellness providers also include insurance and pharmaceutical tie-ups and prove to be cost effective through preventive health management and encourage high-quality of life and a healthy lifestyle.
The global market is thus likely to show high growth over the coming years at a CAGR of 14.0% and reach a global market size of US$ 5,524.3 Bn by 2033.
“Adoption of Wellness Procedures Using Alternative Medicines”
Consumer perceptions of local/traditional therapeutic methods and mindfulness are used to steer the growth of the medical wellness business and the opportunistic aspects associated with it. A greater visitor base is anticipated to be attracted by the growing use of treatments including acupuncture, energy therapy, therapeutic touch, and ayurvedaa. The emergence of various wellness establishments has been prompted by the aesthetic goal of enabling local and traditional culture and incorporating healing services. These establishments are anticipated to be a significant opportunistic sector for the growth of the medical wellness industry especially, in the Southeast Asian region.
The adoption of methods to enhance health and wellbeing among the general population is a result of the increased incidences of chronic and infectious disease-related mortality. Due to the advantages of a vegetarian and vegan diet, plant-based eating has become more popular as medical wellness awareness has grown. This is strongly related to the millennial generation's consumer power. This has created an opportunity for innovation by food and wellness service providers, and it is anticipated that this will accelerate the expansion of the medical wellness sector. The adoption of medical wellness services and products is anticipated to increase over the forecast period due to factors including the expanding innovation in the wellness sector, the development of meat substitutes, and the incorporation of plant-based extracts for mental stimulation.
“Lack of Incorporated Policies on Medical Wellness”
Medical wellness market has seen a rise in terms of consumer base over the last ten years. However, there has been very little study on wellness-related policies coupled with data that shows the addition of wellness policies by the government, despite the combined efforts of private institutions and wellness centres. The degree to which governments' understanding of wellbeing is lacking is the main reason why no wellness-related policies have been developed.
There has been little governmental interference in wellness and activities linked to wellbeing because the medical wellness industry has mostly been a consumer-driven, private sector oriented phenomenon throughout the last few decades. The low-government approach requires that wellness be taken into account as a component of a person's behaviour, lifestyle, choice, and agency. Although there is government involvement in wellness tourism, spas, thermal resorts, and mineral springs to some extent, the involvement is somewhat limited and does not cover a holistic aspect of the wellness approach.
“Lack of Workforce”
The medical wellness industry incurred a significant loss of employment over the past two years. The lack of workforce due to temporary as well as permanent closure of wellness service facilities, such as resorts, spas, and hotsprings led to the loss in adoption and consumption of direct wellness services and products by consumers.
Additionally, COVID-19 guidelines as well as contraction and safety measures influenced the decrease in workplace shifts. A sudden surge in infectious disease contraction and increased mortality rate influenced the consumer decision for travel and service uptake. A large adoption of digital services surged over the period of one year from 2020, enabling self usage of wellness products and supplements. This affected the wellness service establishments and their employees.
Why is the U.S. Medical Wellness Market Booming?
“Growing Wellness Initiatives to Raise Public Awareness”
The U.S. accounted for around 91.3% market share in the North America medical wellness market in 2022. Most Americans are interested in mindfulness. The American government provides wellness initiatives to raise public awareness of the benefits of leading a healthy lifestyle. The policies, rewards, and circumstances addressed by these corporate wellness programmes influence the general health and wellbeing of the firm as a whole as well as the personnel.
The National Centre for Chronic Disease Prevention and Health Promotion (NCCDPHP) asserts that corporate wellness and health promotion initiatives and the provision of disease prevention plans have the potential to significantly lower healthcare costs in the United States by influencing more than 150 million employees.
Will Germany Be a Lucrative Market for Medical Wellness Market?
“Fitness is Highly Valued by German Population”
Germany held around 18.7% market share of the Europe medical wellness market in 2022. Compared to the rest of Europe, Germany spends about 11.2% of its GDP on healthcare per person while providing a variety of benefits, high-quality service delivery, and simple access to care. The wellness industry in Germany is innovative and heavily reliant on technology.
The fitness industry is highly valued by the German population. International operators' hesitation to enter the industry could result in missed opportunities as domestic fitness technology grows internationally and boutique fitness booms.
Germany is in the top 10 wellness tourism destinations; it appears that such immersive fitness concepts will help wellness tourism expand even further. At the same time, medical spa in traditional wellness locations like the Black Forest competed for the growing number of visitors from the Gulf States, earning Germany the third-highest number of spas in the world.
How is China Emerging as a Prominent Market for Medical Wellness?
“The Chinese Workforce Anticipates Financial Benefits”
China held a market share of about 29.3% of the East Asia medical wellness market in 2022. The Global Wellness Institute predicts that China and India together will be responsible for roughly one-third of growth. The nation is given increased attention in the nutrition industry.
It is obvious that corporate health and wellness professionals play a crucial role in averting this impending crisis even as China's hospital and healthcare systems struggle to keep up with the country's expanding medical needs. The Chinese workforce anticipates financial benefits and returns of these programs through deeper staff involvement and retention, in contrast to the U.S., where employer-borne medical expenditures drive many corporate health initiatives. Therefore, corporate wellness's role in revitalising a new healthy lifestyle has a bright future in China.
Which Service is Driving the Growth of the Global Market?
“Growing Adoption of Skin care Treatment”
Personal Care, Beauty, and Anti-Aging held the largest market share at 28.8% in 2022. Recently, several service-oriented options in this field have appeared for non-surgical aesthetic procedures using oxygen jets, lasers, and microneedling. Consequently, the number of cosmetic procedures has increased, as have the number of industries related to beauty care and wellbeing.
Why Adults Segment Gained Popularity in the Medical Wellness Market?
“The Expanding Sedentary Lifestyle”
With 66.3% of the market share, adults dominated the medical wellness sector in 2022. During the time of the study, this trend is anticipated to persist. The expanding sedentary lifestyle, habits, and busy schedules of adults have caused them to favour medical wellness services for a healthy lifestyle, which is why this category has a high proportion of the market. The desire for medical wellness over other conventional alternatives has risen in line with rising levels of self-awareness and health wellness.
Which Application has Gained Popularity in the Medical Wellness Market?
“Natural Healing Therapy Gained Popularity”
The therapeutic wellness application has become more and more popular, accounting for the greatest proportion of 53.1% in 2022. By strengthening the immune system and blood circulation throughout the body, treatments can encourage self-healing. Instead of focusing on one particular issue or component, therapeutic wellness treatments tackle the full individual, including their mental, physical, environmental, spiritual, lifestyle, culture, creativity, and connectedness. Therapeutic wellness is a type of natural healing therapy that has gained more popularity and market share over other applications.
Which Type of Client Holds the Highest Share of the Medical Wellness Market?
Domestic clients dominate the market for medical wellness services, accounting for 77.8% of total sales. It has become more popular to expand wellness services for the domestic population by providing services and awareness programs.
Key players are concentrating on service updates and expansion in developing regions. Key organisations are strengthening their market presence even more through their expansion, service launches, agreements, partnerships, and developed online services.
Key instances include:
Similarly, recent developments related to companies offering medical wellness services have been tracked by the team at Persistence Market Research, which is available in the full report.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2016-2022 |
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Market Analysis |
USD Billion for Value |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
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The global market is currently valued at around US$ 1,309.1 Bn in 2022.
Sales of the market are set to witness growth at a CAGR of 14.0% and be valued at around US$ 5,524.3 Bn by 2033.
Demand for the market increased at a 11.0% CAGR from 2016 to 2022.
The U.S., South Korea, Japan, China, and Germany account for most demand for medical wellness, currently holding around 50.6% market share.
The U.S. accounts for around 91.3% share of the North American market in 2022.
Latin America accounts for around 7.0% share of the global market in 2022.
China market held a share of about 29.3% in the East Asia medical wellness market in 2022.
Germany held around 18.7% market share of the Europe market in 2022.
Brazil market is expected to grow at a 10.6% CAGR during the forecast period.
The market in India is set to expand at a 13.3% CAGR over the forecast period.
