Global Medical Wellness Market to Grow at a Healthy Rate During 2024-2032, Aided by Growing Awareness Regarding Medical Wellness

North America is a key market for medical wellness owing to the availability of enhanced equipment and the higher purchasing power of the consumers in the region. The European market is being driven by the rising number of patients suffering from chronic diseases. Owing to the improving economic conditions and increased penetration of global players, the Asia Pacific market is anticipated to witness healthy growth. Further, the global medical wellness industry is projected to witness healthy growth shortly owing to the shift in consumer preferences towards proactive approaches and to include wellness in day-to-day life. New research on the application of alternative medicines for the development of wellness procedures is creating a positive impact on the market.

In 2020, Bayer AG (ETR: BAYN) launched its first global creative council, which is aimed to deliver the Bayer Consumer Health Division’s purpose of empowering the transformation of everyday health. In 2020, Amway Corp., a leading health and wellness company, announced a strategic investment and partnership with South Korea-based Holzapfel Effective Microbes (HEM) to develop personalized probiotics aimed to support medical wellness. Such developments in the market are expected to boost the market growth over the forecast period.

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Market Analysis by Wellness Sector, Distribution Channel, and Region:

• Based on the wellness sector, the medical wellness industry can be segmented into traditional and complementary medicine, beauty care and personal care, healthy eating, nutrition, and weight loss, preventive and personalised medicinal products, spa industry, and workplace wellness, among others.

• On the basis of the distribution channel, the market is classified into franchises and company owned outlets.

• The regional markets for medical wellness include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing prevalence of diseases and the rising geriatric population is driving the global medical wellness industry.

• Growing awareness regarding eating habits and personalised health are fuelling the demand for medical wellness.

• Increasing research and development activities in the industry are expected to aid the market growth.

• Furthermore, rising spending power among the consumers, sedentary lifestyle, and expansion of the consumer base is expected to provide an impetus to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global medical wellness market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the wellness sector, distribution channel, and regions of medical wellness.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market of medical wellness are VLCC Health Care Limited, Bayer AG, David Lloyd Leisure Ltd., WTS International, LLC, MINDBODY Inc., and Amway Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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