With the advent of modern science, people started prioritizing health as the average life span started increasing gradually. The health industry was already a growing sector, and the Covid-19 pandemic just gave major pace to its growth. People are spending a lot on things that make them feel better, not just physically, but mentally and emotionally too. From apps that maintain fitness records to smart wristbands that measure heart rates and more, taking care of ourselves is no longer seen as a luxury but a necessity and lifestyle choice, as the world continues to invest in it like never before
The global wellness market is set to hit $8.4 trillion by 2027 at an 8.6% growth rate. Health has become the new trend! Governments, healthcare systems, and businesses are following this movement, building wellness into everyday services and environments. For example, offices in China allow employees to take a nap after noon, allowing them to rest and boost productivity. In India, offices often organize wellness weeks and set up camps to spread awareness on maintaining one’s health. Companies like Google and NASA have installed nap pods to boost creativity and reduce burnout. This article tries to explore the reasons behind this trillion-dollar boom and what it means for the future of health in particular and humanity in general.
Market Growth and Key Drivers
After dipping to $4.4 trillion in 2020 due to the pandemic, it bounced back higher to $5.6 trillion in 2022. This shows the impact a global pandemic had on the mindset of people, as everyone started valuing personal welfare. ‘Prevention is better than cure’ is the new normal as people invest in wellness to avoid illness altogether, let alone treat it. Besides, over a billion people are aged 60 and above as of now. Hence, products that support mobility, mental health, and longevity are in high demand. Over 74% of customers buy digital devices with health trackers.
The youth, on the other hand, is also investing in health products for maintaining a bright future. Today’s youth drive 41% of annual wellness spending. Gen Z and Millennials aren’t just buying products but also redefining wellness standards. From morning meditation to sleep tracking, wellness has become a daily ritual. Even schools have started implementing mindfulness, emotional literacy, and mental health days, given that today’s children are under immense academic pressure.
A recent trend that has come up among buyers is being eco-conscious. Around 70% of consumers around the globe prefer wellness products that are eco-friendly, cruelty-free, and ethically made. Brands are offering vegan beauty lines, fair-trade nutrition, and zero-waste packaging with online marketplaces like EarthHero and DoneGood, manufacturing and selling all their products on ethical lines.
Changing Consumer Values and Innovation
The Covid-19 pandemic made people realize that neglecting personal health for career growth is a risk not worth taking. It won’t be wrong to say that many people started eating and sleeping well more from the fear of a weakened immunity than to actually keep their body fit. Mental health, sleep quality, and a balanced lifestyle have become top priorities in today’s world. People want products that help them feel good, live longer, and age well, not just look good.
With modern problems come modern solutions! The wellness market also has been digitalized with an expected growth of 16.5% annually and is set to reach $600 billion by 2032. One of the latest inventions, for example, is the biometric ring, which tracks sleep, stress, heartbeat, and more. If the world hadn’t just become a fan of smartwatches, these biometric rings would be cool to wear and just add a bit more charm to the personality. Besides these rings, AI chatbots have been developed that talk with their users like accountability partners, allowing them to focus better on their health. From designing workout routines to recommending diets and predicting what your needs must be based on your health, artificial intelligence is redefining wellness in the modern age. Apps like Headspace, Calm, and MyFitnessPal offer guided meditation, nutrition tracking, and personalized fitness plans. Even the demand for green homes is booming! Green homes are those designed with natural light, air purification, quiet zones, rainwater harvesting mechanisms, solar-powered electricity, and a lot more! Wellness is becoming a part of our daily lives now!
Challenges and the Road Ahead
Access, equity, and sustainability are deep issues that pose hurdles to the global wellness market. The apps, watches, rings, chatbots, new-age health essentials, etc., all come with a price, sometimes beyond the reach of the low-income groups. Eco-friendly products and personalized wellness routines may seem fancy and good for us and the environment, but the ground reality is that millions and billions of people are out there trying to survive in a fast-paced world with little to no time and money to invest in their health. Some people save money for months and years to just buy a mobile phone, making smartwatches and rings just an extra expenditure. Developing countries have inflation, supply chain disruptions, and basic healthcare facilities to look after, making wellness spending a second choice. Besides, lack of clear rules of conduct can lead to misleading claims, unsafe products, and consumer mistrust. Many products and services still follow a narrow mindset, leaving out marginalized communities, thereby adding to the mistrust.
Despite these challenges, the future of healthcare is bright. Policies are being made to make people aware about giving priority to their health. For example, the Ayushman Bharat Digital Mission allows people to manage their digital health records, even in low-connectivity areas. Japan’s universal healthcare system provides healthcare for all residents, even expats. Brazil invested $200 million to develop a digital healthcare system for all its citizens for free. China’s basic medical insurance covers over 95% of the population as the country continues to invest in AI-powered diagnostics.
Wellness is no longer just a choice but a global commitment to live a healthier life. As the world invests in feeling well, the future is not only healthier, it’s more human!