In the past, people used to exercise at home by watching workout tapes and following instructions. But with the rise of the stay-at-home lifestyle, more and more individuals have become motivated to incorporate physical activities into their daily routines.
This newfound enthusiasm for fitness has led to the digitization of exercise routines through the use of augmented reality (AR) in workouts, mobile apps, and exercise videos on social media platforms like YouTube, Facebook, and Instagram. The healthcare mobile app industry is also transforming the fitness sector.
Over the past few years, people worldwide have become more self-aware about the importance of health and well-being. The wellness industry, which aims to achieve optimal mental and physical health, has experienced significant growth. Entrepreneurs can utilize market statistics and facts to identify opportunities and start profitable businesses.
Let’s take a closer look at some of the key statistics and facts in the healthcare and wellness market:
The health and wellness industry market is valued at $4.5 trillion. This market continues to grow due to increased health consciousness among individuals, especially after experiencing pandemics and polluted environments.
The health and wellness market is projected to reach $1.39 trillion by 2025. With rapid growth in the health and fitness industry, major brands are entering this market, driving its value upward.
The wearables market is expected to reach $27 billion by 2024. Wearables, particularly those with health-tracking apps, have become increasingly popular among health-conscious individuals.
According to a report by PwC, wearables users have the following fitness goals:
- 70% aim to live longer
- 63% want to maintain a healthy weight
- 62% wish to reduce their health insurance premiums
Wearables sales are predicted to double between 2020 and 2025. The advanced health-tracking features of wearables have improved the lives of users, leading to a growing demand for these devices. Entrepreneurs are capitalizing on this trend by developing wearable apps.
Wellness tourism is expected to reach $1.2 trillion. Traveling to improve mental, physical, or spiritual health, known as wellness tourism, is gaining popularity. By 2027, the global market value of wellness tourism is projected to be $1.2 trillion, with a compound annual growth rate (CAGR) of 6.6%.
The digital healthcare market is estimated to reach $221 billion by 2026. With the increasing trend of digitalization, the digital wellness market is expected to grow to around $220.94 billion by 2026, with a CAGR of 14.8%.
The workplace wellness market is projected to reach $66 billion by 2022. Currently, only 10% of the world’s employees have access to workplace wellness programs and services. This market is expected to grow significantly in the coming years.
Approximately 36 million Americans practice yoga. Between 2012 and 2016, the number of yoga practitioners increased by 50%. The global yoga market is valued at around $80 billion, with 1.7 million American children also practicing yoga.
These statistics highlight the immense potential and bright future of the wellness industry. Entrepreneurs can capitalize on emerging trends and leverage the market’s growth to create successful businesses. By understanding these facts and figures, you can make informed decisions and seize opportunities in this thriving market.
