Advancements in Medical Wellness Market to boost Revenues Through COVID-19 Crisis Phase

Wellness describes itself as complete physical mental and social well-being. It comprises all the components used to lead a healthy life. Wellness is multidirectional and constitutes social, emotional, physical, spiritual, intellectual and emotional wellbeing. According to National Wellness Institute, two more component of wellness includes cultural and environmental wellness. Mental health and well-being are an integral and essential component of health. Wellness goes further than disease or disability and highlights the maintenance and improvement of health and well-being of the person. Wellness includes activities that improve health, enhance the quality of life and increase the levels of well-being of the person. Different types of wellness include workplace wellness, wellness tourism, lifestyle wellness and others. In order to help prevent disease, reduce stress, and enhance the overall quality of life Global Wellness Institute (GWI) organizes e Global Spa & Wellness Summit (GSWS) annually, that brings together leaders and visionaries to discuss various aspects of health and wellbeing.

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Nowadays, people are focusing on preventive, proactive aspects of wellness, wellness economy incorporates industrial sector that enables consumers to incorporate wellness into their lives. Consumers are inclining towards preventive measures to prevent diseases and maintain good health.  The key sector of wellness includes wellness tourism, fitness, complementary & alternative medicine, lifestyle wellness, rejuvenation and spa industry, workplace wellness and others.

Wellness is self-responsibility and is opening new opportunities for wellness market as due to increase in geriatric population, rise in disease population due to sedentary lifestyle, new research on wellness procedures using alternative medicines, expansion of consumer base and wellness industries, tourism is growing, that will incorporate wellness into travel, shift of consumers towards personal care products are some of the factors that will drive the medical wellness market. The awareness about medical wellness will help consumers, spread wellness to homes and their workplace and help the right way to exercise, include healthy eating in their diet, focus on preventive and personalized health and others. Lack of awareness about medical wellness, rise in products and services of wellness industry, lack of workforce and others are some of the factors restraining the market growth.

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The global medical wellness market is segmented on basis of wellness sector, distribution channel and geography:

Segment by Wellness Sector

• Complementary and Alternative Medicine
• Beauty Care and Anti- Aging
  • Surgical
  • Non-surgical Surgical
• Preventative & Personalized Medicine and Public Health
• Healthy Eating, Nutrition & Weight Loss
• Rejuvenation
  • Spa
  • Ayurveda Treatments
• Others (Lifestyle Coaching, Workplace Wellness Challenges

Segment by Distribution Channel

• Franchise
• Company Owned Outlets

The global medical wellness market is segmented into wellness sector and distribution channel. Based on the wellness sector, the medical wellness market is segmented into complementary and alternative medicine, beauty care and anti-aging (surgical and non-surgical), preventative and personalized medicine, healthy eating, nutrition and weight loss, rejuvenation and others. The beauty care and anti- aging segment will dominate the wellness market due to rise in number of aesthetics procedures and increase in number of beauty care wellness sectors. Based on the end user, the medical wellness market is segmented as franchise and company owned outlets. The global medical wellness market is going to increase significantly is near future due to shift of consumers towards proactive approaches and include wellness in day to day life

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By regional presence, the global medical wellness market is segmented into five broad regions viz.  North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. North America market is expected to dominate in terms of revenue share, owing to the high availability of advanced products and services, wellness tourism, expenditures growth, , increasing penetration of leading companies in the region along with increase in patient population. Significant economic development has led to an increase in healthcare availability in Asia Pacific region, growing number of multi-specialty care centers, rejuvenation and fitness centers and penetration of global players in Asia is expected to fuel the medical wellness market

Some of the major players in medical wellness market are Enrich Hair & Skin Solutions, VLCC Wellness Center, Guardian Lifecare, Healthkart, WTS International, The Body Holiday, Bon Vital, Biologique Recherché, MINDBODY Inc., Massage Envy, ClearCost Health, Gold’s Gym International, Inc., World Gym, Spafinder Wellness 365, Kaya Skin Clinic, Body master.

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