Post COVID-19 Impact on Health and Wellness Market
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
Research Dive’ group of skilled analysts provide a solution to help the companies to survive and sustain in this economic crisis. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts.
Our study helps to acquire the following:
- Long-term and short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Health and Wellness Market, due to the impact on its extended ecosystem
- Understanding the market behaviour Pre- and Post-COVID-19 pandemic
- Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis on Health and Wellness Market
The global market forhealth and wellness is anticipated to account for $6,543.4 million in 2026, at a 4.8% CAGR increasing from $4,514.3 million in 2018.
Rising demand for thermal & mineral springs and spas is a major driving factor for the growth of the health and wellness market @ https://www.researchdive.com/purchase-enquiry/152
Porter’s Five Forces Analysis for Health and Wellness Market:
- Bargaining Power of Suppliers:The established suppliers in the health and wellness market utilize their switching influence to gain high costs. Furthermore, the transferring costs from supplier to supplier is predicted to be high.
The negotiating power of suppliers is high
- Bargaining Power of Purchaser: The market has huge number of consumers and requirement of health and wellness services and products are rising rapidly.
The negotiating power of consumers is high
- Threat of New Entrants: High cost associated for maintenance and installation coupled with government regulatory restrictions, provides the low threat of new entrants in the market.
The threat of new entrants is low
- Threat of Substitutes: This market contains very low substitute products and services, delivers low treat of substitutes.
The threat of alternatives is low
- Competitive Rivalry in the Market: Health and wellness market contains several small&medium, and large manufacturers. Leading manufacturers are implementing various approaches such as product developments, technological advancements and joint ventures. These are common strategies followed by manufacturers, is a major factor for the high competitive rivalry in the global health and wellness market.
The competitive rivalry in the industry is high
The significant drivers for the health and wellness market are increasing demand for health spas and mineral & thermal springs centers globally. Moreover, thermal and mineral springs have several therapeutic benefits including boosting blood circulation, reducing stress, relieving pain, healing skin diseases and afew other benefits. Also, taking frequent baths in thermal springs can reduce 46% of hypertension; this aspect will eventually boost the health and wellness market growth in the upcoming years. However, the huge expenditure is essential for the launching and maintaining of mineral & thermal springs and health spas, and these are key restraints for the global market size. In addition, price of the health and wellness products is also expected to hinder the market size.Increasing awareness among people about organic products and growing knowledge on sustainable products will create vast opportunities for the health and wellness market growth in the coming years.
Due to growing importance of wellness tourism, the market for wellness tourism type segment will reach $1,017.8 million by 2026 @ https://www.researchdive.com/download-sample/152
Health and Wellness Market Segmentation by Product Type
- Beauty & Personal Care Products
- Health & Wellness Food
- Wellness Tourism
- Fitness Equipment
- Preventive & Personalized Health
The beauty & personal care product type accounted for the highest health and wellness market size in 2018 and is projected to grow at a rate of 4.5% CAGR during the estimated timeframe. The wellness tourism segment is anticipated to raise at a noteworthy rate of 4.8% CAGR and is expected to endure its growth throughout the forecast time. This expected growth is mainly because of swift growth in the wellness tourism in hospitality sector, and it is playing a significant role in attracting tourists. Due to advantages of wellness tourism, growing adoption of wellness tourism by the hotels, resorts and tourist destinations to entertain tourists is anticipated to drive the market size in the forecast timeframe.
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Key Market Players
- Abbott (NYSE: ABT)
- Johnson & Johnson Services, Inc. (NYSE: JNJ)
- The Coca-Cola Company (NYSE: KO)
- L’Oréal (EPA: OR)
- Nestlé (SWX: NESN)
- General Mills Inc. (NYSE: GIS)
- Medtronic (NYSE: MDT)
- B. Braun Melsungen AG Omron Healthcare, Inc.
- Koninklijke Philips N.V.
- Animas LLC
- F. Hoffmann-La Roche Ltd
The global health and wellness market share was dominated by the North America region in 2018, with a size of $1,793.6 million in 2018. This is projected to generate a revenue of $2,519.2 million till 2026. This dominance in the current market is because of extensive utilization of health and wellness products and services in developed economies including Canada and U.S. Asia-Pacific market. The markets in these regions will experience a noteworthy growth, it is projected to generate a significant revenue and create substantial growth opportunities during the forecast time. This growth is accredited to risingconsciousnessabout health and wellness services and products prominenceamongst the individuals in Asia-Pacific. In addition, existence of promising government initiatives coupled with growing need of health and wellness products are promoting the market in Asia-Pacific region.
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