Medical Wellness Market to Total US$ 6,314.9 Million by 2034, Expanding at a 14% CAGR- Fact.MR Study

The medical wellness market was approximately US$ 984.9 million in 2019, as per Fact.MR's study reports. In a careful examination of the prevailing trends in medical wellness, the international market is most likely to amass approximately US$ 1,709.2 million revenue in 2024. Through a CAGR of 14%, the integration of medical wellness services is projected to develop greatly from 2024 to 2034. In 2034, the global medical wellness market's collective value is most likely to reach as much as US$ 6,314.9 million.

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The idea of medical wellness or holistic health care has existed for a very long time as a complementary healthcare provision. With continuous developments in functional foods and nutraceuticals, medical wellness firms now have a broader scope of products to offer.

"Strategic portfolio diversification is a tactic used by leading wellness healthcare market players to address holistic well-being of people from diverse cultures and age groups. Moreover, the global distribution of medical wellness products and integrative medicine has been made easier by the exponential rise of e-commerce platforms," says a Fact.MR analyst.

Key Companies Profiled in This Report

Truworth Wellness
Naluri's
MINMED GROUP PTE LTD
Magenta Wellness Pte Ltd.
ASIAMEDIC LIMITED
Mednefits
BaliSpirit
Sukhavati Retreat
BDMS Wellness Clinic
MeeHappy Wellness

Key Findings from the Global Medical Wellness Market Study Report

The market share of North America in the global medical wellness services market is expected to be approximately 37.9% in 2024.
The United States industry, with an existing value of US$ 542 million, is expected to progress with a 15.2% CAGR up to 2034.
East Asia follows up with a global market share of 15.2% in 2024, and the overall demand for medical wellness services should rise at 13.5% CAGR here.
South Korea is the pioneering market in East Asia for the uptake of medical wellness programs, which is expected to advance with a 14.6% CAGR up to 2034.

Competitive Landscape for Medical Wellness Market Players

The market is very much fragmented because wellness retreat centers have a scattered presence. The marketplace has also helped diversify the market as medical wellness enterprises are now able to reach out to far-away consumers and simplify the convenience of their product or service.

Recent Developments by the Medical Wellness Industry Participants

In January 2023, New York's Northwell Health teamed up with Digital Gadgets, a leading worldwide manufacturer and distributor of technological products, to roll out a series of state-of-the-art wellness products under its name. Products were set to be exclusively manufactured and distributed to retail, healthcare, and government customers by DG Surgical as part of Digital Gadgets.
In May 2022, the EarthLite Company launched its new Vibra-Therm Sports Therapy Table. This new product activates muscular connective tissue while promoting muscle recovery and speeding warming through the combination of heat and vibration massage. With its three modes of vibration, six frequencies, and six intensity levels, the product provides customized vibration therapy treatments to address individual muscle groups. Moreover, it is a full-size massage table constructed from renewable forest hardwoods that provides inlaid heat therapy and customized treatments.

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Country-wise Insights:

Why the United States is the Budding Ground for the Global Medical Wellness Market Players?

"Greater Knowledge about Medical Wellness Technology of the Citizens of the United States"

Involving all wellness destinations in the US, Canada, and Mexico, the medical wellness market in North America is expected to be worth around US$ 647 million in 2024. With a history of providing integrated solutions that conform to evolving client needs and medical wellness trends, service providers in North America have evolved. This local market is expected to grow at a 15% yearly rate during the forecast period and achieve a value of US$ 2,615 million by 2034.

More than 80% of all North American business is done in the United States, which remains a popular destination for wellness travel experiences. US consumers are more and more attracted to integrative wellness holidays that cater to the mind, body, and spirit. The demand for wellness and preventive services is expected to rise at a compound annual growth rate (CAGR) of 15.2% over the next decade, reaching a valuation of US$ 2,232 million by 2034.

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