Wellness Services Market Expected to Expand at a Steady CAGR through 2020
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Wellness services include rejuvenation, slimming, beauty, counselling, alternative therapy and fitness. Among these, rejuvenation services such as spas and ayurvedic treatments are trending while slimming and fitness centres also augment the global wellness services market. Primary drivers of this market are increase in population and their per capita income. People are becoming health conscious and focusing more towards relaxation and proper maintenance of physical fitness. Increase in life expectancy, non-uniform reach of medical systems and globalization are some of the major trends in wellness service industry.
A key advantage of wellness services is that consumer spending in this market continues to be buoyant, due to which the demand for wellness is rapidly increasing developed economies as people are becoming more aware of fitness and beauty. However, there are some disadvantages too, like paucity of skilled and trained personnel, usage of low-value, ineffective and harmful products by wellness services providers with a view to regulate costs, regional differences in the probable wellness service offering, leading to a non-standardized approach for offerings, etc.
The global wellness services have a strong market presence in the U.S. and Europe as these regions are more attentive towards health and wellness. Additionally, demographics-driven wellness services and anti-ageing treatments, younger people and escalating middle-classes are augmenting the growth of global wellness services market. The market is emerging in Asia-Pacific where the population is growing and there is awareness among its people for health and wellness. Industrial growth in the corporate sector is one of the reasons in developing countries to demand for wellness services, thus acting as a growth opportunity for the global wellness services market. Key vendors in the global wellness services market include Gold's Gym International, Inc., Johnson & Johnson and others. A growing concern over health and fitness has led these companies to expand their business. For instance, Gold’s Gym, the world leader in fitness and wellness, collaborated with Microsoft on its just-unveiled smart wearable band for people who want to live healthier and be more productive. Also, Johnson & Johnson recently collaborated with Janssen and USAID (United States Agency for International Development) to fight against the health threat of antibiotic-resistant bacteria.
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A wellness Service offers support to people in order to improve their health and well-being. The service aims to build people’s capacity to live healthy lives by motivating the factors that impact health and well-being.
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