(MENAFN- GlobeNewsWire - Nasdaq) The emerging trend of medical wellness programs incorporating modern practices and advanced gadgets for a more satisfying customer experience is driving the market.
Rockville, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The medical wellness market was close to US$ 984.9 million in 2019, according to Fact's study reports. A thorough analysis of the current medical wellness trends suggests the global market is likely to generate around US$ 1,709.2 million in revenue in 2024. With a CAGR of 14%, the adoption of medical wellness services is predicted to advance substantially between 2024 and 2034. By 2034, the global medical wellness industry's overall valuation is expected to approach up to US$ 6,314.9 million.
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The concept of medical wellness or holistic health services has been around as an alternative healthcare option for a very long time. With the ongoing advancements in functional foods and nutraceuticals, medical wellness companies now provide a wider range of products.
| Report Attribute
| Value Projection (2034)
| US$ 46.54 Billion
| Growth Rate (2024-2034)
| 3.7% CAGR
| No. of pages
| 170 Pages
| No. of Tables
| 40 Tables
| No. of Figures
| 200 Figures
“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 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 Takeaways from the Global Medical Wellness Market Study Report
North America's share of the global medical wellness services market is estimated to be around 37.9% in 2024. The United States market, with a current valuation of US$ 542 million, is poised to advance with a 15.2% CAGR through 2034. East Asia follows up with a global market share of 15.2% in 2024, and the total demand for medical wellness services is likely to surge at 13.5% CAGR here. South Korea is the leading market in East Asia for the adoption of medical wellness programs, which is anticipated to progress with a 14.6% CAGR through 2034.
Competitive Landscape for Medical Wellness Market Players
The overall market is highly fragmented due to the scattered presence of wellness retreat centers. The online marketplace has aided in market diversification as medical wellness businesses can now contact distant consumers and streamline the accessibility of their products or services.
Recent Developments by the Medical Wellness Industry Participants
In January 2023, Northwell Health of New York partnered with Digital Gadgets, a top global producer and distributor of technological goods, to launch a range of cutting-edge wellness products under its brand. Products were planned to be exclusively manufactured and distributed to retail, healthcare, and government clients by DG Surgical as a part of Digital Gadgets.
In May 2022, the EarthLite Company introduced its brand new Vibra-Therm Sports Therapy Table. This innovative product stimulates muscular connective tissue while enhancing muscle recovery and accelerating warming by combining heat and vibration massage. With its three vibration modes, six frequencies, and six intensity levels, the product offers personalized vibration therapy treatments to target specific muscle groups. In addition, it is a full-sized massage table made of sustainable forest hardwoods that offers embedded heat therapy and tailored treatments.
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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”
Including all wellness destinations in the US, Canada, and Mexico, the medical wellness market in North America is projected to be valued approximately US$ 647 million in 2024. With a long history of offering comprehensive solutions that align with changing client preferences and medical wellness trends, service providers in North America have developed. This regional market is anticipated to expand at a 15% annual pace throughout the forecast years and reach a worth of US$ 2,615 million by the end of 2034.
Over 80% of all business in North America is conducted in the United States, which is still a favourite destination for wellness travel experiences. Consumers in the US are increasingly drawn to integrative wellness vacations that address the mind, body, and spirit. The market for wellness and preventive services is projected to grow at a compound annual growth rate (CAGR) of 15.2% over the next ten years, reaching a valuation of US$ 2,232 million by 2034.
Explore More Related Studies Published by Fact Research:
Corporate Wellness Market : Global revenue from health risk assessment programs is anticipated to reach US$ 26.1 billion by 2033-end.
Health and Wellness Foods Market : Worldwide sales of health and wellness foods are estimated to reach a value of US$ 1,495 billion by 2032-end
About Fact :
Fact is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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