More and more people are becoming health-conscious nowadays. This new consciousness means that they are likely to spend more on themselves to ensure health and fitness. This leads to growing spending towards the health and wellness industry, increasing even more prominence than before. Find out which markets are thriving in the industry right now.
Health Tourism
One of the most exciting health and wellness industry markets is health tourism. Not many people know about this market, but essentially, it’s people traveling to a specific place to receive specialized care in that area. This specialized care might not be available where they come from, or in some instances, it might be cheaper when compared to other offerings near them.
Health tourism is a growing market. It’s valued at a staggering $54 billion and is expected to reach $207 billion in 2027. The United States is one of the countries visited by the rich to get specialized care. However, it isn’t the cheapest kind of care. When it comes to the country that is on top of the list of health tourism, it would be Canada and Singapore.
Both Canada and Singapore sport some of the best medical care facilities. They also invest billions of dollars in improving their healthcare facilities every year. Moreover, unlike the United States, both countries have universal healthcare, making their medical services much cheaper than the rest of the world.
Medical tourism is a thriving market in the health and wellness industry primarily because of globalization. However, improving the sector needs to grow well into the future.
Nutrition
Nutrition is one of the biggest markets in the industry, and it has its sub-markets. However, it’s a predominant market that earns billions of dollars annually.
The current generation is fueling the nutrition market with its billion dollars in revenue. Many are looking into much healthier and organic options in their food and forcing the need to create derivatives of well-known products. The increasing number of vegetarians and vegans also creates a growing demand for vegan-based products. All these make a specific sub-market to cater to these niches.
Nutrition will always be part of health and wellness, so many professionals flock to this market. Many nutritionists and dietitians thrive in their respective fields of study as many become ever more health-conscious.
Marketing also plays a significant role in the success of this market. Many marketers are creating a health-conscious state of mind, and this state of mind is pushing more people to purchase healthy and organic products.
Fitness
A market that goes along with nutrition is fitness. The fitness market is filled with gyms and trainers, earning thousands and millions of dollars. The world of fitness is all about keeping people active, and once again, it fits right in with the current generation.
About 70 percent of millennials exercise three times a week. The majority of them have a gym membership or hire a personal trainer. Millennials have more than a trillion dollars in spending power, so this market is thriving from this demographic alone. However, millennials aren’t the only demographic leveraging the fitness market. Baby boomers and Gen Z contribute to this billion-dollar market, making it even more attractive for investors.
This is one of the most accessible markets to join. The pathway of becoming a trainer doesn’t require a lot of investment. All you have to do is take certification tests to help you become a trainer. Soon enough, you can start your fitness center through this efficient but straightforward path.
Spa and Wellness
The spa and wellness market is one of the largest markets in the health and wellness industry. With an increasing number of people going to day spas and even more are interested in other facilities that the market can offer, this market isn’t dying out anytime soon. Furthermore, the increasing salary of Americans means that they have more spending power in going to recreational centers like spas.
Preventive Healthcare
Last but not least is preventive healthcare. This market is all about treatments, services, and products to keep people healthy. Some might not be FDA-approved, but they have their therapeutic strengths.
It’s a relatively growing market because of the intensive amount of research. The more these treatments get researched, the more people will buy them. As long as people want to avoid diseases, more people will invest in preventive healthcare.
Knowing about the thriving markets in a particular industry can help you search for the right business to start. So if you want to join the health and wellness industry, choose the market above because it will guarantee your success.