Medical wellness is the practice of medical care and also health care which helps in a person’s health for disease prevention and also his physical, mental, and social well-being. The medical wellness market is driven by the factors such as changing lifestyles, increased sufferings from various diseases, increasing population and growing geriatric population, wellness programs, and increased awareness of physical and mental health.
Since the outbreak of the COVID-19, it has widely spread all over the world and has impacted many countries' economies, and caused huge losses in businesses. The medical wellness market is experiencing a negative growth due to the lack of availability of health care on online modes, but it also positively impacted the mental health sector post-pandemic as by living life in quarantine most of the mental health issues were faced by many people.
The medical wellness market is segmented on the basis of service and application. The service segment is further bifurcated into personal care, beauty and anti-aging, fitness, preventive meds, thermal springs, workplace wellness, and nutrition and weight loss. The beauty care sector is holding the largest share and shows potential growth in future forecasts. The application segment is divided into therapeutic, rehabilitation, occupational wellness.
The major players for the medical wellness market are BaliSpirit, Naluri, Truworth Wellness (Truworth Health Technologies Pvt. Ltd., Mednefits, Sukhavati Retreat, MINMED GROUP PTE LTD, Magenta Wellness Pte Ltd., Asiamedic Limited, BDMS Wellness ClinicEnrich Hair & Skin Solutions Pvt Ltd, Amway, Vlcc Health Care Limited and MeeHappy Wellness.
Regionally, the market is segmented as Asia-Pacific, Europe, North America, the Middle East, and Africa, and Latin America. North America attained the highest share due to the presence of key players and raising awareness of physical and mental health wellbeing. Due to major economic advancements and developments in the healthcare business, the Asia Pacific area is likely to experience rapid growth. The demand for medical wellness is expected to rise as multinational players expand their footprint in the Asia Pacific. The region's medical wellness market is being driven by the region's growing geriatric population, as well as the rising occurrence of disorders among these populations.