The sedentary and hectic schedules of the consumers had resulted in the prevalence of stress, depression, anxiety, cancer, diabetes, and various other health-related issues. The rising prevalence of chronic diseases among the global population is the key driver of the global health and wellness market.
around 20% of men and 16.7% of women are diagnosed with cancer at least once in their lifetime, globally. Further, cardiovascular diseases result in around 18 million deaths across the globe annually. Therefore, the rapidly rising prevalence of chronic diseases is the major driver of the global health and wellness market.
The integration of various latest technologies such as AR, VR, IoT, and blockchain are the various factors that are expected to provide lucrative growth opportunities to the market players across the globe. Constant research and development had resulted in the adoption of smart technologies and innovative ways in the manufacturing of various health and wellness products.
The high costs of various health and wellness products such as functional food & beverages, nutritional supplements, preventive medicines, and personalized medicines may hamper the growth of the market especially in the underdeveloped and developing countries where the population of middle and lower income group is extremely high