People are becoming more conscious of their physical and mental well-being that they are collectively spending billions on products and services that address their concerns.
Right now, the global health and wellness market is valued at $3.31 billion (as of 2020) and is expected to grow steadily in the coming years.
Why the Sudden Interest in Health and Wellness
The past several decades have been eye-opening. Numerous studies have discovered that the regular way of life is wrecking our bodies and minds. The fast-food that a lot of people grew up eating has created an epidemic of obesity that now affects 36.5% of adults and 18.5% of children in the United States. The ultra-processed foods that were staples in pantries have been found to increase cancer risks across all age groups, not just the elderly. Moreover, sitting for hours because of work or in front of the television has recently been dubbed as the “new smoking” because of the myriad of issues it creates.
Now, as a response, more and more people are looking for ways to become healthy. They are exercising, they are watching their diets, and they are acquiring products and services that aim to improve their well-being.
It has never been a greater time to venture into the health and wellness industry. Here are the top categories that entrepreneurs and venture capitalists expect to become bigger in the near future.
Nutrition Based on Your Individual Needs
The diet culture of the ‘80s and ‘90s made the mistake of implying that everyone is the same and, therefore, what works on a handful of people will also be effective for the rest of the population. This is untrue. Popular diets failed because they were not giving people the results they were promised, or they were finding it a challenge to stick to very limiting meal plans.
Nowadays, people are more aware of their bodies and individual needs. With Google answering their questions right at their fingertips, it is easier now to get information about improving their well-being.
So, a person who is on a plant-based diet knows that to get protein, they need to add more broccoli or tofu into their meals. They also are aware that they should be taking chewable iron tablets and other supplements to get the right dose of vitamins and minerals their bodies need to function properly.
Companies like Persona and Viome make it easier for consumers to become better versed in their own bodies’ needs. Both offer online assessment tools that create a comprehensive profile about their health and nutritional needs. Consumers are then able to order supplements and/or probiotics specifically tailored to their deficiencies.
Sleep Management Tools
Sleep eludes many Americans night after night.
One survey revealed that as much as 70% of adults in the U.S. do not obtain sufficient quality sleep at least one night a month. About 11% of respondents are not sleeping for the recommended seven to nine hours every single night.
Without sleep, the body cannot recover from the damages it sustained throughout the day. People who are regularly sleep-deprived are also at a higher risk of cardiovascular disease, diabetes, and obesity.
Tools that can help people fall asleep or monitor their sleeping habits to improve their quality of sleep are currently popular and will continue to be popular in the foreseeable future. Companies that provide these services, such as Eight Sleep, are gaining interest among consumers and investors.
Eight Sleep connects the very bed you sleep on to all the pieces of technology in your room that create a comfortable environment. It automatically adjusts the temperature in your room by communicating with your smart thermostat to cool the space to get your body to wind down and sleep. It also works with your smart lights and monitors your movements as you drift off to dreamland.
The Apple Watch enabled consumers to better monitor their health by providing stats on physical activity, sleeping habits, heart rate, and other information at a glance.
The market for wearables that provides access to health will only increase in the next decades or so. The global fitness tracker market is expected to reach $91.98 billion by 2027. Meanwhile, more wearable medical monitoring devices are being introduced to the market.
One promising technology currently being tested is biosensors that are attached to the patient’s body to collect data on their movement, temperature, heart rate, and respiratory rate. The wearable device has been found to reduce preventable cardiac or respiratory arrest.
There are still spaces for entrepreneurs to enter, explore, and innovate within the health and wellness industry. There is clearly a market for new products and services that aim to the body and mind.