Ever since Covid-19 hit the world back in 2020, we saw a massive surge in the level of attention being given towards one’s health and wellness.
As per a research report by Stallion Market Research, the sudden increase in the numbers was due to several reasons such as chronic lifestyle diseases, sedentary lifestyle, cancer, diabetes, and a lot more but the biggest culprit among all was Covid-19.
How has Covid-19 impacted the health and wellness industry?
One of the biggest things it has done is open a lot more avenues and ways to provide health and wellness support.
A boom in virtual support
Virtual form of medical support was indeed available earlier too but never was it availed to an extent where it became a hot new business idea. Traditionally since we have always been taken or shown to a doctor, the concept of virtual help never really took off. But ever since the pandemic forced us to stay at home and away from others as much as possible, everyone got forced to avail this to get medical help.
What is more, is that it reduced hundreds of unwanted visits to a hospital for frivolous or unnecessary reasons. What initially was made as a preventive and safety measure for citizens ended up being the reason for so many virtual medical and wellness jobs to open.
Putting you first
One of the best things Covid-19 did was remind everyone that nothing is more important than the health of yourself and your family. No amount of work, no amount of money or promotions can compare to the importance of you and your loved ones. Due to this, there has been an increase in availing services for self-care.
The amount of importance being given to mental health during this time has been at an all-time peak. Even though mental health was important before Covid, the importance it received after the pandemic struck has been phenomenal and has changed opinions of even the most rigid of personalities who felt that therapy and counseling do not work. Even though it has disrupted mental health services due to becoming virtual, (counseling is considered to happen best when sitting face to face.) it has adapted and created so many more opportunities than before.
Increase in self-care products
Due to new waves of self-care doing their rounds, demand for self-care products such as supplements for fitness and increasing immunity to help fight against the virus, essential oils, moisturizing creams, yoga accessories, and gym wear has increased substantially. Several fitness classes revolving around dance, yoga, Pilates, strength training, flexibility, and mobility training have all moved online. Several gym and yoga trainers who lost their jobs due to the pandemic have ended up creating their businesses through this. Economically, it has proven to be a lot more affordable in comparison to yearly gym memberships as well thereby encouraging more citizens to enroll themselves in classes.
Growth and future potential
As per a market research report by Stallion Market research, the global health and wellness market value is currently at USD3.5 trillion and is estimated to grow, with a compound annual growth rate of 6%.
It is believed that even after the pandemic ends, the need to stay healthy and vigilant in case of another virus will continue which will result in the constant growth of the health and wellness market.
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