Introduction of Global wellness
Wellness industry is being very attractive since recent years, it has evolved rapidly in a few years due to growing acceptance and understanding of health and wellness. According to the Global Wellness Institute, the global health and wellness industry is now worth $4.2 trillion. The industry has been growing with 12.8% between 2015 and 2017 and represents 5.3% of global economic output.
What is wellness? According to WHO Wellness is a state of complete physical, mental, and social well-being, and not merely the absence of disease or infirmity. The industry offers variety of opportunity in the areas of Yoga, healthy & nutritious eating, personal care & beauty, meditation, spa & massage retreats, workplace wellness & wellness tourism to name a few.
Future Outlook: The Disruptive Rise of global wellness
The pandemic caused by COVID-19 is constantly unfolding its impact. It shows how fragile our lifestyle is; people have realized that the real long term solution to such situation is not treatment, but immunity. Communities are constantly exploring better lifestyle and going back to the roots. This can give tremendous growth to the wellness industries. At the same time we see very different future of the industry considering growing fear of travel and human contacts. Players must adapt new methods to serve the purpose and gain full advantage of the move. Info graphics can provide better insight into the changing trends of industry
Impact on execution & enablers
Apart from the customer and society there are other four major pillars which drives this industry and supports the industry for its sustainable growth.
Hiccups of the growth
This pandemic will also have its impact on this pillars; where two of them may become the hiccups for the growth whereas rest of the two can be the pure growth partners.
Growth Partners
Changes: Industry must adapt
Players must adapt new methods to serve the purpose and enhance it’s impact towards wellbeing of the community. Many new initiative like Digital Reach, Robotics, Education and geographical spread will be the key to success.
Conclusion
To conclude – wellness is no more a “nice to have” and “I will adapt when I retire” product. It’s a lifestyle
Which many will adapt across the globe. We see epic growth in the coming future. Success will be with the players who are willing to accept the changing need of community and get ready with the disruptive solutions.
Author:
Hiral Shah, A Business Analyst, who has qualified Masters in management, and currently working on conceptual creation as product developer and also handling marketing activities at J.hirani. She loves to visualize the thoughts and putting the same into action with creative touch is what makes her stand out from the crowd. She is punctilious and approachable by her nature.
About J.hirani: J.hirani is a Strategic Transformation team which works as a growth partner for different organisations in various industries by providing services like Agile transformation, Scenario mapping, Strategic alignment, Balance scorecard, Digital transformation, Incubating new ventures, Operation excellence and Aligning human capital.
©J.Hirani, Wellness Industry: Solution for Tomorrow, July 2020. All rights reserved
