S C R U B B I N G U P
Not long ago , wellness was a niche market with a limited number of products and services , catering mainly to hardcore fitness enthusiasts . Now , with four in five consumers planning to buy new health and fitness products and services in the coming year , wellness is a major driver of economic growth . The global wellness economy is booming , valued at US $ 5.6 trillion in 2023 , and ripe with new opportunities in almost every sector . David Knies , wellness and innovation expert at PA Consulting , tells us more .
ARE HYPER-PERSONALISED , ‘ STACKABLE ’ SOLUTIONS THE FUTURE OF HEALTHTECH ?
PA Consulting ’ s recent report on the ‘ Future of Wellness ’ surveyed 4,000 consumers in the US and UK , and found a real growing demand for products that help people manage their health and fitness . From home exercise equipment to sleep-enhancing lighting to subscriptions to wellness apps , business is growing in every sector . wellness , financial wellness and social wellness . Nine in ten said they would like a personalised wellness and fitness product or service and two thirds said custom vitamins and supplements or tailored nutrition plans would appeal to them . The clear message was that people are looking for brands to help them build their own unique stack of
Yet the survey also revealed that these products are not delivering the results consumers want . Only half rated their physical health as good , only 45 % were satisfied with their current sleep quality and quantity , and just 47 % were happy with their diet and nutrition . One of the main sources of dissatisfaction was that wellness products and services are not personalised enough for individual needs . Wellness products can be generic – one size fits all – and consumers are often quickly overwhelmed by the sheer number of areas to address .
PA ’ s findings underline the scope for a new , more tailored approach from providers . Consumers ultimately want to ‘ stack ’ personalised solutions to fit their unique needs across sleep , movement , diet , mental
www . intelligenthealth . tech 67