Growing Rate Of Chronic Illnesses to Boost the Market Growth
The market for health and wellness is anticipated to develop in the future due to the rising prevalence of chronic illnesses. Illnesses or ailments classified as chronic are those that usually last three months or more and may get worse with time. Most chronic illnesses, which usually afflict older people, are treatable but not curable. Frequent exercise and wellness pursuits lower the chance of developing chronic diseases and enhance general health and fitness.
For instance, a report released by the US-based biomedical research agency National Institutes of Health (NIH) projects that in 2023, there will be 142.6 million adults in the US who are 50 years of age or older and will have at least one chronic illness, up from 71.522 million in 2020. This represents a 99.5% increase. Furthermore, from 7.8304 million in 2020 to 14.968 million in 2050, there would be a 91.16% increase in the number of individuals with multimorbidity.
Additionally, chronic noncommunicable diseases (NCDs) will account for approximately 41 million deaths annually in September 2022, or 74% of all deaths worldwide, according to the World Health Organization, a specialized US agency charged with overseeing international public health. In addition, 77% of NCD-related deaths will occur in low- and middle-income nations. Thus, the market for health and wellness is being driven by the rising cases of chronic illnesses.
The market for health and wellness is anticipated to rise as people become more aware of the importance of eating a balanced diet. A healthy diet is a well-balanced eating plan that offers necessary nutrients, enhances general health, and lowers the chance of developing chronic illnesses. Growing consumer awareness of healthy diets influences a plethora of products, services, and educational activities, stimulates innovation, and creates a market climate where health and wellness are prioritized.
For instance, the 2023 food survey conducted by the US-based non-profit International Food Information Council revealed that 52% of respondents said they followed a particular diet or eating pattern, a significant increase from 39% in 2021. Calorie counting (13%), mindful eating (14%), and clean eating (16%) were the most popular options. Thus, the market for health and wellness is driven by rising awareness of the importance of a balanced diet. Thus, driving the health and wellness market revenue.
