GET FIT TECH
Sign up for the FREE digital edition of Fit Tech magazine and also get the Fit Tech ezine and breaking news email alerts.
Not right now, thanksclose this window I've already subscribed!
Technogym | Fit Tech promotion
Technogym | Fit Tech promotion
Technogym | Fit Tech promotion
FIT TECH News

McKinsey releases 2024 wellness market report. Identifies areas for disruption

By

According to McKinsey’s latest report, The trends defining the US$1.8 trillion global wellness market in 2024, the market for wellness is being driven by consumers taking more control of their health.

The report is based on insight from McKinsey's latest Future of Wellness survey, which was carried out in August 2023, when researchers questioned 5,000 consumers across China, the UK and the US.

They found the US wellness market has reached a value of US$480 billion a year and is growing at 5 to 10 per cent annually.

Eighty seven per cent of Chinese consumers consider wellness a top or important priority in their lives, compared to 82 per cent in the US and 73 per cent in the UK.

Gen Z and Millennial customers are the most wellness-conscious, buying more products and services than older generations.

Improving appearance is cited as the most important motivator, followed by gaining better health and fitness, improving nutrition, sleep and mindfulness.

The pandemic got consumers used to home-testing for COVID-19 and now they're interested in doing additional at-home diagnostics, for example, for vitamin and mineral deficiencies, cold and flu diagnostics and cholesterol. In China some people have even replaced in-person healthcare appointments with at-home tests, says McKinsey.

A new era for biomonitoring and wearables is here as the technology evolves, with biometric rings to measure sleep quality and continuous glucose monitors now available that can be applied on the back of the arm.

Around half of consumers surveyed have purchased a fitness wearable at some point, while 75 per cent are open to using one in the future and a third used their devices more this year than last year.

McKinsey says there is still a gap in the market for wearables to aid with nutrition, weight management, mindfulness and behaviour change. Data privacy and clear insights are most important, with overly complicated information being off putting.

Technological advancements and first-party data is giving personalisation a new edge. Around 20 per cent of UK consumers and 30 per cent of US and Chinese consumers are looking for personalised products and services which use biometric data to provide recommendations. Generative AI could play a greater role here.

Last year consumers showed a shift from clean or natural ingredients to clinically proven ones, particularly in over-the-counter medications, vitamins and supplements. Companies that who have built a brand around natural products may want to seek out third-party certifications to substantiate their claims.

Consumers are done with healthwashing (deceptive marketing which positions a product as healthier than it is) and healthcare provider recommendations are rising in importance, especially around mindfulness and sleep interventions.

Seven areas of growth have been identified in the wellness sector:

1. The sale of women’s health products is on the rise, with the highest spend being on menopause and pregnancy-related products. To date menopause has been an overlooked segment.

2. Demand for healthy aging and longevity products and services is increasing, propelled by a shift towards preventative medicine. Around 70 per cent of consumers in the UK and US, and 85 per cent in China, have purchased a product in this category over the past year.

By 2030 one in six people in the world will be aged over 60, so there will be a greater focus on healthy aging, with younger people looking for preventative solutions and older people seeking to improve their longevity.

3. Weight management is still top of mind, with 60 per cent of US consumers trying to lose weight.

Exercise was the most reported intervention, but more than 50 per cent of US consumers are considering taking prescription weight loss medication.

This was less in the UK and China, with fewer than 30 per cent considering weight loss drugs to be effective.

McKinsey says it's too early to say how the use of weight loss drugs will impact the broader health and wellness market.

4. Fitness is now a priority for many consumers, with around 50 per cent of gym-goers saying it's a core part of their identity.

With more choices, the health and fitness market is getting more competitive. McKinsey recommends building strong communities by delivering experiences such as retreats, nutritional coaching and personalised workout plans, possibly informed by AI.

5. Awareness of the importance of gut health is growing, with more than 80 per cent of consumers appreciating its importance and more than 50 per cent planning to make it a higher priority in the next few years. Over-the-counter probiotic supplements are popular, along with probiotic-rich foods such as yoghurt, kimchi and kombucha. Two potential areas for growth are at-home microbiome testing and personalised nutrition.

6. The market for sexual health products grew during the pandemic and this – coupled with an increase in the prevalence of conversations around sexual health challenges – is driving demand. More traditional retailers are selling sexual-health products and McKinsey says there's room for more disruptor brands.

7. Sleep ranks as the second-highest health and wellness priority for consumers and is also the area where consumers have the most unmet needs. Little has changed since last year when 37 per cent expressed a desire for more sleep and mindfulness products that address cognitive functioning, stress and anxiety management.

There is an opportunity for companies to address the pain points, delivering interventions that induce sleep, minimise sleep interruptions, ease wakefulness and improve sleep quality.

Footnote

More wellness insights will be available next week when Global Wellness Summit hosts a 2024 Trends and Research event and releases its global trends report The Future of Wellness for 2024.

More fit tech news
The ICO has ruled that eight leisure operators have been unlawfully processing the biometric data of their employees to be ...
news • 23 Feb 2024
More consumers are realising meditation is beneficial, but many give up because it’s difficult to master the mind. The Muse ...
news • 21 Feb 2024
Newcomer to the market, Lunar Health Clubs, is gearing up to open its first high-end club this April, in Marlow ...
news • 19 Feb 2024
University of Washington researchers have created a wireless wearable in the form of a thermal earring that continuously monitors a ...
news • 16 Feb 2024
Zumba, and virtual reality workout platform, FitXR, have joined forces to offer mixed-reality versions of Zumba's dance routines. The partnership ...
news • 13 Feb 2024
Triathlon legends, Alistair and Jonny Brownlee, have launched a free conversational AI tool to share their vast training knowledge with ...
news • 07 Feb 2024
Self Esteem Brands (SEB), owner of Anytime Fitness, has released year-end results which show year-on-year revenues up by 12.3 per ...
More HCM news
According to McKinsey’s latest report, The trends defining the US$1.8 trillion global wellness market in 2024, the market for wellness ...
news • 24 Jan 2024
One of the most famous bodybuilders of all time – turned Hollywood actor – turned Californian governor – Arnold Schwarzenegger, ...
news • 23 Jan 2024
Egym has signalled its intention to become a major global player in the health club equipment space, signing up former ...
news • 19 Jan 2024
With pressure on medical services at an all time high, the Tony Blair Institute for Global Change is calling for ...
news • 17 Jan 2024
Sennheiser has teamed up with Polar Electro for the launch of its Momentum Sport earbuds which deliver Polar’s bio-sensing capabilities ...
news • 09 Jan 2024
The fitness industry is gearing up to engage with the medical profession according to the results of the American College ...
news • 05 Jan 2024
TikTok, has launched into the fitness market with a new hub called #TikTokFitness and a supporting consumer marketing push. The ...
news • 05 Jan 2024
Les Mills has released Les Mills XR Dance for the Meta Quest 3 headset. The release is the company's second ...
news • 20 Dec 2023
Equinox has appointed a Health Advisory Board of medical experts and academics to 'define new frontiers in the science of ...
news • 15 Dec 2023
Horizon Leisure is upgrading and investing in its new shopping-centre health hub – The Wellbeing Hub in Havant, UK – ...
news • 15 Dec 2023
Google has just released Gemini, a new multimodal AI which is being billed as a "ChatGPT Killer". Unlike ChatGPT, it ...
news • 06 Dec 2023
Survivalist, Bear Grylls has partnered with four mental health heavyweights and former TV producer, Neil Smith, to create an app ...
news • 06 Dec 2023
Sport Alliance has named Erwin Korst vice president sales international. The appointment comes as the company announces US$100m of new ...
news • 04 Dec 2023
Training provider, The Fitness Group, has teamed up with personal training app, My PT Hub, to make it easier for ...
news • 19 Nov 2023
The Maybourne Hotel Group – manager of iconic global hotels including Claridges, The Berkeley and The Connaught – has partnered ...
news • 17 Nov 2023
Timbaland, Platinum Grammy Award-winning producer, who's worked with artists such as Jay-Z, Missy Elliott, Madonna, Rihanna, Justin Timberlake and Drake ...
news • 15 Nov 2023
Connected fitness equipment supplier, Echelon Fitness, has signed a multi-year deal with Run Disney, the road race division of Disney ...
news • 14 Nov 2023
The first ever Siro hotel, marketed as the "ultimate fitness and recovery hotel", is now accepting reservations. Set to open ...
news • 09 Nov 2023
The rapid advance of technology in all areas of life is putting societies in flux, creating uncertainty and forcing people ...
news • 05 Nov 2023
Apple has teamed up with Anytime Fitness to offer levels of reciprocal access between Apple Fitness+ and Anytime Fitness health ...
news • 02 Nov 2023
Tech giant, Huawei, has launched a new Health Lab, where it will conduct research on how it can "provide better ...
news • 01 Nov 2023
Les Mills is jumping into Mixed Reality with the launch of the Bodycombat XR workout, designed by programme directors, Rachael ...
news • 16 Oct 2023
A new startup is looking to carve out a market for itself by helping those working in sports and physical ...
news • 12 Oct 2023
Interactive Strength, maker of fitness screen FORME, has revealed plans to acquire vertical climber brand CLMBR for an undisclosed sum. ...
news • 12 Oct 2023
More fit tech news
InBody provides products that are accurate, medically rated holding a CE mark and certified to ...
Mindbody is a true all-in-one software platform, providing first-rate service for your clients and the ...
Cryotherapy
Lockers
Digital
Salt therapy products
Flooring
20-22 Mar 2024
The Salil Hotel Riverside, Bangkok, Bangkok, Thailand
InBody provides products that are accurate, medically rated holding a CE mark and certified to ...
Mindbody is a true all-in-one software platform, providing first-rate service for your clients and the ...
Get Fit Tech
Sign up for the free Fit Tech ezine and breaking news alerts
Sign up
Cryotherapy
Lockers
Digital
Salt therapy products
Flooring
20-22 Mar 2024
The Salil Hotel Riverside, Bangkok, Bangkok, Thailand

features

Opinion

Building on the blockchain

For small sports teams looking to compete with giants, blockchain can be a secret weapon explains Lars Rensing, CEO of Protokol
App analysis

Going hybrid

Workout Anytime created its app in partnership with Virtuagym. Workout Anytime’s Greg Maurer and Virtuagym’s Hugo Braam explain the process behind its creation
Profile

Sohail Rashid

My vision was to create a platform that could improve the sport for lifters at all levels and attract more people, similar to how Strava, Peloton and Zwift have in other sports
Fit Tech people

Ali Jawad

Paralympic powerlifter and founder, Accessercise
Users can easily identify which facilities in the UK are accessible to the disabled community
Innovation

Bold move

Our results showed a greater than 60 per cent reduction in falls for individuals who actively participated in Bold’s programme
Profile

Fahad Alhagbani: reinventing fitness

The team is young and ambitious, and the awareness of technology is very high. We share trends and out-of-the-box ideas almost every day
App analysis

Check your form

Sency’s motion analysis technology is allowing users to check their technique as they exercise. Co-founder and CEO Gal Rotman explains how
Research

Physical activity monitors boost activity levels

Researchers at the University of Copenhagen have conducted a meta analysis of all relevant research and found that the body of evidence shows an impact
Ageing

Reverse Ageing

Many apps help people track their health, but Humanity founders Peter Ward and Michael Geer have put the focus on ageing, to help users to see the direct repercussions of their habits. They talk to Steph Eaves
Profile

New reality

Sam Cole, CEO of FitXR, talks to Fit Tech about taking digital workouts to the next level, with an immersive, virtual reality fitness club
Fit Tech people

Hannes Sjöblad

MD, DSruptive
We want to give our users an implantable tool that allows them to collect their health data at any time and in any setting
Fit Tech people

Jamie Buck

Co-founder, Active in Time
We created a solution called AiT Voice, which turns digital data into a spoken audio timetable that connects to phone systems
More features
FIT TECH News

McKinsey releases 2024 wellness market report. Identifies areas for disruption

By

According to McKinsey’s latest report, The trends defining the US$1.8 trillion global wellness market in 2024, the market for wellness is being driven by consumers taking more control of their health.

The report is based on insight from McKinsey's latest Future of Wellness survey, which was carried out in August 2023, when researchers questioned 5,000 consumers across China, the UK and the US.

They found the US wellness market has reached a value of US$480 billion a year and is growing at 5 to 10 per cent annually.

Eighty seven per cent of Chinese consumers consider wellness a top or important priority in their lives, compared to 82 per cent in the US and 73 per cent in the UK.

Gen Z and Millennial customers are the most wellness-conscious, buying more products and services than older generations.

Improving appearance is cited as the most important motivator, followed by gaining better health and fitness, improving nutrition, sleep and mindfulness.

The pandemic got consumers used to home-testing for COVID-19 and now they're interested in doing additional at-home diagnostics, for example, for vitamin and mineral deficiencies, cold and flu diagnostics and cholesterol. In China some people have even replaced in-person healthcare appointments with at-home tests, says McKinsey.

A new era for biomonitoring and wearables is here as the technology evolves, with biometric rings to measure sleep quality and continuous glucose monitors now available that can be applied on the back of the arm.

Around half of consumers surveyed have purchased a fitness wearable at some point, while 75 per cent are open to using one in the future and a third used their devices more this year than last year.

McKinsey says there is still a gap in the market for wearables to aid with nutrition, weight management, mindfulness and behaviour change. Data privacy and clear insights are most important, with overly complicated information being off putting.

Technological advancements and first-party data is giving personalisation a new edge. Around 20 per cent of UK consumers and 30 per cent of US and Chinese consumers are looking for personalised products and services which use biometric data to provide recommendations. Generative AI could play a greater role here.

Last year consumers showed a shift from clean or natural ingredients to clinically proven ones, particularly in over-the-counter medications, vitamins and supplements. Companies that who have built a brand around natural products may want to seek out third-party certifications to substantiate their claims.

Consumers are done with healthwashing (deceptive marketing which positions a product as healthier than it is) and healthcare provider recommendations are rising in importance, especially around mindfulness and sleep interventions.

Seven areas of growth have been identified in the wellness sector:

1. The sale of women’s health products is on the rise, with the highest spend being on menopause and pregnancy-related products. To date menopause has been an overlooked segment.

2. Demand for healthy aging and longevity products and services is increasing, propelled by a shift towards preventative medicine. Around 70 per cent of consumers in the UK and US, and 85 per cent in China, have purchased a product in this category over the past year.

By 2030 one in six people in the world will be aged over 60, so there will be a greater focus on healthy aging, with younger people looking for preventative solutions and older people seeking to improve their longevity.

3. Weight management is still top of mind, with 60 per cent of US consumers trying to lose weight.

Exercise was the most reported intervention, but more than 50 per cent of US consumers are considering taking prescription weight loss medication.

This was less in the UK and China, with fewer than 30 per cent considering weight loss drugs to be effective.

McKinsey says it's too early to say how the use of weight loss drugs will impact the broader health and wellness market.

4. Fitness is now a priority for many consumers, with around 50 per cent of gym-goers saying it's a core part of their identity.

With more choices, the health and fitness market is getting more competitive. McKinsey recommends building strong communities by delivering experiences such as retreats, nutritional coaching and personalised workout plans, possibly informed by AI.

5. Awareness of the importance of gut health is growing, with more than 80 per cent of consumers appreciating its importance and more than 50 per cent planning to make it a higher priority in the next few years. Over-the-counter probiotic supplements are popular, along with probiotic-rich foods such as yoghurt, kimchi and kombucha. Two potential areas for growth are at-home microbiome testing and personalised nutrition.

6. The market for sexual health products grew during the pandemic and this – coupled with an increase in the prevalence of conversations around sexual health challenges – is driving demand. More traditional retailers are selling sexual-health products and McKinsey says there's room for more disruptor brands.

7. Sleep ranks as the second-highest health and wellness priority for consumers and is also the area where consumers have the most unmet needs. Little has changed since last year when 37 per cent expressed a desire for more sleep and mindfulness products that address cognitive functioning, stress and anxiety management.

There is an opportunity for companies to address the pain points, delivering interventions that induce sleep, minimise sleep interruptions, ease wakefulness and improve sleep quality.

Footnote

More wellness insights will be available next week when Global Wellness Summit hosts a 2024 Trends and Research event and releases its global trends report The Future of Wellness for 2024.

More fit tech news
The ICO has ruled that eight leisure operators have been unlawfully processing the biometric data of their employees to be ...
news • 23 Feb 2024
More consumers are realising meditation is beneficial, but many give up because it’s difficult to master the mind. The Muse ...
news • 21 Feb 2024
Newcomer to the market, Lunar Health Clubs, is gearing up to open its first high-end club this April, in Marlow ...
news • 19 Feb 2024
University of Washington researchers have created a wireless wearable in the form of a thermal earring that continuously monitors a ...
news • 16 Feb 2024
Zumba, and virtual reality workout platform, FitXR, have joined forces to offer mixed-reality versions of Zumba's dance routines. The partnership ...
news • 13 Feb 2024
Triathlon legends, Alistair and Jonny Brownlee, have launched a free conversational AI tool to share their vast training knowledge with ...
news • 07 Feb 2024
Self Esteem Brands (SEB), owner of Anytime Fitness, has released year-end results which show year-on-year revenues up by 12.3 per ...
More HCM news
According to McKinsey’s latest report, The trends defining the US$1.8 trillion global wellness market in 2024, the market for wellness ...
news • 24 Jan 2024
One of the most famous bodybuilders of all time – turned Hollywood actor – turned Californian governor – Arnold Schwarzenegger, ...
news • 23 Jan 2024
Egym has signalled its intention to become a major global player in the health club equipment space, signing up former ...
news • 19 Jan 2024
With pressure on medical services at an all time high, the Tony Blair Institute for Global Change is calling for ...
news • 17 Jan 2024
Sennheiser has teamed up with Polar Electro for the launch of its Momentum Sport earbuds which deliver Polar’s bio-sensing capabilities ...
news • 09 Jan 2024
The fitness industry is gearing up to engage with the medical profession according to the results of the American College ...
news • 05 Jan 2024
TikTok, has launched into the fitness market with a new hub called #TikTokFitness and a supporting consumer marketing push. The ...
news • 05 Jan 2024
Les Mills has released Les Mills XR Dance for the Meta Quest 3 headset. The release is the company's second ...
news • 20 Dec 2023
Equinox has appointed a Health Advisory Board of medical experts and academics to 'define new frontiers in the science of ...
news • 15 Dec 2023
Horizon Leisure is upgrading and investing in its new shopping-centre health hub – The Wellbeing Hub in Havant, UK – ...
news • 15 Dec 2023
Google has just released Gemini, a new multimodal AI which is being billed as a "ChatGPT Killer". Unlike ChatGPT, it ...
news • 06 Dec 2023
Survivalist, Bear Grylls has partnered with four mental health heavyweights and former TV producer, Neil Smith, to create an app ...
news • 06 Dec 2023
Sport Alliance has named Erwin Korst vice president sales international. The appointment comes as the company announces US$100m of new ...
news • 04 Dec 2023
Training provider, The Fitness Group, has teamed up with personal training app, My PT Hub, to make it easier for ...
news • 19 Nov 2023
The Maybourne Hotel Group – manager of iconic global hotels including Claridges, The Berkeley and The Connaught – has partnered ...
news • 17 Nov 2023
Timbaland, Platinum Grammy Award-winning producer, who's worked with artists such as Jay-Z, Missy Elliott, Madonna, Rihanna, Justin Timberlake and Drake ...
news • 15 Nov 2023
Connected fitness equipment supplier, Echelon Fitness, has signed a multi-year deal with Run Disney, the road race division of Disney ...
news • 14 Nov 2023
The first ever Siro hotel, marketed as the "ultimate fitness and recovery hotel", is now accepting reservations. Set to open ...
news • 09 Nov 2023
The rapid advance of technology in all areas of life is putting societies in flux, creating uncertainty and forcing people ...
news • 05 Nov 2023
Apple has teamed up with Anytime Fitness to offer levels of reciprocal access between Apple Fitness+ and Anytime Fitness health ...
news • 02 Nov 2023
Tech giant, Huawei, has launched a new Health Lab, where it will conduct research on how it can "provide better ...
news • 01 Nov 2023
Les Mills is jumping into Mixed Reality with the launch of the Bodycombat XR workout, designed by programme directors, Rachael ...
news • 16 Oct 2023
A new startup is looking to carve out a market for itself by helping those working in sports and physical ...
news • 12 Oct 2023
Interactive Strength, maker of fitness screen FORME, has revealed plans to acquire vertical climber brand CLMBR for an undisclosed sum. ...
news • 12 Oct 2023
More fit tech news