Self-Care 2.0: How Tech is Shaping the Global Wellness Market with 5 Key Trends

The numbers don’t lie. With consumer interest steadily rising and total worth estimates of over $1.5 trillion, the global wellness market, you could say, is positively booming!

When assessing the causes for this surge, the post-COVID awareness bump to both physical and mental health must be recognized, as does the more long-standing trend, especially in younger generations, toward increased self-care. The true game-changing factor, however, has been the role of technology.

By propelling demand, driving adoption, and fostering innovation, technology has emerged as the primary force shaping the wellness market into the powerhouse it is today. Indeed, the current state of the wellness market cannot be understood in separation from the tech-based trends that are at the heart of its dynamism.

Let’s explore this phenomenon by taking a closer look at five of the most influential tech trends shaping the wellness market:

1. Wearables are still going strong

Ever since the Fitbit and the Apple Watch, wearable devices have demonstrated a rising trend of consumer awareness and adoption. For example, a recent report by Grand View Research calculated the industry’s compound annual growth rate (CAGR) from 2023 to 2030 at a healthy 14.6%.

According to analysts, this upward trend is largely driven by sustained innovation in the industry. New products like the Oura Ring and the Whoop Coach are excellent examples. By making use of improved biomonitoring technology, these devices can deliver a more accurate and holistic set of readings. It’s no longer just about heart rate and tracking steps. Users want to have information about their sleep patterns, biomarkers, blood pressure, and even stress and mental health indicators.

However, with this vast amount of health data, another challenge presents itself.

Flooding users with health data, especially data that could be less than ideal, is not great in terms of UX. As such, wearable companies must now invest considerable effort in the visualization and interpretation of their data. Luckily, AI and ML are excellent tools in this regard. They can help to create personalized analytics and even allow for AI assistants which users can query.

2. Next-Gen AR & VR health products

When talking about the potential health benefits of AR and VR, it can sometimes be a challenge to truly portray what these implementations would look and feel like in real life. That’s why it’s always great to have some science-backed data to make your case!

For instance, a recent 2023 study, found that a VR mediation experience was more effective at improving mental health metrics like calmness and happiness than an audio-only implementation.

What’s more, other studies in the same paper all point toward the same conclusion: VR’s immersive capabilities can be harnessed to improve all sorts of health outcomes.

Take the realm of VR exercise. Many might scoff at it and claim that it’s not real exercise, and given the clunky nature of current VR headsets, they have a solid point regarding what type of movement is generally possible. With time, however, headsets will become more lightweight and adaptable, and the power of VR to motivate someone to get up and move will likely be a fantastic tool to get them started on their exercise journey.

Just imagine the gamified workout experiences one could have in VR... You could be transported to the ancient Greek Olympics or perhaps fight a prime Myke Tyson for the heavyweight belt! With these experiences readily available, who wouldn’t want to break a sweat?

3. Advances in telemedicine

Whether it’s the safety of doctor-recommended products, the desire to treat illnesses preventatively, or just the general awareness of the importance of health, in this post-COVID age people are far more interested in seeking out medical consultations. This presents a problem as there is only so much time in a day and, as such, only so many patients a doctor can tend to.

Enter telemedicine, the delivery of healthcare via IT services.

There are many forms of telemedicine. However, for reasons previously outlined, its most impactful benefit is connecting patients to healthcare professionals in a swift and cost-effective manner. Through the implementation of IT solutions like video conferencing, remote patient monitoring, and electronic health records, telemedicine boosts the efficiency and ease of healthcare.

4. Hardware innovation

There’re also some amazing wellness trends going on in the world of hardware!

The most obvious example here would be the expansion of wearables into every nook and cranny of the wellness market. We now have things like smart patches for diabetics, smart clothing for exercise metrics, and even smart sleep headbands. Gone are the days of mere FitBit and Apple Watches!

On the other hand, more niche products like indoor red-light therapy devices offer an example of what’s possible when technological innovation brings what was only available in a specialized setting to the comfort of your own home.

5. Optimized care through personalization

When it comes to healthcare, a personalized, patient-specific intervention will always trump a one-size-fits-all approach. This simple fact has been internalized by today’s consumers, which means that healthcare services that can adjust themselves to specific goals and needs now carry a hefty premium.

As such, healthcare providers have begun employing a suite of tech-powered solutions to boost their personalization capabilities. Here are some novel products that highlight this trend:

• Genomic testing and targeted cancer therapy (Illumina) - Seeking to improve the effectiveness of cancer treatments, the company Illumina employs genetic testing to identify specific mutations in a patient’s cancer cells and allows for targeted interventions.
• Gut health analysis (Zoe) - Companies like Zoe Companies like Zoe use AI to analyze data from at-home gut microbiome tests. This allows them to generate personalized nutrition plans tailored to your unique gut bacteria composition and its impact on your health.
• Personalized AI strength-training coach (Juggernaut AI) - Juggernaut’s AI product takes the complexity out of strength training by crafting entire training programs, providing user-specific feedback, and adjusting itself to the user’s unique situation and goals.

And this is only a taste of what’s out there...

Overall, we think it’s fair to argue that, in the global wellness market, personalization is one of, if not the, most robust trend currently driving innovation and new product lines.

That does not mean, however, that certain issues could not arise. A user’s personal health data is a lot more sensitive than, say, search engine history. One of the challenges in this space will be putting skeptical minds at ease with regards to what a company might decide to do with all that health data.

The future of the global wellness market

Technology is, without a doubt, the main driver of today’s global wellness market. However, we shouldn’t identify tech as the “thing” that today’s consumer desire in their health-related services.

A comprehensive study by McKinsey has made it clear that today’s consumers want mainly three things: efficacy, affordability, and personalization.

It’s important to view the five tech trends we have just explored through the prism of consumer. In other words, they have become trends in the first place due to their ability to satisfy the consumer’s prevailing wants.

In many ways, the future of the global wellness market will be dependent on tech’s ability to stay in touch with these desires. If they begin to shift, healthcare providers must respond accordingly by investing in new tech-based solutions to meet said desires.