Rising demand for virtual health and wellness startups
Updated: Aug 26, 2022
Infections and injuries have increased as a result of the Coronavirus's spread. Many governments throughout the world established quarantine laws in order to protect people from being infected with COVID-19 and halt its spread, leaving doctors with no alternative except to treat patients via a virtual platform. That's when telemedicine, also known as virtual medicine, came into play, obviating the necessity for face-to-face communication. According to IBISWorld, the industry's revenues climbed 34.7 per cent from 2014 to 2019. The market was valued at over 45 billion dollars in 2019, but it is predicted to be worth over 175 billion dollars by 2026.
Another impact of COVID-19 was on the mental health of the people. Due to isolation, quarantine, and social isolation, people suffered from mental illnesses such as hypertension and anxiety problems. Studies like medRxiv's "a global study of risk and resilience factors" show that quarantine and social isolation cause stress, anxiety, depressive symptoms, sleep difficulties, and a rise in suicide thoughts, among other things. As a result, another industry that has thrived in such difficult times is the wellness industry, which focuses mostly on people's mental health. The shift in people's behaviour and attitude toward health has transformed the health and wellness industry in India. The desire to improve their lifestyles, particularly among Millenials who place a premium on well-being and happiness, has been a driving force behind this transition. Digitally delivered health care has grown rapidly as an industry, from telemedicine to medical services to health education to digital wellbeing. The Indian wellness sector grew by capitalising on demand for alternative therapeutic methods such as Ayurveda, yoga, naturopathy, and others, before gradually expanding to encompass nutrition, exercise, preventative healthcare, and wellness tourism.
According to Numr research, a market research agency in India, India's 443 million millennials which is more than 30 per cent of youth, spend an average of Rs 4000 per month on health and wellness services and goods.
In addition, the government is promoting the development of new health and wellness models based on traditional Indian medical knowledge. The government's decision to establish the Ministry of AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homoeopathy) exemplifies this push to improve India's health and wellness market.
All of the aforementioned developments will act as catalysts for two important trends: consumer-centricity and a high level of personalization. Retailers and wellness product makers will have little option but to take a consumer-centric strategy since customers will be in the driver's seat, setting parameters for product creation. The trend will be for items that cater to various lifestyles and diet requirements, such as Keto, diabetic-friendly snacks, fortified meals, immunity-boosting products, and so on. The demand for such products has already increased, as evidenced by the increased availability of gluten-free cereals, cold-pressed juices, and other similar products. This trend has grabbed on with both start-ups and established businesses, resulting in amazing growth. According to Neilsen's findings, Indian customers are increasingly scrutinising food labels and are prepared to pay extra for items that pass muster, particularly those with additional nutrients. They are also brand-aware and loyal to well-known brands.
According to IMARC, the Indian health and wellness market is expected to exhibit a CAGR of 5.45% during 2022-2027.
The importance of natural healing and well-being is predicted to grow in the coming years. It is the combination of all these natural therapies, rather than simply nutrition, exercise, or superfoods, that will play a critical role in directing people towards health and wellbeing in the near future. This will continue to be a top issue for millions of people for a long time.