Health is indeed wealth, not only for individuals but also for organizations in the wellness space. The global consumer wellness market has reached a staggering $1.8 trillion per year, with the US market growing at a rate of 10 percent annually and now worth $480 billion. An astonishing 82 percent of US consumers consider wellness a top or important priority in their daily lives, similar figures being seen in China and the UK. McKinsey partner Anna Pione emphasizes, "We knew consumers were increasingly treating wellness as a priority. What continues to surprise us every year is just how much of a priority it is."

Get to Know Senior McKinsey Experts on Wellness Business

Anna Pione is a partner in McKinsey's New York office, with Warren Teichner as a senior partner, Eric Falardeau in the Montreal office, Martin Lösch in the Stuttgart office, and Shaun Callaghan in the New Jersey office.

Defining Wellness

McKinsey defines wellness along six dimensions: better health, fitness, sleep, mindfulness, appearance, and nutrition. In this explainer, we'll explore what people care about regarding their health and the future changes in this space.

Health is more than just the absence of disease. It encompasses various aspects that contribute to overall well-being. Wellness is not just a trend but a fundamental aspect of our lives.

Understanding these dimensions helps us better understand how to prioritize and improve our health.

Top Trends in Consumer Health and Wellness

In a world where health is prioritized, consumers are focusing on data-backed products and services. The COVID-19 pandemic led to the popularity of at-home testing kits, and now consumers are interested in other at-home kits for various health checks.

About half of surveyed consumers have purchased fitness wearables, with watches being the most common. Other technologies like wearable biometric rings and continuous glucose monitors are also gaining popularity. More than three-quarters of respondents are open to using wearable devices in the future.

People love personalization; nearly one in five US consumers and one in three US millennials prefer personalized products and services. Generative AI can enhance personalization by designing customized workouts based on fitness data.

Users are moving away from "clean" products towards those with clinically proven ingredients. In the US, this trend is prominent in over-the-counter medications, vitamins, and supplements.

Doctor recommendations hold significant value as consumers become more cautious about health opinions. They trust doctors' recommendations for mindfulness, sleep, and overall health.

Biggest Areas of Growth in Wellness Industry

Women's health has seen significant growth, with more products available and purchases on the rise. Menopause and pregnancy-related products have the highest spending, but there are still unmet needs.

Healthy aging is a growing trend, driven by preventative medicine, health technology, and anti-aging research. Around 70 percent of consumers in the UK, US, and China purchased more in the healthy-aging category.

Weight management is a concern for nearly one in three US adults. GLP-1 drugs are becoming popular, especially in the US.

In-person fitness is becoming a core part of people's identities, especially among Gen Z. Consumers are expected to increase spending on fitness club memberships, apps, classes, and personal training.

Gut health is important to over 80 percent of consumers in three countries. Chinese and US consumers prefer probiotic supplements, while UK consumers choose probiotic foods.

Sexual health has seen growing demand due to increased conversations and support. Eighty-seven percent of US consumers spent the same or more on sexual-health products.

Sleep is the second-highest health priority, and there's a need for holistic solutions. Sleep tech is a growing industry with opportunities for companies to use consumer data.

What Matters Most to Older Adults

A 2023 McKinsey Health Institute survey of over 21,000 people aged 55 and older in 21 countries found some commonalities. Respondents emphasized the importance of having purpose, managing stress, having meaningful connections, and preserving independence.

Perceived health declines with age in every dimension, with mental health being the most positively rated for 55-64-year-olds and spiritual health for those 65 and older.

Money matters for older adults' well-being. Financially stable older adults are more likely to adhere to healthy habits. However, high-income economy respondents don't necessarily thrive more than those in lower-income economies.

Participation in activities like working, volunteering, or attending classes leads to better overall health and lower healthcare costs.