Shortlister shares insights into Wellness Trends

Shortlister has released the findings from its yearly Wellness Trends Report which aims to help companies provide wellness programs, benefits, and HR tech for their employees by connecting them to the best-in-market vendors.

Shortlister Outreach Manager, Erol Maksud explains “Shortlister takes the guesswork out of searching for a vendor in the human capital space. From wellness vendors to benefits administration solutions, Shortlister combines a proprietary algorithm and bid management technology with industry thought leadership in providing the support you need to efficiently and accurately find the perfect vendor partners.”

From their Wellness Trends Report, Shortlister found that one of the key factors driving wellness growth in 2021 is the prevalence of chronic lifestyle diseases worldwide. Stress-related disorders are more common as a result of sedentary lifestyles and hectic schedules.

This has encouraged the general public to participate in various healthcare and wellness activities and incorporate wellness as much as they can in their lives. Furthermore, after the pandemic hit, the growing popularity of wearable devices such as fitness bands and trackers contributed to the market growth. 

Wellness Trends On-Demand 
The last few years were a turning point in the wellness industry. People soon realized that health is a priority and that they have to invest in their wellbeing and prioritize health. Here are the wellness industries that had the steepest rise. 

Workplace Wellness 
In 2017, the workplace wellness market was worth $48 billion, and it is expected to grow to $66 billion by 2022. According to the Global Wellness Institute (GWI), only 10% of the world's workers have access to workplace wellness programs and services, with the majority concentrated in North America and Europe. 

Therefore, beyond its extensive growth, this market still has huge potential as it spreads worldwide. Here are some of the most popular workplace wellness programs that companies offer to their employees:

• Nutrition education

• Vaccination clinics

• Online yoga classes

• Lunch and healthy snacks

• Stress reduction programs

• Weight loss programs

• Health risk assessments

• Health screenings  

• Behavioural Health 

Behavioural health services became more essential because of lockdown, isolation, and fear of contracting Covid-19. This market is expected to grow from $77.62 billion in 2021 to $99.40 billion in 2028.  

These programs improve the connection between mental and physical health. They can help people cope with the decline in mental health, including anxiety disorders, depression, eating disorders, and substance abuse.

Employers say that these are the primary reasons for stress and disability among their employees. Shortlister conducted propriety research that found the demand for behavioral health programs in 2020 has increased by 82% and 67% in 2021.       

Real Estate 
People want to bring more wellness into the places where they spend the majority of their time. Real estate wellness is a branch that is rapidly growing. Moreover, people are trying to incorporate intentional wellness elements into design, materials, construction, amenities, and programming. Also, buyers have shown a willingness to pay more for healthier built environments.

In comparison, according to the Global Wellness Institute, the $134 billion wellness real estate market now accounts for approximately 1.5% of the total annual global construction market. It is roughly half the size of the global green building industry. 

Wellness Travel  
The wellness travel market was worth $639 billion in 2017, and since then, the growth has been explosive. It is projected to reach $919 billion by 2022.

Аccording to the research from the Global Wellness Institute, 87% of people plan to take a vacation in the next 12 months, 76% of them want to include a wellness component.

Wellness seekers enlist these destinations as the best for a wellness vacation:

• Australia

• Asia-Pacific

• Latin America-Caribbean

• Middle East-North Africa

• Sub-Saharan Africa

They visit these locations to get in shape and return home relaxed and ready to go.

Telehealth
After COVID-19, a lot changed in the medicine world. Health problems were skyrocketing, and the doctor's office was out of the question for most of them. Therefore, telehealth saw the most significant shift in market interest. It enabled long-distance contact between patients and clinicians. It made care, advice, reminders, education, intervention, monitoring, and remote admissions possible.

According to Shortlister's wellness trends report for 2021, the demand for telehealth increased by 52%. 

Wearable Devices 
By the year 2022, the wearable device market is projected to reach $27 billion in revenue. Demand has increased for all types of health-focused wearables, including:

• Smartwatches

• Health and fitness trackers

• Heart rate monitors

• Apps that support users' emotional and mental health

• Virtual assistants

Wearable devices are in demand because they help health-conscious consumers live healthier lives, maintain a healthy weight, and track wellness goals. Moreover, the pandemic accelerated the technological advances in this sector, and the sensitivity of the wearable devices reached a point where they can detect an illness that hasn't yet accrued. 

Conclusion 
According to the Global Wellness Institute, these three sectors represent the core spheres of life

• Wellness real estate

• Workplace wellness

• Wellness tourism

Thus, they will see the biggest growth in the next couple of years.

Wellness markets will become less compartmentalised and more interconnected, converging to offer solutions and experiences where people live, work, and travel.

To access the full trend report go to myshortlister.com/insights/2021-wellness-trends