About the Health and Wellness Industry
A Bright Future Awaits Our Wellness Franchise
Over the last decade, the health and wellness industry has experienced explosive growth. Beauty and personal care, clean eating, and wearable fitness devices in particular have made up a significant portion of the increased spending. These also happen to be the categories of self-care that can be embraced through The Covery Wellness Spa experience.
Our wellness franchise was created to combine the above services and others and capture the market share. After the COVID-19 pandemic disrupted this industry, it’s expected to bounce back and reach new heights as more consumers have learned about the importance of routine self-care.
A Growing Opportunity
Self-care through recovery and cellular optimization therapies will continue to trend upwards, as people in every generation are understanding the importance of making wellness a priority. In fact, according to the Global Wellness Institute, the size of the mental wellness market now outweighs spas, at $121 billion.
Interest in wellness and self-care is on the rise and now is the time to join our cryotherapy and IV therapy franchise. Take the first step today!
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55%Of Americans reported feeling stress during each day (Gallup, 2019)
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40%Of workers reported their job was extremely stressful (Stress.org)
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80%Of workers feel stress on the job, nearly half said they need help in learning how to manage stress
The Wellness Industry
- Consumers spend more than $210 billion on pain management and injury treatments alone (Source: Statista)
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28% of U.S.-based gym members have reported using spa facilities regularly (Source: Statista)
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In the US, the health and wellness spa industry reached a market size of $18 billion in 2020. Within this industry there were approximately 366 thousand employees and a total of over 22 thousand businesses. (Source: Statista)
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Out of the $4.5 trillion global wellness market, personal care, beauty, and anti-aging sectors make up the largest part of the wellness market at $1.08 billion. (Source: Policy Advice and the Global Wellness Institute 2019)
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The US has the largest market size in the health and wellness industry at $52.5 billion in value. (Source: Policy Advice and the Global Wellness Institute 2019)
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The US wellness market size is expected to hit $80.64 billion by 2027. (Source: Precedence Research 2021)
An Overview of Specific Industry Growth
IV Therapy Industry
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In 2020, the global infusion therapy market size was valued around $7.5 billion. (Source: iDataResearch Inc.)
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IV Therapy is touted as the fastest way to deliver nutrients, since it bypasses the digestive system and goes directly into the organs, resulting in a high absorption rate.
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The IV Therapy market size is expected to gain growth between 2021 and 2027 to reach $11.2 billion by 2027. (Source: iDataResearch Inc.)
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The number of IV sets sold will increase dramatically over the next 6 years, allowing the global intravenous set market to reach over $10 billion in 2027. (Source: iDataResearch Inc.)
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Gaining steam among celebrities such as Madonna, Adele, Chrissy Teigen, John Legend, Cindy Crawford, Rihanna, Brad Pitt, and more.
Cryotherapy Industry
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The global cryotherapy market size was valued at $3.8 billion in 2020. (Source: Grandviewresearch.com)
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The global cryotherapy market size is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2021 to 2028. (Source: Grandviewresearch.com)
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Partial and whole-body cryotherapy is used as a therapy for inflammation, pain management, and soreness. Being minimally invasive and drug-free, cryotherapy is further being explored for applications in the treatment of various other medical conditions and diseases.
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Growth in the cryotherapy market is driven by factors such as the growing incidences of sports injuries, cardiac diseases, cancers, and the technological advancements in cryotherapy technology.