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North America is a key market for medical wellness owing to the availability of enhanced equipment and the higher purchasing power of the consumers in the region. The European market is being driven by the rising number of patients suffering from chronic diseases. Owing to the improving economic conditions and increased penetration of global players, the Asia Pacific market is anticipated to witness healthy growth. Further, the global medical wellness industry is projected to witness healthy growth shortly owing to the shift in consumer preferences towards proactive approaches and to include wellness in day-to-day life. New research on the application of alternative medicines for the development of wellness procedures is creating a positive impact on the market.
In 2020, Bayer AG (ETR: BAYN) launched its first global creative council, which is aimed to deliver the Bayer Consumer Health Division’s purpose of empowering the transformation of everyday health. In 2020, Amway Corp., a leading health and wellness company, announced a strategic investment and partnership with South Korea-based Holzapfel Effective Microbes (HEM) to develop personalized probiotics aimed to support medical wellness. Such developments in the market are expected to boost the market growth over the forecast period.
Market Analysis by Wellness Sector, Distribution Channel, and Region:
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The major players in the global market of medical wellness are VLCC Health Care Limited, Bayer AG, David Lloyd Leisure Ltd., WTS International, LLC, MINDBODY Inc., and Amway Corp., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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