Description

“Technology touches nearly every aspect of modern consumers’ lives. Other markers of modern life include the increasingly faster pace of innovation, information flow, and pressure to get ahead – or to just keep up. Along with this pressure, the past two years of the pandemic created additional stress and Americans’ mental health is in decline. In these circumstances, wellness has taken on even greater importance.”

– Fiona O’Donnell, Senior Director – US Reports

This report will look at the following areas:

  • The market for wellness, how tech fits and factors impacting the market
  • Wellness tech incumbents, key innovators driving trends and innovators getting attention
  • Trends in wellness tech, strategies for growth and opportunities for wellness tech brands
  • Wellness areas consumers are focused on improving in the next year
  • Use and interest in physical, mental and social tech tools for wellness
  • Consumer attitudes toward wellness, technology and social media

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Category outlook – Wellness tech, 2022-27
    • Opportunities and challenges
    • Integrate with current, popular wellness tech solutions
    • Partner with healthcare
    • Gain awareness through athlete affiliation
    • Expand wellness into entertainment and vice versa
    • Surge of interest created saturation
    • Competition from the “real world”
    • Key consumer insights: what consumers want…
    • …to improve wellness in every way
      • Figure 2: Wellness focus areas, 2022
    • …wearable tech for physical wellness
      • Figure 3: Smartwatch ownership and physical wellness tools use and interest, by age, 2022
    • …apps/tools/games to aid in mental wellness
      • Figure 4: Mental wellness tools use and interest, by age, 2022
  3. Market Value Indicators

    • Global wellness economy nearing $5 trillion
    • Global healthcare spending surpasses $10 trillion
    • Wellness tech trends reflect growth in healthcare tech
    • VC funding for wellness ventures points to emerging trends to watch
    • Consumer technology hardware spending will continue to grow
      • Figure 5: Total US consumer expenditures and fan chart forecast for technology hardware, at current prices, 2016-26
  4. Wellness Tech: Market Factors

    • Internet connectivity nearly universal, room to grow connected devices
      • Figure 6: Connected technology ownership and access, 2020-22
    • COVID-19 shutdowns drive tech usage; endemic living extends anxieties
      • Figure 7: Anxiety symptoms experienced in the last two weeks, 2022
    • Record inflation, plummeting confidence indicates increased stress
      • Figure 8: Consumer Price Index change from previous period, 2007-22
      • Figure 9: Consumer Sentiment Index, 2007-22
  5. Wellness Tech: Key Players

    • Top tech companies’ value far outstrips that of top healthcare companies
      • Figure 10: Market capitalization of top five tech and top five healthcare companies, 2022
  6. Innovators in Exercise, Fitness, Tracking

    • Connected home fitness growth slows in 2021
      • Figure 11: Select connected home fitness tech companies – Value and performance summary, 2022
      • Figure 12: Tonal: smart gym and personal trainer – Strength Made Me: Serena Williams,” TV ad, 2022
      • Figure 13: Tempo: home gym and personal trainer – “Meet the Tempo Studio,” YouTube ad, 2021
    • Tracking health and fitness – It’s a ring thing
      • Figure 14: Oura Ring: third generation smart ring – Instagram post, 2021
    • Category creator – Fitness & fintech
      • Figure 15: Paceline: wellness and finance company – Instagram posts, 2022
  7. Innovators in Diet, Weight Loss, Digestive Diagnostics

    • Weight loss is big business and Americans are getting bigger
      • Figure 16: Select weight loss/diet tech companies – Value and performance summary, 2022
      • Figure 17: Noom: weight loss program – “Noom Weight Introduces: The Clean Plate Club,” TV ad, 2021
      • Figure 18: Fastic: intermittent fasting app – Instagram page, 2022
      • Figure 19: Wellory: diet and wellness app – Instagram story and post, 2021
    • Gut reactions
      • Figure 20: FoodMarble AIRE: digestive breath testing and app – Instagram post, 2022
  8. Innovators Tackling Modern World Wellness Issues

    • Clearing the air
      • Figure 21: Dyson: technology company, home and personal air purifiers – Instagram post, 2022
    • Sleeping the way to the top
      • Figure 22: Withings: sleep mat; Eight Sleep: sleep system – Instagram reel, 2022
    • Focus on feminine health
  9. Innovators in DIY Mental Health, Virtual Therapy

    • Stop, meditate and listen – Meditation apps in the mainstream
    • Virtual therapy apps flood the market – A few stand out
      • Figure 23: Interest in select virtual therapy apps, 2019-22
    • Bringing mindfulness to the metaverse: virtual therapy goes one step further with VR, XR
      • Figure 24: Tripp: VR-powered immersive meditation – Instagram posts, 2022
  10. Innovations in Organizational Partnerships

    • Facilitating care through patient/physician pairing
    • Workplace wellness initiatives gain steam
      • Figure 25: TimeChi: work companion device and app, 2022
  11. Competitive Strategies and Market Opportunities

    • Strategy: big tech making big moves to target health insurance market
      • Figure 26: Top four tech companies – Summary of select healthcare investments and developments, 2022
    • Opportunity: integration
    • Strategy: harnessing the star power of pro athletes
    • Opportunity: admiration for athletes beyond sports and physical fitness
    • Strategy: extending into entertainment
    • Opportunity: entertain to engage
    • Opportunity: into the metaverse
    • Strategy: pursuing the “inactive” pursuit of wellness – Sleep
    • Opportunity: sleep is top of mind – Show how your service can help promote it
  12. The Tech & Wellness Consumer: Fast Facts

    • Nearly all focused on improving wellness – Physical, mental are top areas
    • Tech wellness tools have more interest than usage – That could change
    • Tech is a positive for overall wellness but it’s complicated
  13. Wellness Attitudes and Focus Areas

    • Wellness is more important now but needs to be better defined
      • Figure 27: Attitudes toward wellness, 2022
    • Gen Z is the odd generation out when it comes to attitudes about mental vs physical wellness
      • Figure 28: Attitudes toward wellness – Agree, by generations, 2022
    • Appendix – The ConsumerDesire to improve wellness is nearly universal
    • Physical and mental wellness are key areas of focus
      • Figure 29: Wellness focus areas, 2022
      • Figure 30: Count of wellness focus areas, 2022
    • Physical, mental wellness focus tips in different directions by demos
      • Figure 31: Wellness focus areas – Physical and mental, by key demographics, 2022
  14. Physical and Mental Wellness: Goals and Specific Focus

    • Many acknowledge they need help to reach their wellness goals
    • Physical wellness
    • A slight majority feel they can achieve their physical wellness goals on their own
      • Figure 32: Physical wellness opinions – Achieving goals, by a focus on improving physical wellness, 2022
    • Physical fitness, eating habits, weight management are top focus areas
      • Figure 33: Physical wellness focus areas, by a focus on improving physical wellness, 2022
    • Mental wellness
    • A slight majority believe they can achieve their mental wellness goals on their own
      • Figure 34: Mental wellness opinions – Achieving goals, by a focus on improving mental wellness, 2022
    • Women, especially those 18-44 and multicultural, are looking for help with mental wellness
      • Figure 35: Need help to achieve mental wellness goals, by gender and age, race/Hispanic origin, 2022
    • Stress and anxiety are the most likely areas of focus
      • Figure 36: Mental wellness focus areas, by a focus on improving mental wellness, 2022
    • Tech that combines physical, mental should prioritize fitness, stress, eating habits
      • Figure 37: TURF analysis – Physical & mental wellness focus areas, 2022
  15. Physical Wellness: Tech Use and Interest

    • Interest in wearable tech for physical health monitoring outweighs use
      • Figure 38: Wearable tech – Physical wellness tools use and interest, 2022
    • Age is a key determinant of use and interest in wearable tech for physical health
      • Figure 39: Smartwatch ownership and physical wellness tools use and interest, by age, 2022
    • Younger women receptive to smart tech to monitor menstruation
      • Figure 40: Wearable tech to monitor ovulation/menstrual cycle – Use and interest, by women’s age, 2022
      • Figure 41: Emme: health and technology company – Smart Case and app, Instagram posts, 2022
    • Familiar tech garners greatest interest
      • Figure 42: Interest in tech for general physical wellness, by a focus on improving physical wellness, 2022
    • Target parents with at-home fitness and fun for the family
      • Figure 43: Interest in smart home gym and video games for fitness, by gender and parent status, 2022
    • Similar strong interest in tech from dietary/metabolic wellness
      • Figure 44: Interest in tech for dietary/metabolic wellness, by a focus on improving physical wellness, 2022
  16. Mental Wellness: Tech Tools and Interest

    • More than half currently use or are interested in mental health apps/games
      • Figure 45: Mental wellness apps/games/tools use and interest, 2022
    • Focus on 18-44s, offer solutions for specific age-related and lifestage situations
      • Figure 46: Mental wellness tools use and interest, by age, 2022
    • “Mindfulness” is soft-spot for DIY mental wellness
      • Figure 47: Interest in tech for mental wellness, by a focus on improving mental wellness, 2022
    • AI-based mental healthcare appeals to 18-44s – Black men, in particular
      • Figure 48: Interest in AI-based mental healthcare, by gender and age, race/Hispanic origin, 2022
  17. Social and Emotional Wellness: Tools and Interest

    • Social wellness tech tools appear to be missing the mark
      • Figure 49: Social wellness tech tools use and interest, by a focus on improving social wellness, 2022
    • Online community groups, wellness influencers reach 18-34s
      • Figure 50: Social wellness tools use and interest, by gender and age, 2022
    • Emotional, social wellness tools compete with general tech devices
      • Figure 51: Interest in tech for emotional/social wellness, by a focus on improving emotional/social wellness, 2022
      • Figure 52: Instagram posts – Bond Touch, HEY Bracelet, 2022
    • Younger, multicultural consumers are most interested in identifying emotions
      • Figure 53: Interest in tech that identifies emotional state, by gender and age, race/Hispanic origin, 2022
  18. Tech, Wellness, Social Media Opinions and Attitudes

    • Technology is most likely seen as having a positive impact on wellness
      • Figure 54: Impact of technology on overall wellness, 2022
    • Gen Zs’ relationship with technology is more complicated
      • Figure 55: Technology impact on my overall wellness, by gender and generations, 2022
    • Technology needs to deliver convenience and ease connectivity
      • Figure 56: Attitudes toward tech and wellness, 2022
    • Having children intensifies feelings toward tech
      • Figure 57: Attitudes toward tech and wellness – Agree, by parental status, 2022
    • Perception of social media is more negative than positive
      • Figure 58: Impact of social media on mental wellness, 2022
    • Gen Z women most likely to feel social media negatively impacts their mental health
      • Figure 59: Social media negatively impacts mental wellness, by gender and generation, 2022
    • More disagree with positive statements about social media impact
      • Figure 60: Attitudes toward social media, 2022
    • Despite negative mental health impact, Gen Z more positive toward social media
      • Figure 61: Attitudes toward social media – Agree, by generation, 2022
  19. Appendix – Data Sources and Abbreviations

    • Data sources
    • Sales data
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
  20. Appendix – Market Value Indicators

      • Figure 62: Total US consumer expenditures and forecast for technology hardware, at current prices, 2016-26
      • Figure 63: Total US consumer expenditures and forecast for technology hardware, at inflation-adjusted prices, 2016-26
  21. Appendix – The Consumer

    • TURF Analysis
      • Figure 64: Table – TURF analysis – Physical & mental wellness focus areas, 2022
    • TURF methodology
      • Figure 65: Any wellness area of focus, by generation, 2022
      • Figure 66: Tech wellness tools use and interest, 2022
      • Figure 67: Opinions about time spent with technology, 2022
      • Figure 68: Technology impact on my overall wellness, by gender and generations, 2022
      • Figure 69: Social media negatively impacts mental wellness, by household income and age, 2022

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