In Autumn 2020, VinciPR identified key market trends in Wellness Tech:
- Surge in online wellness services. As the physical world has been put on hold due to the COVID-19 pandemic, online wellness solutions have surged. For instance,the meditation app Headspace experienced a 19-fold jump in users completing a calming exercise.
- Major emphasis on sleep technologies. According to the Center for Disease Control and Prevention (CDC), 1 in 3 adults in the US does not get enough sleep, costing $411 billion annually due to productivity loss. Consequently, sleep technologies are on the rise –the sleep industry is estimated to reach $585 billion by 2024.
- Advances in DNA testing inform lifestyle choices. DNA testing has gained popularity due to its ability to detect predispositions to illnesses such as heart disease, cancer or neural dysfunction. Advancements in DNA sequencing technologies have reduced costs and enabled direct-to-consumer offerings.
- Corporate solutions. Corporate Wellness Technology (CWT) Platforms. Employee wellness solutions that combine multiple features into one suite. Corporations are adopting these technologies for employee wellness, yet they are often loosely strung together and lack a cohesive experience.