The global
health and wellness market is expected to grow at a CAGR of
5.98% during the forecast period. The market growth is affected by challenges,
which include frequent product recalls, lack of cost transparency and
value-based payments, and high degree of disorganization, price instability,
and lack of skilled manpower.
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Health and wellness companies across the world are
continuously striving to improve the quality of their products and lower the
cost of operations. Furthermore, cost control is the major challenge that
vendors must tackle if they want to build upon their consumer base in the
health and wellness industry. Building data infrastructure to maximize
value-based care reimbursement pathways and outcome-based financial models can
be a vital step in achieving the lower cost of operations.
Addressing pharmacy costs and bringing about a reformation
in healthcare in compliance with the frequently changing, the highly complex
set of regional, global, and industry-specific directives and laws are some of
the other challenges faced by the vendors operating in the global health and
wellness market. Despite the challenges the market is expected to grow in an
accelerating momentum.
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