Anatomy of Health & Wellness Startup Opportunities.
Anatomy of Health & Wellness Startup Opportunities.
The growth of digital health and wellness applications are increasing at an exponential pace. The wellness marketplace has turned out to be a huge business prospect with $3.4 trillion sector. This is because the $3.4 Trillion Worldwide Wellness Industry is currently 3x bigger than the global Pharmaceutical Industry, as per the study done by the Global Wellness Institute.
The Wellness Tech Market Map
There are over 150 wellness startups in this figure that are up and coming and expanding in the wellness market and also well-funded. As a wellness startup, if you are considering jumping into the wellness market, then we have looked into the leading 6 areas to take into account prior to creating a wellness app.
Leading 6 Wellness App Areas Startups Should Look Into Before Creating Wellness Apps
1. Beauty & Personal Care
The previous couple of years there has been an increase in funding for beauty startups with financing rounds. Based on the CB Insights report, several new beauty startup businesses have already been granted over 74 rounds of financing in 2016. In this graphic, it is possible to verify the beauty and cosmetics yearly worldwide financing record.
Nevertheless, the “beauty and personal care” sector accept companies that create all-natural or organic beauty and personal care goods like YesTo and Juice Beauty, probiotics natural skin care collections such as TULA and Gallinee. As a beauty technology startup, there are enormous opportunities to thrive in the near future. Implementing Augmented Reality and allowing consumer to try virtually before purchase has been latest trend in all fashion brands
2. Nutrition
Speaking about the nutrition sector, it is anticipated to hit 81.5 billion USD by 2023. Also, the natural and organic components are bringing in an increasing number of customers. Clearly, this niche is rather popular with users, including: Active nutrition and Nutrition Diet Tech
Active nutrition is made up of sports nutrition brands. Startups like Foodspring, the active nutrition company based in Berlin, provides pre-nutrition and post workout supplements that are plant-based.
Then again, Nutrition Tech niche is focused on tech-enabled personalization nutrition platforms, which link customers with a virtual nutritionist via nutrition technology applications. Based on preferences like organic food , vegan, non vegan meal planners are in demand.
3. Vitamins and Supplements
This section is likewise thriving in the wellness niche, supplying nutritional vitamins and health supplements on the internet. Startups are thinking about creating custom-made vitamins as well as beauty centered dietary supplements for vitamins and hair regrowth aimed at men and women respectively. Hair care startups will also be making an investment in this app niche to offer remedies for hair loss. Hims is among the successful hair care startups that offer nutritional supplements for hair regrowth.
4. Fitness
This niche consists of fitness technology brands like Peloton the cycling and treadmill machine company (over $1B overall in revealed financial backing) and Mirror (secured $13 million in February 2018). One more noteworthy fitness technology startup, ClassPass which is an on-demand exercise class reservation system and the workout platform GuavaPass based in Singapore. Wearables like Garmin, Revita, GoQuii, Fitbit has created completely new dynamic in fitness sector.
This section also features those fitness startups businesses including AthGene, which that offers analysis of genes for fitness buffs to facilitate their exercise and nutrition habits.
5. Mental Wellness
The objective of this mental wellness app category is to mental health and wellbeing among the clientele. A meditation app like Headspace ($74.6M) for wearables is also included in the mental wellness app category. They offer guided meditation including Muse ($31.2M) to Woebot, which is a mood monitor. App likes Mantra which fall in low cost high return category.
6. Cannabis
This app category has suddenly become popular. In this sector, companies offer consumer-facing products. As now Cannabis is being legalized things are growing fast in this market. Cura Cannabis Solutions is one of the best financed cannabis companies getting almost $55M in overall disclosed financing. They make CBD oils for consumers and premium edible brands where it is legal in the US and to markets worldwide.
7. Feminine Care
FemTech is a growing sector in wellness. Various startups are exploring this opportunities in this section startups like Clue, Menstrupedia, OOWomenia , Elvie are breaking stereotypes & improving women health considerably.
Why Wellness Startups needs to look into Wellness App development?
1. Get into Detail
Because Mobile phone are one of the most prices possession of man kind at the moment & capabilities of this devise has gone to next level. App can help you to various data points of consumer such as sleep & activity, health parameters, location & lifestyle. This information can be very vital for Wellness start-ups for scaling up their operations.
2. Every Individual is a different
Wellness industry can not work in one fit for all principle, every individual is a different & customized business model is required to cater need or problem of each individual or target market. Apps can be the best way to implement it.
3. Precise RoI Calculation
Having a wellness startups you will have to spend money on marketing , app can be the best way to identify success of your RoI. Getting in to your consumer’s mobile phone can be the best possible outcome of any marketing campaign.
Which are new tech trends in health and wellness segment?
o Chatbots For Consultations
o Wearables For More Data points
o AR / VR for immersive experience
o Blockchain For Securing Every Steps Ahead
o Voice Assisted technologies to extend reach & experience
o AI For Image Recognition & Making most out of data
Apps are now integral part of the tech ecosystem & It is needless to explain that implementing any new technology will have to go through device agnostic mobile applications.
