“We’re seeing so much more funding, but we’re also seeing more interest in this concept of interventional living where people post-pandemic, are becoming more accepting of their lives and their health interconnecting with machines and data technology.” – Olivia Houghton, The Future Laboratory

87% of consumers now consider wellness a top or important priority in their everyday lives – McKinsey Future of Wellness

The wellness market is thriving and our understanding of health and wellbeing is rapidly evolving. We’re in the midst of an unprecedented shift, driven by cutting-edge technology, innovation and emerging trends in lifestyle, nutrition, and healthcare. Consumers are more committed than ever, with growing demand for products that enhance fitness, nutrition, appearance, sleep, and mindfulness - proving that the pursuit of better health is here to stay. In the United States alone, McKinsey estimates the wellness market has reached $480 billion, growing 5 to 10% per year.

People are more open to technology’s role in health than ever before, from monitoring devices to neuro-technology that tracks brain health. There is a growing demand for data and personal health analytics that supports our understanding and improvement of our health and wellbeing. 

A new era for biomonitoring and wearables

The rise in wearable tech, particularly for health monitoring, reflects a growing societal shift towards proactive health management. Today's consumers are significantly more trusting of health-focused technologies compared to previous generations, viewing them as a positive addition to daily life, leveraging technology for actionable health and wellness, with Olivia Houghton describing the “self-care economy” as a “kind of feedback loop creating a more proactive health generation that is interested in investing in preventative health and the self-care economy.” 

This is particularly prevalent for Gen Zs and millennials in particular, who according to McKinsey’s Future of Wellness report, are purchasing more wellness products, devices and services than the older generations to enhance health, sleep, nutrition, fitness, appearance and mindfulness.

A Deloitte report on Digital Consumer Trends 2023 revealed that wearable tech usage among UK adults aged 18-75 increased from 40% to 45% across 4,150 respondents. These devices are evolving beyond step tracking, offering advanced diagnostics and deeper health insights.

Challenges with AI and Big Data in the wellbeing industry

Where there’s conversation around progress, there’s also the counter narrative around protection and preservation:

• Data processing: Dr Max Wilson discussed the scientific impact of this information. Because people are adopting health technology at such a growing rate, and data processing is so cheap, there is a huge mass of data collection. However, results often emphasise general trends over personalised health insights and rarely give an accurate picture of the individual.
• Data interpretation: The need for clear communication of data results is essential for public understanding and empowerment. It is important that people have a clearer understanding of what information they are handing over and how it is being used. 
• Potential for bias and misuse: AI-driven health data can potentially bypass discrimination, but safeguards are needed to ensure ethical applications. AI systems are still far more likely to skew a certain way and make decisions that are systematically unfair to certain groups of people, and representative data is needed in their development. 
• Data Overload and Privacy Concerns: Max went on to discuss the widespread data collection of health information taking place. He flagged the ethical questions we must ask about how this information could be detrimental to our lives, such as if somebody is employable or if they are fit to pass a driving test. People will naturally seek bias if they are given the information to do so. 

Women's health focus 

While the women’s health sector has seen recent growth, significant unmet demand remains, particularly in addressing menopause - a long-overlooked market segment, with only 5% of FemTech start-ups focusing on menopause-related needs.

Beyond menopause, consumers continue to seek products and services across the broader women’s health space, including menstrual and intimate care, fertility support, pregnancy and motherhood products, and women-cantered healthcare facilities. These trends highlight vast opportunities for companies to innovate and expand their offerings to meet evolving needs in this space.

Dr Louise Newson told us about the greater visibility being given to women’s health issues, moving towards addressing "health of women" with more specific language and tools like the Balance app. She noted that there is a now a world of women’s health built online and on social media. Louise emphasised how important it is that we define the language around these issues more clearly to educate people on these issues and build a deeper understanding.

Nutrition and mental health

Another trend we are seeing in health and wellness is the shift towards products including clinically proven ingredients, rather than those deemed to be ‘clean’ or ‘natural’. This is particularly prevalent in the market for over-the-counter meds, vitamins and supplements. Olivia Houghton went on to discuss how the wellbeing revolution has muddied the education around good health. The broken global food system specifically highlights how food should really be seen as one of the most “preventive medicines.” 

“There’s a real problem with the food system and this is impacting people on a daily basis. If we could just realise that food is one of the most powerful preventative medicines in the world, that would be amazing” – Olivia Houghton, The Future Laboratory 

However, we now look for instant solutions rather than approaching the issue head on. Supplements and anti-spike measures highlighted by social media influencers, like the Glucose Goddess are taking their own measures to combat food issues, such as her anti-spike supplement. 

A healthier tomorrow: What do we expect looking forward?

• Gamification and motivation: It is also important for us to figure out how we can use technology to our advantage to make it more accessible to users. Tom Gaunt highlighted an example of this with fitness technology, which gamifies health to promote consistent health habits, supporting diverse user groups from "ultra-fitness" enthusiasts to beginners.
• Healthification of beauty: The beauty industry increasingly incorporates wellness principles, with products based on scientific and synthetic advances for holistic care. Olivia Houghton highlighted how the health and wellbeing industry is factoring into beauty products, with customers taking a far closer look at what is specifically in their products, and wanting evidence-backed solutions, before applying it. 
• Empowerment through knowledge: Dr Louise Newson made it clear that educating the public to discuss health issues meaningfully and understand technology's role in personalised wellness is essential to grow the industry: “One of the things that’s making the biggest difference is empowerment of people’s knowledge. I don’t really mind if people take HRT or not, I don’t mind if they smoke or not. They just need to know what’s good for them and what isn’t really. Technology allows us to have a choice.”

These are an extract from the panel discussions at xCHANGE 2O24. You can listen to the full discussions here.