IBISWorld has expanded its industry research report collection to cover more industries aimed specifically at segments within the growing Wellness Services industry.
Los Angeles, California (PRWEB) September 03, 2011
The Wellness Services industry has recently enjoyed strong revenue growth and is forecast to continue expanding in the years ahead, according to IBISWorld, the nation’s largest publisher of industry research. The services of the $11.6-billion wellness services industry are becoming more mainstream, and as a result, revenue is expected to grow at an average of 4.2 percent per year during the five years to 2011. For this reason, IBISWorld has expanded its industry research report collection to cover more industries aimed specifically at segments within the growing Wellness Services industry.
The wellness service industry generally lies outside conventional medicine and can be classified into seven main categories, which are now covered in depth by IBISWorld. The new industry market research reports that are available for purchase from IBISWorld include: Corporate Wellness Services industry, Fitness Boot Camps industry, Health & Wellness Spas industry, Life Coaches industry, Martial Arts Studios industry, Personal Trainers industry and the Pilates & Yoga Studios industry.
Consistent demand for wellness services, despite recessionary conditions, is partly due to the essential nature of industry services. Patients are less likely to cut spending on healthcare than reduce spending on more discretionary goods. The economic recession benefited the Wellness Services industry as Americans faced mounting difficulty accessing conventional healthcare. In 2008 and 2009, many individuals lost health insurance coverage due to falling employment and income levels. This reduction in conventional care helped level the playing field for alternative healthcare providers. Many industry services are not covered by insurance or government programs, such as Medicare and Medicaid, so when insurance coverage fell during the recession, many individuals became open to trying alternative methods.
Acceptance and appreciation of industry services is growing. “The Wellness Services industry is in the growth stage of its life cycle. During the 10 years to 2016, the value that the industry adds to the overall economy is forecast to grow an average of 6.3 percent per year,” says IBISWorld analyst Sophia Snyder. “This rate outpaces growth in US gross domestic product, which will increase an average of 2.0 percent annually during the same period.”
The Wellness Services industry is benefiting from mounting acceptance of its safety and efficacy, which attracts more people to industry services. Although an increasing percentage of Americans have been using alternative healthcare during the five years to 2011, IBISWorld estimates that more than 60.0 percent of the population still does not use care provided by wellness services. This factor suggests there is room for significant growth in the industry in the coming years as acceptance continues to escalate. More specifically, graduating medical students have had increased exposure to alternative healthcare methods during the past years, which is forecast to lead to enhanced appreciation for industry providers and more referrals from conventional hospitals.
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
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