HCM Issue 7 2022

Page 70

AC TIVE AGEING

It’s vital to understand outcomes, especially as the line between wellness and healthcare blurs and chances for reimbursement increase

DOUBLING DOWN

ON WELLNESS Colin Milner, CEO of the International Council on Active Aging explains the latest research into opportunities in the active-ageing sector

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Issue 7 2022 ©Cybertrek 2022

PHOTO: COLIN MILNER– ICAA

“T

he wellness market is booming,” states global business consulting firm McKinsey & Company. “Consumers intend to keep spending more on products that improve their health, fitness, nutrition, appearance, sleep, and mindfulness.” So, is the fitness, health and wellness industry embracing this US$15tn opportunity and if not, what needs to change for this to happen? To answer these questions, the International Council on Active Aging (ICAA) – an industry association that has led, connected, and defined the active-ageing industry in North America since 2001 – surveyed its real estate, community, fitness, health and wellness centre members and found an industry doubling down on wellness. Four in five (81 per cent) of the 459 survey respondents said they view wellness as a ‘high’ or ‘essential’ priority for their organisation – a 55 per cent increase since 2019. Findings from the ICAA State of the Wellness Industry 2022 show industries such as real estate, community,

fitness, health and wellness centres in transition. One example is the real estate market’s senior living segment. Nearly two in three (61 per cent) of the 242 respondents from this sector feel their community will be based on a wellness lifestyle with care options by 2025. This is consistent with opinions in the 2018 ICAA Trends Survey, when the same question was first asked.

What can the survey results teach us? This move towards wellness may explain why lifestyle programmes top the priority list of 88 per cent of all