Why the Health and Wellness Franchise Category is Booming Right Now

With more people thinking about what health and wellness means to them, there has been a big jump in demand in the industry, making it a hot segment for franchising.

“The biggest trend I've seen in this industry is how people define wellness. It's a much more diverse and holistic view that's emerged over the last five to seven years. It includes things like better sleep, mindfulness, meditation, flexibility and all of those things. It's not just about not being sick and having a lot of muscles,” explained Scott Wendrych, chief development officer for FYZICAL Therapy and Balance Centers, the United States’ fastest-growing physical therapy franchise.

Increasing Priority on Wellness 

“Having been involved in the health and wellness industry for about 17 years, I've honestly never seen a better time to be getting involved,” explains Wendrych. 

He cites a McKinsey and Company study from last year that estimates the global market for wellness is valued at $1.5 trillion, with an annual projected growth rate of between five to 10%.  

The survey of over 7,500 consumers in six countries shows 42% of people consider health and wellness a top priority in their lives. There has been a substantial increase in prioritization for health and wellness over the past two to three years. 

“I think the pandemic certainly has opened people's eyes to living a healthier lifestyle. And  consumer sentiment is driving that,” he added. 

Growing Elderly Population

Today, Americans aged 65 or older make up 15% of the population, and it's growing rapidly. Census data shows that number will reach 25% of citizens by 2060. And with about 35% of those over 40-years-old suffering from some kind of balance or vestibular disorder in their lifetime, there is a huge need for experts who can help keep them strong and active. 

“Seniors in this country become sedentary, and then they start to lose muscle mass, strength and coordination. They stop living their lifestyle. They don't take the dog for a walk anymore. They don't go out to eat for lunch anymore. We work hard to combat that,” said Wendrych. “This industry is at a really interesting inflection point, and the right place at the right time for continued growth.”

An Alternative to Prescriptions 

The crisis with addiction in America has made many doctors think twice before using an addictive prescription as the first measure of treating a patient. Things like physical therapy and focusing more on wellness has been embraced by more healthcare professionals as something that can benefit individuals. 

“The opioid epidemic really changed how healthcare professionals approach wellness,” said Wendrych. “Physicians are starting to view physical therapy as preventative medicine, and not just rehabilitation from injury or surgery. They have refocused on physical therapy as a way to prevent injuries and help patients live a more active lifestyle.”

Patient Retention is High 

The main reason that people seek the help of a wellness professional is to feel better, and much like any other service in the health industry, that’s measured by results. When someone hires a personal trainer, they seek the end result of gaining muscle or losing fat. When someone enlists the help of a dietician, they hope for better eating habits and nutrition. When going to physical therapy, they hope to ease tension and gain flexibility. 

It takes hard work and dedication to get to a goal, which means clients are often working with professionals over a course of time. This is a recurring model that benefits both the business and the consumer. 

“We design a plan of care that outlines what the end result should look like for them to achieve success in their physical therapy. We're giving them a clear line of sight to where they should be physically when they are done with treatment. That keeps people coming back,” said Wendrych.