Web3 and wearables integrating and reshaping global wellness

The global wellness market, valued at $1.8 trillion, is undergoing a significant transformation with the integration of Web3 applications; McKinsey & Company's research highlights the growing demand for evidence-based wellness solutions, particularly driven by Gen Z and millennial consumers. In the US alone, the wellness market has reached $480 billion, propelled by the popularity of at-home diagnostic kits and wearables such as biometric rings. These innovations offer convenience and actionable insights but do raise data privacy concerns that need to be addressed by companies. The advent of Web3, characterised by blockchain technology, decentralization and patient-centric data control, is revolutionising the wellness sector. Furthermore, Web3 enables data sovereignty which allows patients to control their health records and participate in decentralized healthcare marketplaces. Blockchain technology ensures secure and interoperable data exchange (reducing administrative burdens and en…