III. Industry Analysis
[Company Name] competes with other IV hydration centers, spas, wellness centers, and other practitioners that offer IV hydration therapy services. Many types of businesses provide IV hydration therapy, which increases competition, but few specialize in it, which gives [Company Name] a distinct advantage.
According to IBISWorld, while there are more than 19,000 wellness centers in the United States, there are only about 600 IV hydration centers. This gives [Company Name] a competitive advantage, as very few businesses specialize in this type of treatment. We can use the opportunity to market ourselves as experts in this particular form of treatment.
Furthermore, there is plenty of room in the wellness industry, particularly for conveniently located wellness centers that cater to specific geographic and demographic customer niches. Smaller wellness centers can easily develop a loyal clientele that enables them to compete and succeed against other centers; in this industry, size does not necessarily mean an advantage, which bodes well for [Company Name]. While small companies in other industries have numerous challenges, smaller and more niche businesses like IV treatment centers can easily thrive in the wellness industry.
Moreover, the IV treatment industry is currently valued at $2 billion in the United States and is expected to grow at an annual rate of 8% through 2028. More customers are becoming aware of the importance of IV hydration treatment, and demand is increasing. Now is the perfect time to start and grow an IV hydration center.
