Research from the New Global Wellness Institute indicates that the wellness market has grown by 26 percent since pre-pandemic levels.
The market is roughly four times the size of the global pharmaceutical industry ($1.6 trillion) and nearly 60% of total consumer health expenditures ($10.6 trillion).
Wellness has become increasingly important since the pandemic. The Global Wellness Institute’s (GWI) Global Wellness Economy Monitor 2024 reports that the wellness market grew from $4.6 trillion in 2020 to $6.3 trillion by the end of 2023, reflecting a 9% annual growth.
Wellness continues to expand its share of the overall economy, now representing over 6% of global GDP, up from 5.75% in 2019.
Wellness markets across every global region have seen strong growth from 2019 to 2023, with North America, Europe, and Middle East-North Africa recording the biggest gains.
The sectors with the most powerful annual growth rates from 2019 to 2023 are: 1) wellness real estate (18.1%), 2) public health, prevention and personalised medicine (15.2%), and 3) mental wellness (11.6%).
GWI researchers found that the wellness sector has a greater impact on the global economy than the pharmaceutical industry, sports, information technology, tourism, and the green economy.
The Global Wellness Institute (GWI) forecasts that the wellness economy will grow at an annual rate of 7.3% from 2023 to 2028, driven by an aging population, chronic diseases, and mental health challenges. By 2028, it is expected to represent 6.8% of global GDP.
The market will reach nearly $6.8 trillion in 2024 and nearly $9 trillion in 2028 (nearly double its 2019 size).
“The wellness economy continues to march forward at a brisk pace, despite a decline in global wellbeing on many fronts,” said Katherine Johnston and Ophelia Yeung, GWI senior researchers.
“In a world full of uncertainty and divisiveness, wellness has become a universal value.
“No matter your politics or beliefs, who doesn’t desire the knowledge, tools, and opportunities to build a healthy life for yourself and your family?”
The 100-plus-page report provides new market sizes, recent growth rates, and projections through 2028 for all 11 wellness sectors.
It includes regional data, the top 20 national markets for each wellness sector, and per-capita spending, while examining key trends.
Read more here.
All photos:unsplash.com
