New Global Wellness Institute research reveals a wellness market with relentless momentum, worth 26% more than it was pre-pandemic. The wellness industry is now roughly four times larger than the global pharmaceutical industry ($1.6 trillion) and nearly 60% as big as all consumer health expenditures ($10.6 trillion).
MIAMI, FL – Numerous global surveys have found that wellness matters more to people each year post pandemic. With today’s release of the Global Wellness Institute’s (GWI) Global Wellness Economy Monitor 2024, there are hard numbers to prove it. The research finds that the wellness market grew from $4.6 trillion in 2020 to $5.8 trillion in 2022, and reached a record $6.3 trillion by the end of 2023 (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. Market sizes in nine of the 11 wellness sectors have well exceeded their 2019 levels (only thermal/mineral springs and workplace wellness have not yet fully recovered, but will in 2024). 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 personalized medicine (15.2%), and 3) mental wellness (11.6%). To provide some context on the rising impact that wellness is having on the world economy, GWI researchers compared it to other vast global industries, finding it’s much larger than the pharmaceutical industry, sports, IT, tourism, and the green economy.
Because the trends fueling the wellness economy will only accelerate – an aging population, chronic disease, widespread mental unwellness – the GWI predicts that the industry will grow a rapid 7.3% annually from 2023 to 2028, when it will 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 is packed with data. It provides new market sizes, recent growth rates, and projections through 2028 for all 11 wellness sectors. It also contains regional data, the top 20 national markets for each wellness sector, and per-capita spending by sector, all while exploring major trends that will impact each segment in the future.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
