GWI research reveals global wellness economy now worth $6.3 trillion

New research from the Global Wellness Institute (GWI) has revealed that the global wellness economy has reached 5.9% annual growth.

The Global Wellness Economy Monitor 2024, revealed today at the Global Wellness Summit (GWS), demonstrates the global wellness economy is worth 26% more than it was pre-pandemic – $6.3 trillion (£4.9 trillion/€5.8 trillion).

This figure has grown from $4.6 trillion in 2020.

Thanks to a wellness market with relentless momentum, this figure is forecast to surge to a record $9 trillion by 2028.

The wellness industry is now roughly four times larger than the global pharmaceutical industry ($1.6 trillion). It is nearly 60 per cent bigger than all consumer health expenditures ($10.6 trillion).

Spa and wellness is now much larger than the pharmaceutical industry, IT, tourism and the green economy.

“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?” said Katherine Johnston, senior researcher at the GWI.

Expanding the reach of wellness

Wellness continues to expand its share of the overall economy, now representing more than 6 per cent of global GDP. This is up from 5.75 per cent in 2019.

Growth has been seen in wellness markets across every global region from 2019-2023. North America, Europe and Middle East-North Africa are the biggest growth regions.

North America is now at 137 per cent of its 2019 market) and Middle East-North Africa is at 130 per cent, while Europe is at 125 per cent of 2019.

The largest regional wellness markets are:

• North America – $2.16 trillion
• Asia-Pacific – $1.88 trillion
• Europe – $1.65 trillion

Together, they account for more than 90 per cent of the entire global wellness economy.

The wellness decade

The years between 2013 and 2023 could be dubbed the ‘wellness decade’, as this is when consumer interest and the need for wellness became an explosive and permanent shift.

Over that decade the market grew by 6.5 per cent annually.

As trends fuelling the wellness economy, such as an ageing population and chronic disease, continue to accelerate, the GWI predicts the industry will grow 7.3 per cent annually from 2023 to 2028.

In four years, it will represent 6.8% of global GDP.

“While wellness was a rising consumer value around the world prior to 2020, the pandemic has given it a significant boost to a dominant position in the consumer wallet,” said Johnston.

“Survey after survey has shown that wellness has become a priority globally. Increasingly, consumers no longer view wellness spending as a luxury, but as essential to maintaining good health, increasing longevity and improving mental resilience.”

Wellness sectors growth

The wellness sectors with the most powerful annual growth rates from 2022 to 2023 were:

• Wellness tourism (30.3 per cent)
• Spas (29.3 per cent)
• Thermal/mineral springs (28.7 per cent)

The wellness sectors with the most powerful annual growth rates since its pre-pandemic level:

• Wellness real estate (18.1 per cent) – 195 per cent of its 2019 level
• Public health, prevention and personalised medicine (15.2 per cent) – 176 per cent of 2019 level
• Mental wellness (11.6%) – 155% of 2019 level

Nine of the 11 wellness sectors now have market sizes that exceed their 2019 levels.

Rapidly growing wellness sectors

Projected growth leaders between now and 2028 are wellness real estate, mental wellness wellness tourism and thermal & mineral springs.

The GWI predicts that the wellness real estate and mental wellness markets will roughly double by 2028 when, for the first time, five wellness markets will surpass $1 trillion in market size.

As the wellness economy continues its robust growth and expands its share of consumer spending, the GWI predicts the underlying forces that propel the growth of wellness will remain as compelling as ever.

“There is no question that consumer interest in all things related to wellness has become a permanent shift,” said Johnston. “There is also a growing awareness of the environmental determinants of health, whether we are at home, at work, travelling or in our community.

“Wellness has expanded to encompass many stakeholder groups beyond hospitality, leisure, and personal care including more businesses and brand. These stakeholders will increasingly take wellness to more consumers and to the masses.”

The report provides new market sizes, recent growth rates and projections to 2028 for all 11 wellness sectors. The analysis is based on extensive primary and secondary research conducted from January to September 2024.

It prepared by the GWI’s principal researchers Katherine Johnston, Ophelia Yeung, Tonia Callender,and Joanne Hopkins.

The full report is available here.

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