Rapid Rise of Wellness Economy: Global Shift Toward Health and Well-being

The wellness economy has seen remarkable growth since the pandemic, rising from $4.6 trillion in 2020 to a record $6.3 trillion by the end of 2023, reflecting a 9% annual growth rate (1^✔ ✔Trusted Source
The Global Wellness Economy Reaches a New Peak of $6.3 Trillion - And Is Forecast to Hit $9 Trillion by 2028

Go to source). This sector now accounts for over 6% of global GDP, up from 5.75% in 2019. Despite global challenges, wellness has become a universal value, exceeding politics and ideologies as people increasingly seek resources to build healthier lives for themselves and their families.

Wellness Economy Dominating Global Markets

Between 2019 and 2023, nearly all wellness sectors exceeded pre-pandemic levels, with the following areas experiencing the highest growth rates:

• Wellness Real Estate: 18.1% annual growth
• Public Health, Preventative & Personalized Medicine: 15.2% annual growth
• Mental Wellness: 11.6% annual growth

The wellness economy now surpasses other global industries, including pharmaceuticals, IT, and sports. It is also more than 30% larger than the green economy, currently valued at $4.8 billion. Astonishingly, wellness now represents over 60% of global health spending, estimated at $10.6 trillion.

North America, Asia-Pacific, and Europe dominate the wellness market, together accounting for over 90% of the global economy in this sector. North America leads with a market size of $2.2 trillion, followed by Asia-Pacific at $1.9 trillion, and Europe at $1.7 trillion.

Notably, North America and Europe also lead in per capita wellness spending, with North Americans spending $5,768 per capita, compared to $1,794 in Europe.

Industry Forecasts

The wellness sector is expected to expanding rapidly, with an anticipated growth rate of 7.3% annually from 2023 to 2028. By the end of this period, the wellness economy is expected to account for 6.8% of global GDP. Key growth sectors include:

• Wellness Real Estate: Projected to grow at 15.8% annually
• Mental Wellness: Expected to grow by 12.2% annually
• Wellness Tourism: Forecasted to grow by 10.2% annually
• Thermal & Mineral Springs: Predicted to increase by 9.2% annually
• Healthy Eating, Nutrition, and Weight Loss: Expected to grow by 6.4% annually

By 2028, wellness real estate and mental wellness markets will nearly double in size, and five market areas are expected to exceed $1 trillion in size for the first time, including personal care and beauty, wellness tourism, physical exercise, healthy eating, and public health.

The Wellness Decade (2013-2023)

Over the past decade, consumer demand for wellness has increased, making it a pivotal era in the sector's development. The wellness economy grew at a rate of 6.5% per year during this time, significantly outpacing global GDP growth.

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The growing influence of wellness is a reflection of societal shifts, including a rising aging population, the global prevalence of chronic illness, and an increasing focus on mental well-being.

As these dynamics continue, the wellness economy will play an even more significant role in shaping the global economy, surpassing other industries in both size and impact.

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Reference:

1. The Global Wellness Economy Reaches a New Peak of $6.3 Trillion––And Is Forecast to Hit $9 Trillion by 2028 - (https:globalwellnessinstitute.org/press-room/press-releases/the-global-wellness-economy-reaches-a-new-peak-of-6-3-trillion-and-is-forecast-to-hit-9-trillion-by-2028/)

Source-Medindia