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

From 2013 to 2023, the wellness economy grew at 6.5% annually, surpassing global GDP growth, reflecting rising demand for healthier lifestyles.

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 ().

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.

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‘The wellness economy now surpasses pharma, IT, and sports industries, and is over 30% bigger than the green economy. #wellnessindustry #globaleconomy #medindia ’

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.

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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:

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