The Global Wellness Institute’s (GWI) latest research reveals the unstoppable momentum of the wellness economy, now valued at $6.3 trillion—26% higher than its pre-pandemic size and poised to reach $9 trillion by 2028. The wellness industry, currently four times the size of the global pharmaceutical market ($1.6 trillion) and accounting for nearly 60% of all consumer health expenditures, reflects a post-pandemic surge in global demand for well-being.
Today’s release of the Global Wellness Economy Monitor 2024 quantifies this growth: the wellness market has expanded from $4.6 trillion in 2020 to $5.8 trillion in 2022, reaching a record $6.3 trillion by the end of 2023 (a 9% annual increase). Wellness now represents over 6% of global GDP, up from 5.75% in 2019, showing how intrinsic it has become to the broader economy.
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 significantly 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 personalised medicine (15.2%), and 3) mental wellness (11.6%). To provide some context on the major 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 fuelling the wellness economy will only accelerate—an ageing 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).
Wellness Market Size––2017-2028
2017: $4.5 trillion
2019: $5 trillion
2020: $4.6 trillion
2021: $5.4 trillion
2022: $5.8 trillion
2023: $6.3 trillion––Growth rate from 2019-2023: 5.9% CAGR
2028: $9 trillion––Projected growth rate from 2023-2028: 7.3% CAGR
Katherine Johnston and Ophelia Yeung, GWI senior researchers, commented:
The wellness economy continues to march forward at a brisk pace, despite a decline in global wellbeing on many fronts,” 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?
Katherine Johnston and Ophelia Yeung, GWI senior researchers
Download the full report HERE.
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.
