A new report by the Global Wellness Institute (GWI) reveals hard numbers to prove that wellness matters more to people each year post pandemic. The paper Global Wellness Economy Monitor 2024 found 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.
The sectors with the most powerful annual growth rates from 2019 to 2023 are:
According to the report, consumers and the construction industry have understood that if we want to shape people’s well-being, we have to shape the environments in which they find themselves.
For GWI, trends such as an ageing population, chronic diseases and a greater focus on mental health are helping to drive the growth. The wellness industry is now roughly four times larger than the global pharmaceutical industry and nearly 60% as big as all consumer health expenditures. It is expected to close 2024 valued at $6.8 trillion. By 2028, the projection is to reach $9 trillion.
“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?”
Source: Global Wellness Institute
