Global Wellness Economy Surges to $6.3 Trillion, Forecasted to Reach $9 Trillion by 2028
Krissy Vann | Host, All Things Fitness and Wellness
The global wellness economy has reached an all-time high of $6.3 trillion in 2023, marking a significant 9% growth over the previous year. New research from the Global Wellness Institute indicates that the wellness industry, which covers areas like mental health, wellness tourism, and public health, is expanding rapidly and is on track to reach $9 trillion by 2028.
According to GWI researchers, the wellness industry has become a critical part of the global economy. "The wellness economy continues to march forward at a brisk pace, despite a decline in global wellbeing on many fronts,” said GWI senior researchers Katherine Johnston and Ophelia Yeung. "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?"
Since the start of the pandemic, the wellness industry has seen substantial growth, outpacing even mega-industries like IT, sports, and tourism. It is now four times larger than the global pharmaceutical industry, which is valued at $1.6 trillion. Wellness accounts for over 6% of global GDP, rising from 5.75% in 2019, and is expected to grow by 7.3% annually through 2028.
Between 2019 and 2023, nine of the eleven wellness sectors exceeded pre-pandemic market levels, including wellness tourism, spas, and wellness real estate. Wellness real estate, in particular, has seen explosive growth, with consumers and the building industry increasingly recognizing how our physical surroundings impact mental and physical health. This sector has grown at an annual rate of 18.1%, now sitting at 195% of its 2019 market size.
The wellness industry’s reach is also expanding geographically. North America, the Middle East, and Europe have seen the most significant gains since 2019, with North America’s wellness market reaching $2.2 trillion, followed by Asia-Pacific at $1.9 trillion and Europe at $1.7 trillion. These regions together represent more than 90% of the global wellness economy.
Driven by an aging population, the increase in chronic diseases, and widespread mental health concerns, the demand for wellness services continues to grow. From 2022 to 2023, wellness tourism saw the largest sector increase at 30.3%, followed closely by spas and thermal/mineral springs, each experiencing growth of over 28%. Public health, prevention, and personalized medicine have also become a major part of wellness spending, reflecting a shift from traditional consumer markets toward broader public health interests.
Looking ahead, the wellness industry is expected to grow faster than global GDP, with annual growth rates of 7.3% projected through 2028. This growth will be led by wellness real estate, mental wellness, and wellness tourism. By 2028, five wellness sectors—personal care and beauty, healthy eating, physical activity, wellness tourism, and public health—are each expected to surpass $1 trillion in market value.
With its ongoing expansion, the wellness economy shows no signs of slowing down and continues to redefine health and well-being on a global scale.
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