The Global Wellness Institute's (GWI) 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.
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 well exceeded their 2019 levels (only thermal/mineral springs and workplace wellness have not yet fully recovered, but will in 2024).
Related: Global Wellness Summit Reveals The Future of Wellness 2024 Trends Report
The sectors with the most powerful annual growth rates from 2019 to 2023 are: wellness real estate (18.1%), public health, prevention and personalized medicine (15.2%) and mental wellness (11.6%). To provide some context on the rising 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 fueling the wellness economy will only accelerate—an aging 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.
“The wellness economy continues to march forward at a brisk pace, despite a decline in global well-being 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?”
