At the recent GSWS in Marrakesh, Morocco, important new research that sizes and analyzes the ten sectors that comprise the “umbrella” wellness industry was unveiled. The big finding: wellness is now a staggering $3.4 trillion market – and one of the biggest, fastest-growing industries on earth. Some context: it’s a 3.4 times bigger market than the $1 trillion, global pharmaceutical industry.
The 10 Markets Making Up the Wellness Industry:
Current Size & Growth:
- Spa Industry: A $94 billion global market – with 58% growth (from $60 billion) since 2007. Spa locations also grew 47%: from 71,762 in 2007, to 105,591 today.
- Wellness Tourism: A $494 billion worldwide market, up 12.5% in 2013 (more than the 9% originally forecast). Wellness tourism represents more than one in seven (14.6%) of all travel dollars spent worldwide – and wellness-focused trips jumped from 524 million to 586.5 million in the last year.
- First Data on the Thermal/Mineral Springs Market: A surprisingly large $50 billion global market, with nearly 26,847 facilities across 103 nations.
- Healthy Eating/Nutrition/Weight Loss: A $574 billion market – with 108% growth (from $276.5 billion) since 2010.
- Preventative/Personalized Health: $433 billion market – with 78% growth (from $243 billion) since 2010.
- Complementary/Alternative Medicine: $187 billion industry – with 65% growth (from $113 billion) since 2010.
- Beauty & Anti-Aging: $1.03 trillion global segment – clocking 51% growth (from $679 billion) since 2010.
- Workplace Wellness: $41 billion market – seeing 30% growth (from $30.7 billion) since 2010.
- Fitness & Mind-Body: $446 billion market – with 14% growth (from $390 billion) since 2010.
- Wellness Lifestyle Real Estate: $100 billion sector today. (Note: new to the study in 2014, so no growth percentage.)
The MATH AGAIN: It all adds up to $3.4 trillion…
And Ophelia Yeung, senior consultant, Center for Science, Technology & Economic Development, SRI, and one of the report’s lead researchers, argued that she only sees more growth ahead: “Prevention-challenged traditional healthcare systems, and an obesity and chronic disease crisis, are simply costing people and governments too much. So, it’s a very good bet that the double-digit annual growth rates across these wellness sectors we’ve tracked these last few years should continue, as more people proactively change the way they eat, exercise, travel, work and live – and more governments are inevitably forced to shift more money to the prevention side of the medical equation.”