According to a recent report from the Global Wellness Institute (GWI), a prominent industry organization, the global wellness sector was valued at $6.32 trillion in 2023.

This represents a 25% growth since 2019, positioning wellness as a larger industry than both sports and pharmaceuticals. Katherine Johnson, a co-author of the Global Wellness Economy Monitor, remarked that the industry's expansion surpassed predictions, driven by an increased emphasis on health and well-being in the wake of the pandemic. She said: “Growth was even stronger than we predicted.”

GWI's research identifies key trends—such as an ageing population, the rise of chronic diseases, and a growing focus on mental health—as major factors fueling the industry's growth.

This substantial figure is partly due to GWI's wide interpretation of wellness, which it describes as "the active pursuit of activities, choices, and lifestyles that lead to a state of holistic health." The report tracks expenditures across 11 sectors, including tourism, real estate, and public health.

In comparison, consulting firm McKinsey & Co. projects the global wellness economy to be valued at a more conservative $1.8 trillion as of January 2024, based on consumer spending across six key areas such as nutrition and sleep.

The largest segment of the wellness economy is personal care and beauty, valued at $1.21 trillion. This includes businesses like hair and nail salons, along with consumer products such as bath soaps. Although some may question whether these truly belong in the wellness category, the report’s authors contend that these items are often marketed as “self-care”, a term that has increasingly become synonymous with wellness for many consumers.

The following largest sectors are healthy eating, nutrition and weight loss, which combined total $1.09 trillion, followed closely by physical activity, valued at $1.06 trillion.

The report also points out regional variations in spending, with North America leading at $5,768 per person annually, followed by Europe at $1,794, the second-highest region.

One of the fastest-growing sectors is wellness real estate, which includes both residential and commercial properties designed to support health. This category reached $438.2 billion in 2023, growing at an annual rate of 18.1%. Examples of wellness-focused real estate include offices with advanced air filtration systems and buildings featuring amenities like saunas and climate-controlled environments.

Ophelia Yeung, a co-author of the report, highlighted that businesses, investors, and consumers are increasingly acknowledging the significant role that physical and social environments play in overall health.

She said: “Businesses and investors and consumers and people who build offices and across the board are starting to recognize that if we want to shape people’s wellness, we have to shape the environments that they’re in.

“There is very solid evidence that the physical environments and social environments that we live in are fundamental to our health.”

Companies like The Well, originally a members' club in New York City, are venturing into the wellness real estate market. The Well plans to open its first residential properties in Miami next year, with prices starting at $1.3 million.

Similarly, projects like The Estate, led by Sam Nazarian and Tony Robbins, are capitalizing on the growing demand for longevity and medical wellness. The initiative aims to develop 15 hotels and residences, along with 10 longevity centers, by 2030.

The rising popularity of wellness tourism is also gaining momentum, with the sector now valued at $830 billion. Hospitality companies are increasingly prioritizing wellness-focused offerings.

For instance, luxury brand Kerzner launched its new hotel brand, Siro, with its first wellness-oriented property opening in Dubai. This hotel features amenities like fitness equipment and health-conscious snacks in the guest suites. Another Siro hotel is set to open in Montenegro in 2025.

Similarly, the Emory Hotel in London has dedicated four floors and 21,500 square feet to Surrenne, an exclusive members-only wellness club, offering annual memberships starting at $13,000.

Looking to the future, the GWI report forecasts that the wellness economy could approach $6.8 trillion by the end of 2024, as the different sectors continue to recover and grow following the pandemic.

“I think a lot of people are rolling their eyes at wellness at times,” said Rebecca Parekh, Chief Executive Officer and co-founder of The Well, “but it’s a very real need.”