The global wellness market is now worth $3.4 trillion, making it nearly three times larger than the estimated $1 trillion worldwide pharmaceutical industry, according to data released by The Global Spa & Wellness Summit.
The 2014 Global Wellness Economy Monitor was conducted by the independent, nonprofit research firm SRI International. SRI identified and evaluated 10 major wellness sectors: alternative and complementary medicine; beauty and anti-aging; fitness and mind-body; healthy eating, nutrition, and weight loss; preventative and personalized health; spa; thermal and mineral springs; wellness real estate; wellness tourism; and workplace wellness.
Wellness sectors seeing the most significant growth since 2010 are:
- Healthy eating, nutrition, and weight loss (Up 108% to $276.5 billion)
- Preventative and personalized health (Up 78% to $243 billion)
- Complementary and alternative medicine (Up 65% to $113 billion)
- Beauty and anti-aging (Up 51% to $679 billion)
Other study highlights include:
• The spa industry grew 58% from $60 billion in 2007 to $94 billion in 2013, with 47% increase in spa locations from 71,762 to 105,591
• Wellness tourism expanded to $494 billion in revenues, rising 12.5% from 2012, significantly outpacing SRI’s original growth forecast of 9%