GWI reports that wellness real estate has soared from USD 225 billion in 2019 to USD 438 billion in 2023, an annual growth rate of 18.1%.
The findings come from GWI’s latest research paper. Wellness Real Estate: Market Growth (2019-2023) and Future Developments – This shows that wellness real estate is the fastest growing segment of the wellness economy
Driven by increasing awareness of the impact of the environment on health and well-being, the market is expected to grow by 15.8% annually to reach USD 913 billion by 2028.
The US, China and UK lead the market, accounting for the majority of global wellness real estate investments
The Global Wellness Institute (GWI) presented promising new research on the wellness real estate market at its third annual Wellness Real Estate & Community Symposium in Manhattan.
GWI defines wellness properties as homes and buildings that are actively designed, constructed, and operated to support the overall health of their residents.
called Wellness Real Estate: Market Growth (2019-2023) and Future Developmentsthe paper reveals that wellness real estate is the fastest growing segment of the 11-sector wellness economy, rapidly increasing from USD 225 billion in 2019 to USD 438 billion in 2023. Masu.
This represents an annual growth rate of 18.1% over the past four years, significantly higher than the 5.1% annual growth rate for the global construction industry as a whole.
According to GWI, the pandemic has exploded the market as it has dramatically accelerated consumer and building industry understanding of how the external environment affects our physical and mental health .
GWI currently predicts that the sector will grow 15.8% annually from 2023 to 2028, approaching the trillion-dollar mark (US$913 billion) by then.
“As long-time industry researchers, we are not at all surprised by this finding,” said Katherine Johnston and Ophelia Yong, senior researchers at GWI.
“More than any other wellness sector, wellness real estate embodies the multifaceted nature of wellness. Done right, it has the greatest potential to improve the overall well-being of us and our entire communities within the wellness economy.” It’s hidden.
“Demand for wellness real estate will only continue to grow as more people realize that their home, their biggest investment, is the ‘next frontier of health.’
The report includes regional and country data, with the United States (US$181 billion, 41% of the global market), China (US$73 billion), and the United Kingdom (US$29 billion) remaining the three largest domestic markets. It has been found. We also analyze the biggest drivers and opportunities, as well as the biggest challenges, for the future of wellness real estate.
Global Wellness Real Estate Market, 2017-2028
• 2017 – USD 148.5 billion.
• 2019 – USD 225.2 billion.
• 2020 – USD 274 billion.
• 2021 – USD 342 billion.
• 2022 – USD 386.6 billion.
• 2023 – USD 438.2 billion.
• Forecast for 2028 – USD 912.6 billion.
Wellness real estate has been a growth leader in the wellness industry since GWI began measuring the wellness industry in 2017.
One of the few wellness sectors that continued to grow rapidly in the year of the pandemic (2019-2020), despite the contraction in overall construction output and global GDP (-0.8% and -2.6%, respectively) (21.6% growth). ).
Growth in the global construction industry has slowed significantly in recent years, from 16.7% in 2020-21 to just 1.9% in 2022-2023. However, from 2022 to his 2023, Wellness Real Estate grew by an impressive 13.4%.
regional perspective
(Figures refer to market size in 2019 and 2023 and average annual growth rate from 2019 to 2023)
• Latin America – Caribbean: USD 550 million – USD 1.2 billion (+22%).
• Europe: USD 46 billion to USD 96 billion (+20%).
• Middle East-North Africa: USD 710 million to USD 1.4 billion (+19%).
• North America: USD 100 billion to USD 194 billion (+18%).
• Asia Pacific: USD 77.5 billion to USD 145 billion (+17%).
• Sub-Saharan Africa: $240 million to $390 million (+13%).
GWI found that the market is highly concentrated in North America (accounting for 44% of the market in 2023), Asia Pacific, and Europe, which together account for 99% of the global sector.
Latin America and the Caribbean and Europe are the fastest growing regional markets from 2019 to 2023. The Middle East and North Africa also remained one of the fastest growing markets over the past four years, despite a slowdown in construction growth (including major construction works). From 2022 to 2023, the economy will be depressed).
North America has maintained strong growth since 2017, but slowed from 2022 to 2023 as overall construction slowed.
On the other hand, the Asia Pacific region has some very large and rapidly growing countries for wellness real estate (such as Australia, Japan, China, and India).
At the regional level, since 2019, wellness real estate growth has outpaced overall construction growth in each region by at least three to four times.
top 10 markets
(Figures refer to market size in 2019 and 2023 and average annual growth rate from 2019 to 2023)
• United States: USD 94 billion to USD 181 billion (+17.6%).
• China: USD 37 billion to USD 73 billion (+18.4%).
• UK: USD 11 billion to USD 29 billion (+28%).
• Australia: USD 15.6 billion to USD 26 billion (+13.3%).
• France: USD 9.5 billion to USD 21 billion (+21.3%).
• Japan: USD 7.6 billion to USD 17 billion (+22.4%).
• Germany: USD 8.7 billion to USD 13.7 billion (+12.1%).
• Canada: USD 5.9 billion to USD 13.3 billion (+22.7%).
• South Korea: USD 5.7 billion to USD 9.5 billion (+13.8%).
• India: USD 5 billion to USD 9 billion (+16%).
This report covers the top 20 domestic markets and shows how concentrated this sector is in just a few countries.
The United States (41 percent of the market in 2023) and Canada, together with several countries in Asia (China, Australia, Japan) and Europe (UK, France, Germany), account for 85 percent of the global market. .
