The nonprofit Global Wellness Institute (GWI), the leading research and educational resource for the $4.4 trillion global wellness industry, has announced Thailand as the third country to be spotlighted on its new “Geography of Wellness” microsite. Singapore and Brazil were the first two countries added to the newly launched resource that went live in May.
This deep dive into Thailand’s wellness economy data is thanks to BDMS Wellness Clinic, the flagship wellness center from Thailand’s largest private healthcare network, Bangkok Dusit Medical Services (BDMS). BDMS Wellness Clinic operates on the simple philosophy that prevention is better than cure and uses advanced science and technology to help physicians predict future health issues and prevent disease, while also enhancing mental and physical performance.
“GWI’s ”Geography of Wellness” is a platform that was created to give countries a deeper understanding of where they are positioned within the $4.4 trillion wellness economy,” said Susie Ellis, GWI chair and CEO. “This gives entrepreneurs, businesses, academics and government agencies a clear-eyed look at where short- and long-term opportunities may lie. Our thanks go out to country partners, like BDMS Wellness Clinic, for recognizing the value of these insights.”
According to GWI data, Thailand’s wellness economy grew an impressive 29% between 2017 to 2019. This growth understandably stagnated and retracted under the pandemic’s strict travel restrictions because a large portion of Thailand’s wellness economy had come from Wellness Tourism and Spas, two sectors that were hit hard.
For context, GWI researchers say the overall global wellness economy grew from $4.3 trillion in 2017 to $4.9 trillion in 2019, or by 6.6%, significantly higher than global economic growth (4%); but, in 2020, the wellness economy fell by 11% to $4.4 trillion and was harder hit than global GDP, which fell by 2.8%.
GWI’s macro wellness economy market data, along with a deep dive into the Asia-Pacific region and Thailand specifically, can be found in the newly released report, “The Global Wellness Economy: Thailand,” which is available for free download thanks to BDMS’ partnership.
“Of the 11 sectors GWI measures, one of the biggest gainers through the pandemic was the ‘Public Health, Prevention & Personalized Medicine’ sector, which grew 6.5% from 2019 to 2020,” said Dr. Tanupol Virunhagarun, Chief Executive Officer of BDMS Wellness Clinic. “BDMS is honored to have played a significant role in that growth.”
“We see our partnership with GWI as a tangible way to give back to the local wellness community by fostering deeper knowledge about Thailand’s unique wellness assets and helping to create a roadmap to grow our country’s slice of the growing wellness economy,” continued Dr. Virunhagarun.
Today, Thailand’s overall position in the Asia-Pacific wellness economy is currently #9, while its global ranking is #24.
GWI researchers latest report, “The Global Wellness Economy: Looking Beyond Covid,” forecasts that the wellness economy is on track to expand to $7 trillion by 2025. Thailand’s 2020 global ranking in the 11 wellness sectors (among the 218 countries where GWI collects data) illustrates a huge opportunity for growth, especially with tourism and travel rebounding.
Wellness in Thailand
Thailand is known not only as a top travel destination with its tropical islands, cuisine, cultural richness and bustling markets, but it also is well-regarded for its world-class holistic wellness and health retreats. With well-established tourism, medical and wellness sectors, Thailand caters to both tourists and locals alike who are looking for the best in health and wellness. The popularity of the country’s traditional therapies and herbal remedies has made “Thai massage” a treatment coveted the world over.
Thailand has also emerged as a leader in medical wellness and is very well regarded for its comprehensive preventive checkups and wellness retreats, making it an ideal destination for anyone seeking world-class health and wellness services at cost-effective prices.