The nonprofit Global Wellness Institute (GWI), the leading source of global wellness industry today 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.
BDMS Wellness Clinic as the flagship wellness center under the umbrella of Thailand’s largest private healthcare network, Bangkok Dusit Medical Services (BDMS) BDMS Wellness Clinic with a strong belief that ‘Prevention is the pathway to wellness.’, have decided to support GWI to conduct Thailand-specific wellness economy data and thus bringing Thailand to become GWI’s exclusive Country Partner.
“Our partnership with GWI will provide us a big picture of the wellness market in Thailand. It can also be a source of in-depth knowledge of Thailand’s wellness assets that can be used in planning to increase the country’s market share in the global wellness economy which worth $4.4 trillion in 2020 and is likely to grow to $7 trillion by 2025.” Dr. Tanupol Virunhagarun, CEO of BDMS Wellness Clinic and BDMS Wellness Resort, spoke about this collaboration
“GWI’s ‘Geography of Wellness’ is a platform focusing on providing vigorous wellness market data for select countries around the world. The country-specific wellness economy data will be made available to the public with the support of exclusive Country Partners. Wellness Economy Country Report will give individual country a deeper understanding of where they are positioned within the $4.4T global wellness economy,” said Susie Ellis, GWI Chair and CEO. “This report and its data will be valuable for any businesses and investors who are interested in the opportunities and potential offered by the country’s dynamic wellness market. It also provides academics and government agencies a clear picture of where short- and long-term opportunities of this industry may lie. Our thanks go out to country partners, like BDMS Wellness Clinic, for recognizing the value of these insights.”
According to GWI assessment on the global wellness economy, it has been found to have grown exponentially over the years. Global wellness market value in 2017 was $4.2 trillion and rose to $4.8 trillion in 2019 or at an average growth of approximately 6.6% consecutive years. This is higher than the global economic growth of 4%. In the pandemic year of 2020 amidst the disruptions of Covid-19, the wellness economy shrinks 11% to $4.4 trillion compared to 2.8% drop in global GDP. However, the GWI predicts that the wellness market will return to pre-pandemic levels and will grow at an impressive 9.9% annual pace through 2025, when it will reach $7 trillion.
Thailand’s wellness economy grew at an impressive of 29% during the year 2017 - 19. This growth understandably stagnated and retracted due to the pandemic’s strict travel restrictions which caused a huge impact on Wellness Tourism and Spas, two main sectors generating a large portion of Thailand’s wellness economy.
Dr. Tanupol said that “GWI estimates that wellness tourism will return to exponential growth at an average of 20.9% per year and will be worth surpassing US$1 trillion by 2024. As Thailand is the Medical Hub of Asia before the Covid-19 outbreak and as Thailand’s main income is being one of the world’s leading tourist destinations, it definitely has the potential to be promoted as the center of global wellness tourism. According to the 2020 GWI report, Thailand ranks 9th in the Asia-Pacific Wellness Economy and 24th in the world.” Moreover, from the Wellness Tourism Initiative 2020 rankings, Thailand was popularly voted as the 2nd destination for wellness tourism in the world after Australia. These evidences illustrate a huge opportunity for Thailand’s wellness economy growth especially with tourism and travel rebounding.
“Of all the 11 sectors of the wellness market measured by GWI, one of the biggest gainers through the pandemic was the ‘Preventive Medicine, Public Health and Personalized Medicine’ sector which grew 4.5% from 2019 to 2020 and BDMS is honored to have played a significant role in that field.” added Dr. Tanupol Virunhagarun.
More information on wellness economy can be found in the two researches recently released by GWI “The Global Wellness Economy: Looking Beyond Covid,” and “The Global Wellness Economy: Thailand,” which is available for free download thanks to BDMS’ partnership.
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” and “Thai Traditional Medicine” 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.
[NOTE: GWI is currently working with numerous country partners to highlight their country’s unique wellness assets and will continue to announce the new country reports as they are added to the platform.]
About the Global Wellness Institute: The Global Wellness Institute (GWI), a nonprofit organization is considered the leading global research and educational resource for the global wellness industry and is known for introducing major industry initiatives and regional events that bring together leaders to chart the future. GWI positively impacts global health and wellness by educating public institutions, businesses and individuals on how they can work to prevent disease, reduce stress and enhance the overall quality of life. Its mission is to empower wellness worldwide.