Thailand’s wellness economy surged to an impressive US$40.5 billion (€37.2 billion, £31.2 billion) by the end of 2023, solidifying its position as the world’s fastest-growing wellness market, according to new research from the Global Wellness Institute (GWI).

Conducted in partnership with BDMS Wellness Clinic, the Global Wellness Economy: Thailand report delves into the nation’s diverse wellness offerings – from ancient traditions and holistic healing to cutting-edge medical tourism and wellness real estate – while examining Thailand’s evolving role within the US$6.3 trillion (€5.8 trillion, £4.9 trillion) global wellness economy.

The report reveals that Thailand experienced a staggering 28.4 per cent growth from 2022 (US$31.6 billion, €29.1 billion, £24.4 billion) to 2023 (US$40.5 billion, €37.2 billion, £31.2 billion), outperforming all other top 25 wellness markets worldwide.

“We are proud to play a pivotal role in elevating Thailand as a global wellness hub,” said Dr Tanupol Virunhagarun, CEO of BDMS.

“Our country’s unique blend of natural resources, rich cultural heritage, and advanced medical technology positions Thailand as a prime destination for comprehensive wellness experiences. Our ambition is to place Thailand among the world’s top five wellness destinations.”

Following a pandemic-induced contraction of 31.6 per cent in 2020, Thailand’s wellness economy has staged an impressive comeback, driven largely by wellness tourism.

In 2023 alone, the sector generated US$12.34 billion (€11.4 billion, £9.5 billion) reflecting a significant 119.5 per cent annual growth rate.

Other wellness sectors which experienced strong growth include:

• Thermal/Mineral Springs: +14 per cent.• Mental Wellness: +13.7 per cent.

• Wellness Real Estate: +11.4 per cent.

During 2023, international wellness travellers spent an average of US$1,735 per trip (€1,596, £1,339), far exceeding the US$367 (€338, £283) spent by domestic tourists.

Thailand’s wellness economy by sectorThe report provides in-depth insights into each segment of Thailand’s wellness economy, highlighting their valuations, annual growth rates and global ranking in comparison to 218 countries:

• Wellness Tourism: US$12.34 billion, +119.5 per cent (#15).

• Healthy Eating, Nutrition & Weight Loss: US$9.18 billion, +9.8 per cent (#22).• Personal Care & Beauty: US$7.19 billion, +7.4 per cent (#29).

• Traditional & Complementary Medicine: US$3.51 billion, +7.7 per cent (#18). • Physical Activity: US$3.37 billion, +6.6 per cent (#32).

• Public Health, Prevention & Personalized Medicine: US$2.72 billion, +10.5 per cent (#32).• Spas: US$1.6 billion, +9.4 per cent (#18).

• Mental Wellness: US$0.67 billion, +13.7 per cent (#34) • Wellness Real Estate:US$0.53 billion, +11.4 per cent (#33).

• Workplace Wellness: US$0.11 billion, -3.3 per cent, (#46). • Thermal/Mineral Springs: US$0.02 billion, +14 per cent (#75).

For more analysis, download the Global Wellness Economy: Thailand report for free.