by The Rise of the Global Wellness Economy
Over the past decade, the global wellness industry has seen unprecedented growth. Valued at $4.5 trillion in 2018 according to the Global Wellness Institute, wellness is now considered one of the fastest growing economic sectors in the world. As consumers have increasingly prioritized preventative healthcare, self-care, nutrition, fitness, and overall well-being, the wellness economy has expanded to include a wide range of products and services. Major contributors to this growth include the expanding senior population, rising incomes particularly in Asia and other emerging markets, and greater awareness of the links between lifestyle and quality of life.
The popularity of wellness tourism and medical tourism has also fueled this boom, as travelers seek destinations and experiences focused Well-Being Platform on health, wellness retreats, spas, and alternative therapies not easily accessible in their home countries. According to the Global Wellness Summit, wellness tourism generated $639 billion globally in 2017 and is expected to reach $919 billion by 2022. As lifestyle, longevity and disease prevention become higher priorities, many predict the wellness economy will continue its strong growth trajectory for years to come.
Enabling Widespread Access to Wellness Tools and Knowledge
While the wellness industry has prospered, its benefits have not been equally distributed. Costly wellness products, medical procedures, and luxurious spa experiences remain out of reach for much of the world’s population. Even basic healthcare, nutrition and sanitation are inadequate or nonexistent in many developing nations and impoverished communities. This inaccessibility to wellness perpetuates health issues, poverty cycles, and global inequalities.
To address these gaps, a growing number of impact-focused ventures have emerged with a mission to democratize wellness and well-being. Leveraging technology and innovative delivery models, these social enterprises aim to make preventative health, nutrition information, exercise programs and mental wellness tools universally available—regardless of income or location. By empowering individuals and communities with the knowledge and means to take charge of their own wellness, these startups are working to manifest a more just and prosperous global society.
Bringing Wellness to the Masses
One such venture is the Global Well Being Platform, an AI-powered digital network created to spread wellness worldwide. The platform provides universal access to a vast library of locally-relevant wellness content in over 100 languages, including exercise routines, meditation programs, nutrition guides, healthcare best practices, personal development courses and more. All resources are optimized for low-resource settings and can be accessed via any internet-connected device, from basic feature phones to tablets.
Local community leaders are also trained and certified to utilize the platform’s teaching tools. They conduct wellness workshops, distributing the platform’s content to neighborhoods lacking consistent access. By building global health literacy from the ground up, the goal is to instill sustainable prevention and self-care habits within communities. The platform additionally features social networking components and wellness tracking tools. This allows users to form supportive virtual “tribes”, stay motivated, and monitor their progress over time.
Expanding Reach through Strategic Partnerships
To maximize its outreach potential, the Global well being platform forms strategic alliances with governments, NGOs, UN organizations, corporations and telecom companies. For example, through programs with ministries of health, the platform’s content is incorporated into national public health initiatives. Partnering with aid organizations allows distribution of internet-enabled devices pre-loaded with wellness courses targeted at refugee camps and underserved rural populations.
Corporate alliances introduce workplace wellness and financial wellness programs accessible to entire employee bases. Telecom partnerships provide subsidized or free mobile data access specifically for the platform’s services in low-income countries. By creating an ecosystem of collaborative promotion and delivery, the goal is to ultimately reach one billion global citizens with preventative health and wellness tools by 2030. Early impact reports from pilot regions demonstrate promising community health improvements and cost savings for public health systems.
Leveraging Blockchain for Transparency and Impact
To maximize trust and accountability within its model, the global well being platform also leverages blockchain distributed ledger technology. Each user interaction, content spread and reported health outcome on the network generates an encrypted transaction recorded on the blockchain. This allows full transparency into the platform’s global reach and social impact over time.
Funders and partners can track in real-time how their contributions are enabling wellness access around the world. Communities themselves own verified usage data to demonstrate wellness initiatives’ effectiveness to local leaders and international organizations. The long-term goal is to mobilize outcome-based funding, where investors support projects proven to boost health metrics and empower self-sufficient wellness hubs globally. By integrating blockchain’s transparency advantages, the platform fosters sustainable growth through quantifiable impact.
Innovating for a Healthier Future
Initiatives like the global well being platform represent an innovative approach towards realizing wellness as a basic human right. Through strategic alliances, technology optimization for emerging markets and outcome-based models, these ventures are progressively dismantling barriers to prevention and empowerment. If successful, they may help bend the cost curve of global healthcare needs while simultaneously cultivating prosperous, self-reliant communities. With continued support, visionary startups in this space have potential to transform the delivery of wellness worldwide and catalyze a healthier future for all.
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1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
