A RECENT study by the Global Wellness Institute (GWI) has unveiled a flourishing wellness economy in the Philippines, estimated at $41 billion in 2022.
The country also secured the eighth position out of 45 countries in the Asia-Pacific region and the 22nd position out of 218 countries globally, highlighting significant potential for growth in the wellness tourism sector.
The Global Wellness Institute (GWI), a nonprofit dedicated to research and education in the global wellness industry, defines wellness as the active pursuit of activities, choices, and lifestyles that lead to a state of holistic health.
It recently announced the addition of the Philippines to its expanding Geography of Wellness platform through a strategic collaboration with the Philippines Department of Tourism (DOT). This partnership aims to establish the Philippines as a top-notch wellness destination in Asia and explore the unique wellness landscape of the growing wellness economy in the Philippines.
Paulo Tugbang, the DOT’s director of product and market development, in a statement, said, “The Philippines wellness economy has recovered impressively following the challenges posed by pandemic-related travel restrictions.”
In 2022, the country’s wellness economic sectors were valued as follows: personal care and beauty ranked the highest at $23.18 billion, followed by healthy eating, nutrition, and weight loss at $6.72 billion; public health, prevention, and personal medicine at $3.66 billion; wellness tourism at $2.44 billion; traditional and complementary medicine at $2.19 billion; physical activity at $1.77 billion; mental wellness at $0.70 billion; spas at $0.49 billion; workplace wellness at $0.19 billion; wellness real estate at $0.17 billion; and thermal and mineral spring at $0.08 billion.
He added that the partnership between GWI and DOT is aimed at “enhancing the country’s health and wellness portfolio to promote the Philippines as one of the world’s most preferred wellness destinations.”
Medical tourism
Besides wellness, he added that the Philippines is also a growing destination for medical tourism for a range of services from cosmetic and surgical procedures to dental care.
The cost-effective treatments combined with a high standard of care, English-speaking medical staff and the country’s wellness retreats for recovery are some of the country’s best-selling points.
According to Dr. Stephanie Gail Mesina, owner of SMV Obstetrics and Gynecology based in Cebu, the city is well-positioned and prepared to ride the wave of the country’s growing health and wellness industry. This is the reason her clinic continues to invest in state-of-the-art facilities to address this growing market.
Mesina’s clinic located at the Medical Arts Building of Cebu Doctors’ University Hospital launched the TimeWalker IntimaLaser, a groundbreaking non-invasive treatment designed to address various vaginal health conditions. TimeWalker IntimaLaser is said to offer a safe and effective solution with minimal discomfort and no serious reported side effects.
“At SMV, we are committed to providing innovative solutions that empower women to take control of their health. TimeWalker IntimaLaser represents a significant step forward in addressing women’s intimate health concerns with a safe and effective approach,” she said.
Aside from medical tourism, the DOT said wellness real estate is also a growing sector in the Philippines, attracting expat retirees, particularly in areas like Tagaytay, Batangas, Cebu, Palawan, Metro Manila and beach areas like Boracay and Siargao.
According to GWI, the global wellness economy and all of the wellness sectors are poised for growth in the coming years fueled by a long-term trend of increasing consumer interest in and need for wellness, which has only accelerated since the Covid-19 pandemic.
“The good news is that the wellness economy has recovered quickly from the massive economic shock of 2020. Most (but not all) of the 11 wellness economy sectors have recovered and now surpass their pre-pandemic levels,” the report said.
In 2022, the global wellness economy stood at $5.6 trillion, nearly 14 percent larger than its size in 2019. The wellness economy grew robustly by 16.5 percent in 2021 in its initial phase of recovery from the pandemic, and then growth tapered off to 8.1 percent in 2022.
North America ($1.9 trillion), Asia-Pacific ($1.7 trillion) and Europe ($1.5 trillion) together account for 90 percent of the entire global wellness economy. / KOC