One of the core research fields of the independent economic research institute WifOR in Darmstadt is the consideration of the health economy as a driver for economic growth versus an economic burden. After many years of examining the health economy in Germany – regionally and nationally – economic experts have now examined the growth and employment effects of the global health economy.
Based on global economic data, researchers have made initial calculations on the significance of the global health economy. For the first time, these calculations quantify the global value added and thus the contribution to global GDP as well as the associated labor market effects. The analysis thereby puts forth new perspectives on the potential of the health economy.
Three key findings of the WifOR analysis are as follows:
- The gross value added of the global health economy amounts to around USD 5.6 trillion. This corresponds to about two times the total economic output of France.
- Around 8 percent of global GDP is contributed by the health economy
- The health economy employs 182.9 million people worldwide. By comparison, the labor market in Canada and the USA together employ 182 million people.
The calculations are based on ten years of research experience in the health economy. In addition to the focus on health, impact analyses and labor market research are also important research areas for WifOR.