Health + Wellness Economy

World-class health care and training programs located in the City.

The health and wellness economy includes all activities in population, subgroup and individual health as well as all unregulated aspects of health, such as fitness. This economy is broad with ample opportunity for innovation and commercialization. The wealth and breadth of expertise in Providence and Rhode Island in this area is extensive, with University, Public Sector, and Private investments and innovation in specific sectors such as aging, neurology, and human centric design.

Providence focuses strategically on health and wellness because of local strengths and regional, national, and global growth opportunities. For example, the AARP reports the global population age 50 and over is expected to reach 3.2 billion by 2050. In 2015, this subgroup of the United States population accounted for $7.6 trillion in economic activity. It is estimated, those age 50 and over will spend $30 billion, out of pocket, on digital health solutions from 2014-2019, and $279 billion on caregiving, 80% out of pocket, from 2016-2020. These markets are ripe for change and new ideas.

Major Hospital Systems