Quality of life, and the future of business

The quality-of-life market is extending beyond the health and well-being industries. An executive survey reveals how investors and businesses can capture the market potential of living better.

Excerpt: "The global quality-of-life (QoL) market is expanding beyond its traditional roots in health and life sciences to become a strategic priority for all sectors, including real estate, technology, and consumer-facing industries. Executives prioritizing QoL estimate that related offerings could represent 9 to 15 percent of annual sector revenues over the next decade, potentially amounting to $6.7 trillion to $11.2 trillion in market growth by 2034.1

What’s more, investment in QoL-related industries has surged in recent years. Venture capital funding for digital health in the United States has grown fivefold between 2013 and 2023,2 and funds are channeling significant resources into longevity-focused research and development.3 These trends position QoL as a critical focus for investors, consumers, and businesses alike.

To better understand this evolution, McKinsey conducted a global survey of C-suite executives that explored sentiments across sectors and geographies about this emerging market, its potential impact, and the opportunities it presents. This piece presents the survey’s findings and explores how companies and investors across sectors can enter the QoL market and make the most of it.

Quality of life: An emerging market and cross-sectoral imperative

Understanding the QoL market begins with distinguishing two pivotal concepts: lifespan and health span (Exhibit 1). Lifespan focuses solely on the total number of years a person lives, while health span emphasizes the quality of those years—the time spent in good health, free from chronic illnesses or debilitating conditions."