Wellness Tourism Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
Global Wellness Tourism Market: Snapshot
The global wellness tourism market is prognosticated to expand at a CAGR of 7.2% during the forecast period, 2021-2030. Hence, the market for wellness tourism is anticipated to grow from $801.6 Bn in 2020 and gain a valuation of $1,592.6 Bn by 2030. Furthermore, the lodging segment of the wellness tourism market held major share in 2020.
Wellness tourism refers to traveling in order to improve or maintain an individual’s personal wellbeing. The concept is gaining traction owing to a rise in the desire of people to achieve many outcomes such as disease prevention, healthy living, management of poor lifestyle habits, stress reduction, and/or gaining authentic experiences. This factor is creating ample opportunities in the global wellness tourism market. Besides, the wellness industry is expanding on the back of its ability to assist people in utilizing travel as an opportunity for rejuvenation, relaxation and rest, joy, self-actualization, and discovery, notes a study on the global wellness tourism market.
Rise in the focus of people on visiting different places and facilities including clinics, hospitals, fitness centers, wellness resorts, and wellness SPAs in order to improve their mental as well as physical health is boosting the sales growth in the global wellness tourism market.
Tourists today are inclining toward socializing with local populace and learning about their culture and nature. These activities are helping them to reduce stress, maintain a healthy lifestyle, enhance their wellbeing, and prevent diseases. Hence, a rise in the number of such travelers is projected to create promising business prospects in the global wellness tourism market in the forecast period.
Increase in the use of computers, mobiles, and other networking devices and rise in the percentage of e-literacy across the major parts of the globe has resulted into a surge in inclination among people toward using online travel reservations instead of conventional reservation methods. This factor is favoring the growth of the global wellness tourism market.
The demand within the global market for wellness tourism is expanding on account of the global propensity of the masses to immerse themselves into the cultures of a foreign land. Wellness tourism essentially refers to travel to a different country or region in order to get physiological and mental tranquillity through the native therapies of that region. In the contemporary times, globalization has not just led to the exchange of products and services across regions, but has also led to an exchange of cultures. Hence, the demand within the global market for wellness tourism is expected to reach new heights over the forthcoming years.
Marketing and promotions have played a crucial role in establishing an image of mental peace and physical wellness attained through herbal treatments, spa therapies, and rejuvenation programs in exotic locations. This factor, coupled with the rising paying capacity of the masses has eased the travel of people across countries for physiological wellness. Hence, the demand within the global market for wellness tourism has been expanding at a robust rate in recent times. Furthermore, several holiday planners and hospitality websites have emerged over the past decade, and these entities have extensively promoted the domain of wellness tourism. This has also created growth spaces within the global market for medical tourism.
Several exotic destinations in Asia Pacific including Malaysia, the Indian mountain ranges, and Chinese retreats are extremely popular across the globe. Hence, the demand within the market for wellness tourism across Asia Pacific has been increasing at a healthy rate. The general propensity to travel to unexplored destinations has propelled demand for wellness tourism across North America and Europe.
Global Wellness Tourism Market: Overview
The global wellness tourism market is poised for healthy growth in the years ahead. The rising incidence of mental illness mostly related to personal and professional reasons is stoking demand for holistic remedial therapies.
Wellness tourism refers to travelling wherein activities planned for health and well-being are on top priority. Trips organized for wellness include healthy food, spa treatments, exercise, and opportunities for spiritual and creative development. Wellness therapies include administering conventional, complementary, alternative, herbal, or homeopathic medicine on its own or in combination.
Global Wellness Tourism Market: Trends and Opportunities
One of the key growth drivers of the wellness tourism market is increasing interest of hospitality industry towards wellness. Large hotel chains are equipped with state-of-the-art health and wellness center that guests that combine on their stay. These offer massage, spa treatments, meditation, spiritual healing, and herbal therapies. Primary travelers who undertake wellness trips focus on achieving wellness.
The growth of leisure travel is also serving to boost wellness tourism. Travelers from different parts of the world seeking to experience local culture tend to experience local age-old health remedies in their travel. Word of mouth marketing of wellness and health remedies offered at a particular place is boosting wellness tourism.
Secondary travelers look for additional wellness package while on leisure trips to experience fitness. Wellness programs may include organic food, special diets seasonal fruits, natural herbs, spa treatments, massages with aromatherapy within the hotels. Consequently, increasing number of hotels that carry wellness destination quality labels are indirectly boosting wellness tourism.
Travelers traveling with religious objectives also tend to experience local medicinal therapies offered by local healers. This serves to boost wellness tourism.
Global Wellness Tourism Market: Market Potential
In a recent industry news, in India, Maharashtra Tourism Development Corporation (MTDC) joined hands with Global Vipassana Pagoda to promote wellness tourism. The objective of the association is to encourage and promote wellness tourism in the state.
Global Wellness Tourism Market: Geographical Outlook
North America is a key regional market for wellness tourism. High awareness among individuals about holistic health therapies and high disposable incomes that boost travel for health are key factors that promote North America wellness tourism market. The U.S. and Canada are key domestic markets for wellness tourism in North America. The growing popularity of wellness tourism among baby boomers will further boost the North America market for anti-ageing treatments and spa treatments.
Asia Pacific is rapidly emerging as a key market for wellness tourism. Rising popularity of health practices of Ayurveda are drawing large number of westerners to India. Individuals are recognizing the long term health benefits of Ayurveda and are traveling to Indian shores to learn and practice wellness therapies. This is giving a push to the wellness tourism market.
Rising adoption of ancient Chinese medicine and other oriental therapies known to bbost health and well-being is favoring the wellness tourism market.
Global Wellness Tourism Market: Competitive Outlook
Top players in the global wellness tourism market are Accor Hotels, IHG, Canyon Ranch, and Red Carnation Hotels. Other prominent vendors in the market include IHHR Hospitality (Ananda resort), Body and Soul Wellness Center, Fitpacking, Gwinganna Lifestyle, Hilton, Kamalaya Koh Samui, MOUNTAIN TREK FITNESS RETREAT & HEALTH SPA, Wellness & Hormone Centers of America, Aro Ha Wellness Retreat, BodySense, Four Seasons Hotels, Hyatt, Marriott International, and Rancho La Puerta.
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