Wellness Tourism Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021-2026
Wellness Tourism Market Overview
Wellness Tourism Market size is estimated at $832 billion in 2020, projected to grow at a CAGR of 7.3% during the forecast period 2021-2026. Wellness tourism is identified as travel that promotes well-being and good health by engaging in psychological, spiritual, or physical wellness activities. The growing number of visitors from all over the world has increased demand for various wellness services. Furthermore, increased tourist spending is expected to have a positive effect on wellness tourism, medical tourism which is expected to drive the wellness tourism industry.
Wellness tourism is broad terms that apply to a number of businesses that help people integrate wellness into their everyday lives. These assist customers in getting health into their homes, personal well-being and workplaces by everyday practices such as eating and exercising. Rising cases of lifestyle-related diseases such as diabetes, obesity, and high cholesterol levels have been attributed to frantic work schedules and sedentary lifestyles, wellness spa, as well as a lack of physical activity is projected to drive the Wellness Tourism market. According to WHO info, by 2030, the global burden of diseases would have increased by 56 percent. As a result, the increasing prevalence of diseases is expected to increase demand for health-related tourism.
Wellness Tourism Market Report Coverage
- The rising prevalence of chronic diseases is a major factor driving the Wellness Tourism Industry.
- Geographically, North America Wellness Tourism Market held the largest revenue share of 38% in 2020 owing to the high investments in R&D and support of government investments in the industry.
- Unbalanced diets and sedentary lifestyles have resulted from increased urbanization fueled by rapid economic growth, thereby, driving the market’s growth.
- According to a survey by the Institute for Health Metrics & Evaluation (IHME), a global health research organization, roughly 30% of the global population was overweight or obese in 2013 driving the Wellness Tourism Industry.
Wellness Tourism Market Segment Analysis – By Service:
Based on Service, Wellness Tourism Market is segmented into In-country Transport, Lodging, Food & Beverage, Wellness Activities, Shopping and Others. Wellness Activities accounted for the largest revenue market share in 2020 as customers are willing to spend more on health and wellness. Ayurveda therapies, yoga, meditation, mindfulness training, Wellness SPA treatments, agricultural tourism, medical tourism, and other wellness activities are available.
Shopping, dining, and sightseeing are some of the other common activities enhancing the segment growth. Lodging segment is anticipated to grow with the fastest CAGR of 7.9% in the forecast period 2021-2026. People who travel and stay away from home for more than a day need accommodation for sleeping, personal well-being, resting, eating, protection, shelter from the cold or rain, luggage storage, and access to basic household functions.
The American Hotel & Lodging Association, for instance, reports that there are more than 52,000 lodging properties in the United States driving the segment growth.
Wellness Tourism Market Segment Analysis – By Type:
Wellness Tourism Market Segment Analysis - By Geography:
Based on Geography, North America Wellness Tourism Market accounted for the 38% revenue share in 2020 owing towards the presence of several key players in the region. The increasing awareness of holistic health therapies, as well as their high disposable incomes, which enable health-related travel, is key factors driving the wellness tourism sector. In North America, the United States and Canada are important domestic markets for wellness tourism.
The growing popularity of wellness tourism, personal well-being, and medical tourism among baby boomers will fuel demand for anti-aging and Wellness SPA treatments even further. The growing demand for wellness services as a result of a rise in stress-related health problems has boosted the region's market growth. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing technological advances and rising disposable income levels in developing countries such as China and India.
A National Medical & Wellness Tourism Promotion Board was established in 2016 to encourage wellness tourism. For instance, Aman Wellness SPA launched Amanpuri, a new holistic wellness center in Thailand, in February 2019, providing integrative medical tourism services. It is the first Aman Wellness SPA wellness center to provide medical tourism services. In July 2018, Evolution Wellness Holdings, a Malaysian corporation, opened Fiveelements Pte. Ltd., a new integrated wellness resort aiding towards regional growth.
Wellness Tourism Market Drivers
The Surge In Consumer Awareness:
Owing to the evolving demand pattern and increased competition among hotel classes, service providers have shifted their attention to the common middle-class segment, offering attractive economic packages. The fitness industry has exploded as a result of this. Furthermore, the majority of the market is dominated by secondary visitors who participate in wellness-related activities as part of a trip for another purpose.
The average spending per trip for primary wellness visitors, on the other hand, is higher. In order to enhance their physical and mental well-being, people are gradually turning to health procedures such as beauty treatments, anti-aging treatments, weight loss services, Wellness SPA therapies, and yoga programs. The global wellness tourism industry is expected to grow in response to the success of these programs and the increase in stress levels.
Market participants are experimenting with social and digital marketing tools to provide new options for consumers, such as improved accessibility and new transactions via online portals. For instance, in May 2018, Radisson Hospitality AB announced a partnership with MakeMyTrip to extend its international reach, with about 1,400 hotels and resorts now available on the online distribution channel platform, which is driving the market's growth.
Wellness Tourism Market Challenges
Lack Of Government Support:
Wellness Tourism Market Landscape
- In August 2019, Marriott International, Inc. launched an all-inclusive platform to serve increasingly popular vacation segment. Marriott International also reported that it has signed management contracts with hotel developers who plan to invest more than $800 million in five new all-inclusive resorts, demonstrating their faith in the company's size, loyalty platform, and operational expertise.
LIST OF TABLES1.Global Competitive Analysis Market 2019-2024 ($M)
2.Global Competitive Analysis Market 2019-2024 (Volume/Units)
3.North America Competitive Analysis Market 2019-2024 ($M)
4.South America Competitive Analysis Market 2019-2024 ($M)
5.Europe Competitive Analysis Market 2019-2024 ($M)
6.APAC Competitive Analysis Market 2019-2024 ($M)
7.MENA Competitive Analysis Market 2019-2024 ($M)
LIST OF FIGURES1.US Wellness Tourism Market Revenue, 2019-2024 ($M)
2.Canada Wellness Tourism Market Revenue, 2019-2024 ($M)
3.Mexico Wellness Tourism Market Revenue, 2019-2024 ($M)
4.Brazil Wellness Tourism Market Revenue, 2019-2024 ($M)
5.Argentina Wellness Tourism Market Revenue, 2019-2024 ($M)
6.Peru Wellness Tourism Market Revenue, 2019-2024 ($M)
7.Colombia Wellness Tourism Market Revenue, 2019-2024 ($M)
8.Chile Wellness Tourism Market Revenue, 2019-2024 ($M)
9.Rest of South America Wellness Tourism Market Revenue, 2019-2024 ($M)
10.UK Wellness Tourism Market Revenue, 2019-2024 ($M)
11.Germany Wellness Tourism Market Revenue, 2019-2024 ($M)
12.France Wellness Tourism Market Revenue, 2019-2024 ($M)
13.Italy Wellness Tourism Market Revenue, 2019-2024 ($M)
14.Spain Wellness Tourism Market Revenue, 2019-2024 ($M)
15.Rest of Europe Wellness Tourism Market Revenue, 2019-2024 ($M)
16.China Wellness Tourism Market Revenue, 2019-2024 ($M)
17.India Wellness Tourism Market Revenue, 2019-2024 ($M)
18.Japan Wellness Tourism Market Revenue, 2019-2024 ($M)
19.South Korea Wellness Tourism Market Revenue, 2019-2024 ($M)
20.South Africa Wellness Tourism Market Revenue, 2019-2024 ($M)
21.North America Wellness Tourism By Application
22.South America Wellness Tourism By Application
23.Europe Wellness Tourism By Application
24.APAC Wellness Tourism By Application
25.MENA Wellness Tourism By Application