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The Global Wellness Tourism Market Size is valued at 909.82 billion in 2023 and is predicted to reach 1974.18 billion by the year 2031 at a 10.37% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The integration of medical treatments with wellness services is emerging as a significant trend, attracting individuals seeking holistic health solutions.
- The increasing demand for increasing health concerns and stressful lifestyles is expected to drive industry growth.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the maintenance the authenticity of wellness experiences can be challenging, especially as the industry grows.
Physiological, spiritual, and emotional activities are used in wellness tourism to enhance good health and well-being. While medical and wellness tourism is frequently compared because both are motivated by the public's interest in health, medical tourists are dedicated to enhancing or preserving health and quality of life. In contrast, wellness tourists are cautious and frequently focus on prevention.
The urbanization process, a notable rise in e-literacy rates, and social media's growing influence worldwide are a few more factors helping the wellness tourism market demand. Additionally, the primary factor influencing the market is a significant increase in spending on vacation and personal well-being. The increased average level of discretionary income explains this.
The rising prevalence of numerous lifestyle disorders among individuals due to sedentary lives and demanding job schedules is another factor driving the wellness tourism market development. Other factors influencing the industry include the ability to compare the different online adventure travel options and technological advancements that make booking flights, hotels, and activities simpler.
Recent Developments:
- In April 2021-Atmantan NATURALS, a new wellness-tech platform, was introduced, and the Atman tan Wellness Centre has since expanded into nutraceuticals and supplements. Expert scientists and physicians handpick natural herbal supplements to offer high-efficacy, disease-reversing treatments for this telemedicine platform.
- In August 2021-On the outskirts of Kolkata, the Carnoustie Group and South City Ayurvedic Wellness Center will open a luxury Ayurvedic and traditional Indian wellness center for INR 100 crore. On the route to Sundarbans, the project is only 16 kilometers from Science City.
Competitive Landscape:
Some of the Wellness Tourism market players are:
- Hilton
- Marriott International, Inc.
- Accor
- Hyatt Corporation
- Radisson Hospitality
- InterContinental Hotels Group
- Rancho La Puerta, Inc.
- Omni Hotels & Resorts
- Nirmanakaya Wellness Retreat
- Four Seasons Hotels Limited
Market Segmentation:
The wellness tourism market is segmented based on service, travel purpose and travel type. The market is segmented based on service: lodging, food & beverage, in-country transport, shopping and wellness activity. For travel purposes, the market is segmented into primary and secondary. By travel type, the market is segmented into domestic and international.
Based On Service, The Lodging Segment Is A Significant Contributor To The Wellness Tourism Market
The lodging category is expected to hold a considerable share of the global Wellness Tourism market in 2021. An influential factor in the expansion of the lodging market is the escalating presence of luxury and high-end hotels and resorts in well-known tourist locations. The wellness spa's ever-changing clientele's needs have molded it. Anti-aging medicines are becoming increasingly popular as customers become more proficient on social media. The rising demand for anti-aging skin care products is driving the industry. The desire for these services increases as consumer disposable income rises, particularly in emerging economies.
The Domestic Segment Noticed Growth At A Rapid Rate
The domestic segment is projected to grow rapidly in the global Wellness Tourism market. The market is growing as domestic travelers' spending on wellness activities rises. Also, when international borders were blocked, COVID assisted in boosting local tourism. Travelers, as a result, visited places in their own countries. Visits to neighboring destinations are easier for domestic travelers. Also, travelers on a tight budget and low- and middle-income professionals frequently steer clear of overseas travel. This will likely encourage the segment's growth. Among the primary travel trends boosting the market growth are domestic and local travel, outdoor activities, and a preference for nature-based items. Th
The North American Wellness Tourism Market Holds A Significant Regional Revenue Share
The North America wellness tourism market is expected to record the highest market share in revenue soon due to the presence of many significant actors in the area. The wellness tourism industry is driven by the increasing awareness of holistic health therapies and consumers' high disposable expenditures, which enable them to travel for medical purposes. North America's two largest home markets for wellness travel are the United States and Canada.
In addition, the Asia Pacific region is anticipated to grow rapidly in the global wellness tourism market position. Technological advancements and rising disposable income levels in developing countries like China and India are anticipated to support market expansion. The rising presence of foreign hotel and resort companies and the expanding influence of the hospitality sector aid the development of the region's wellness tourism business. Government initiatives and supportive policies may continue to fuel the market during the predicted period to draw in more foreign tourists.
Wellness Tourism Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 909.82 Bn |
|
Revenue forecast in 2031 |
USD 1974.18 Bn |
|
Growth rate CAGR |
CAGR of 10.37% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Service, Travel Purpose and Travel Type |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Hilton; Marriott International, Inc.; Accor; Hyatt Corporation; Radisson Hospitality; InterContinental Hotels Group; Rancho La Puerta, Inc.; Omni Hotels & Resorts; Nirmanakaya Wellness Retreat; Four Seasons Hotels Limited |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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