Wellness Tourism Market Projected to Grow at a CAGR of 7.3% During the Forecast Period 2021-2026
Rising Cases of Lifestyle-related Diseases Such as Diabetes, Obesity, and High Cholesterol Levels as Well as a Lack of Physical Activity Is Projected to Drive the Wellness Tourism Market.
Hyderabad, India – July 2, 2021 /MarketersMedia/ —
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.
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 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.
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Wellness Tourism Market Segment Analysis – By Type:
Based on Type, Wellness Tourism Market is segmented into Domestic and International. Domestic accounted for the largest revenue market share in 2020. Domestic tourism is used by governments to alleviate poverty, create jobs and economic growth, upgrade infrastructure, and relieve pressure from overcrowding by using discretionary pricing strategies and non-wage tourism benefits, for instance. Domestic tourists’ rising spending on wellness activities is contributing to the segment’s rise. Domestic tourists spent about 150 percent more than foreign tourists in 2017 driving the Wellness Tourism Industry. International segment is anticipated to grow with the fastest CAGR of 8.6% during the forecast period 2021-2026.
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 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.
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.
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Wellness Tourism Market Challenges
Lack Of Government Support:
The lack of government vision and clear-cut futuristic policies in the wellness tourism industry stifles market growth. Moreover, during the forecast period, the demand is expected to be hampered by a lack of facilities, such as inadequate infrastructure and skilled and educated employees in developing countries. Also, the economic slowdown owing to COVID-19 has resulted into a greater loss in terms of industry’s growth.
Wellness Tourism Market Landscape
The Wellness Tourism Market’s main strategies include product releases, mergers and acquisitions, joint ventures, and regional expansion. Wellness Tourism Market top 10 companies are KPJ Healthcare Berhad, VLCC Health Care Limited, Hyatt Hotels Corporation, Four Seasons Hotels Limited, Hilton Worldwide, Red Carnation Hotels, Home Inns Group, Accor Hotels, Wyndham Hotels & Resorts and Marriott International, Inc.
Acquisitions/Product Launches:
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.
Key Takeaways
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.
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