USD 814.60 Billion
Report ID:
SQMIG35A2416 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
89 |
Figures:
76
Global Wellness Tourism Market size was valued at USD 814.60 Billion in 2022 and is poised to grow from USD 915.77 Billion in 2023 to USD 2336.34 Billion by 2031, at a CAGR of 12.42% during the forecast period (2024-2031).
The aging population is increasingly looking for travel experiences that combine leisure, relaxation, and health maintenance. Wellness tourism caters to the specific needs of older individuals by offering specialized programs and facilities that promote healthy aging and well-being. Interacting with locals that have traveled to and experienced diverse cultures enhances personal well-being. Wellness tourism, as opposed to medical tourism, is concerned with disease prevention. It focuses on living an active existence and improving one's quality of life. Medical tourism, on the opposite hand, entails treating a pre-existing condition. Wellness is a preventative measure used to improve one's health. The expanding number of tourists around the world has increased the demand for various health-care services. To ensure consumer happiness, service providers are focused on spa services and other activities. Furthermore, higher tourism spending is likely to boost the market.
The pandemic of COVID-19 had a significant impact on the marketplace. The key reasons for the market's fall were restrictions on traveling abroad, orders from homeowners, and business closures. Many countries blocked their borders and prohibited international flights. As a result, the number of tourists dropped dramatically. The number of wellness visits has decreased by 35.8%, according to the Global Wellness Institute (GWI). The abrupt halt of economic activity around the world led to company closures, staff layoffs, and a decrease in consumer purchasing power. This, combined with the dread of contagion, kept people from visiting other countries.
However, global immunization campaigns, relaxation of limitations on travel, and a drop in the overall number of COVID-19 cases are anticipated to accelerate market growth. According to the UNWTO, the total number of people traveling overseas will reach 900 million in 2022, representing 63% of pre-pandemic levels. Furthermore, a gradual increase in the number of company travelers, as well as the establishment of full-service spas and resorts, is expected to benefit the industry.
Hectic work schedules or sedentary lifestyles, along with a lack of physical activity, have led to an increase in the prevalence of lifestyle-related disorders such as diabetes, obesity, as well as elevated cholesterol levels. According to WHO figures, the worldwide burden of diseases would increase to 56% by 2030. As a result, the rising prevalence of such disorders is predicted to increase demand for health-related travel.
US Wellness Tourism Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 814.60 Billion
Largest Segment
Secondary
Fastest Growth
Secondary
Growth Rate
12.42% CAGR
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The global wellness tourism market is segmented on the basis of service, travel purpose, travel type, and region. Based on service, the market is segmented into in-country transport, lodging, food & beverage, wellness activities, shopping, and others. In terms of travel purpose, the market is segmented into primary, and secondary. With respect to segmentation by travel type, the market is segmented into domestic, and international. Based on region the global wellness tourism market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Wellness Tourism Market Analysis by Services
The lodging sector dominated the market in 2022, with a share of the market of 23.3%. The rising penetration of luxury & high-end hotels and resorts in prominent tourist areas is a major driver to the accommodation segment's growth. Lodging can be obtained in a tent, caravan or campervan, accommodation, motel, a hotel, inn, private residence (commercial, including a bed & breakfast, guest home, or vacation rental), or home.
The ever-changing needs of its clients determine the need for wellness spas. As customers grow more social media savvy, anti-aging products are becoming more popular. The increasing need for anti-wrinkle skincare treatments is propelling the market. Increased disposable income among consumers, particularly in emerging nations, is further driving demand for such services.
Wellness Tourism Market Analysis by Travel Purpose
The secondary category held the biggest share of the market in 2022 and is likely to maintain its dominance throughout the forecast period. Tourists pursuing well-being activities are examples of secondary tourism activities. Spa treatments, body events, & mind and health exercises are added to business or leisure travel in secondary tourism. Secondary travel will account for around 92.0% of wellness-related trips in 2020, according to GWI. This is due to an increase in the use of wellness services at international business meetings.
The primary category is likely to increase significantly in the future years. Across the globe, more people are combining components of health, preventive medicine, self-fulfillment, & mindfulness in their daily lives. People currently like to keep a fitness programme and adhere to a nutritious diet even when traveling, which fuels category growth.
According to GWI, domestic primary visitors spend over 178% more than the average traveler. On a global scale, they pay 53% more. As a result, the government is working on recruiting main travelers in order to increase revenue. This is anticipated to boost segment growth.
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North America dominated the market, accounting for 39.7% of total sales in 2022. This is attributable to an increased emphasis on mental and physical wellness, as well as a high discretionary income. Active marketing by major players on the value of mental and physical health obtained through yoga, rejuvenation treatment, herbal medicines, meditation, agritourism, & spa treatments at exotic destinations is driving up the number of travels to North America.
The Asia Pacific market is expected to rise rapidly due to the increasing popularity of exotic locations including India, China, Malaysia, Indonesia, Thailand, & Singapore. Furthermore, the emergence of hotel chains with centers offering massages, wellness services, herbal therapies, and rejuvenation programs is expected to boost regional market growth.
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Wellness Tourism Market Drivers
Increasing Focus on Health and Well-being
Rising Disposable Income and Middle-Class Expansion
Wellness Tourism Market Restraints
High Cost
Limited Awareness and Education
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The market is extremely fragmented in nature. Key firms are strengthening their footprint in the region through strategies such as collaborations, mergers, and acquisitions. For example, Hilton announced in May 2022 that it had reached an agreement alongside CKR Resort to open its flagship property Hilton Hyderabad, India Resort & Spa in Hyderabad, India. Similarly, OneSpaWorld, a supplier of health and wellness services for cruise ships & resorts, announced a cooperation with Haymaker Acquisitions Corp., a buying firm, to form OneSpaWorld Holdings Ltd., a new holding company.
Wellness Tourism Market Top Player’s Company Profiles
Wellness Tourism Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global wellness tourism market analysis, the aging population is increasingly looking for travel experiences that combine leisure, relaxation, and health maintenance. Wellness tourism caters to the specific needs of older individuals by offering specialized programs and facilities that promote healthy aging and well-being. Interacting with locals that have traveled to and experienced diverse cultures enhances personal well-being. Wellness tourism, as opposed to medical tourism, is concerned with disease prevention. It focuses on living an active existence and improving one's quality of life. Medical tourism, on the opposite hand, entails treating a pre-existing condition. Wellness is a preventative measure used to improve one's health. The expanding number of tourists around the world has increased the demand for various health-care services. To ensure consumer happiness, service providers are focused on spa services and other activities. Furthermore, higher tourism spending is likely to boost the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 814.60 Billion |
Market size value in 2031 | USD 2336.34 Billion |
Growth Rate | 12.42% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wellness Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wellness Tourism Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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