Product ID: SQMIG35A2416
Global Wellness Tourism Market Size, Share, Growth Analysis, By Service(In-country Transport, Lodging), By Travel Purpose(Primary and Secondary), By Travel Type(Domestic and International) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2416 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
89 |
Figures:
76
Global Wellness Tourism Market Insights
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 Wellness Tourism Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
