The market for wellness tourism was estimated to be worth $801.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% to reach $1,592.5 billion by 2030.
Renewed Millennial Interests in Preventive Medication to Lend Growth Impetus in Wellness Tourism Market
Tourism is a broad spectrum and recent integration of healthy wellbeing with travel experiences further pave way for lucrative opportunities in wellness tourism market. Markedly distinct from medical tourism which largely focuses on domestic and international influx of patient tourists seeking superlative healthcare facilities, wellness tourism is a broader spectrum directed towards adequate travel activities as means to preventive healthcare. According to a report by Global Wellness Institute, wellness tourism aims to improve overall health conditions by averting disease occurrences, reducing stress and amend poor lifestyle habits and practices that lead to several lifestyle related diseases and chronic conditions.
Wellness tourism is beyond regular spa and thermal treatments and incorporate other broad categories and lifestyle improvement practices that render holistic wellbeing and improved lifestyle through the travel span. Wellness tourism industry is a comprehensive whole of fooding, lodging, as well as transportation activities, also including recreational and entertainment activities. Therefore, market players and stakeholders are scouting for diverse untapped opportunities that effectively contribute towards wellness tourism market.
Growing Burden of Lifestyle Maladies Triggers Adoption of Wellness Travel
In most elementary form, wellness is perceived as a state of complete wellbeing to lead a healthy life and is beyond the state of having any illness. The state of optimal wellness is innately needed to live quality life. Owing to modern work culture and poor work life balance, emergence of associated lifestyle diseases is on the rise. Additionally, with high levels of geriatric population and associated maladies and chronic ailments, need for preventive healthcare remains indispensable. Under these prevailing circumstances, global population across age groups are increasingly banking upon innovative solutions to sustain health and wellbeing, thus pushing growth in global wellness tourism market. Chronic disease instances are growing relentlessly. According to a report by WHO, the global burden of non-communicable diseases is poised to grow multifold reaching a total of 57% by 2020. Early occurrences and wide prevalence across populations continue to remain persistent challenges, thus encouraging health enthusiasts to bank upon preventive measures such as wellness tourism.
Developing Countries such as India Stand Ample Competitive Edge with Ancient Yoga and Ayurveda as Value Additions
Emerging economies such as India which massively depend on tourism industry for healthy GDP, has been foraying in a big way in wellness tourism to keep growth agile. A complete portfolio of hospitality sector combines medical, eco-travel, wellness and adventure tourism sectors to offer travelers with unfailing opportunities. According to India Brand Equity Foundation, India bagged third position over 185 countries in terms of maximum GDP contribution. Amidst this optimistic growth trajectory, wellness tourism is expected to remain markedly crucial as India is acknowledged for its ancient science of Yoga and Ayurveda medicines. These factors are likely to drive tremendous thrust towards optimistic growth in wellness tourism market across emerging economies.
VLCC Forays into Wellness Tourism with Strategic Collaboration with Minor Hotels in Asia
Owing to diverse untapped opportunities in global wellness tourism market, wellness solution behemoths are gradually seeping into travel and hospitality sector to etch lucrative growth benchmarks. Calculative business decisions and tactical strategies are likely to remain staples in global wellness tourism market. Several mergers and acquisitions along with novel portfolio diversification are underway to keep growth sustainable in global wellness tourism space.
In a recent development wellness and beauty service behemoth VLCC has merged with Asian hospitality veteran Minor Hotels to effectively merge wellness services with travel solutions provider. With this collaboration in place, VLCC is set to establish his signature wellness centers across several Minor Hotel subsidiaries. The overall investment in this joint collaboration is over $25million. The very first such VLCC operated wellness center will be seen in Thailand owing to flourishing hospitality sector in the country. The venture is directed to consolidate Minor Hotel Group's scope in wellness tourism across Asia, besides allowing VLCC to have a seamless entry in the competition spectrum of wellness tourism market.
Thailand Based Wellness Veteran Chiva-Som Goes Operational in Middle East
Countries such as Japan is yet another emerging hotspot for wellness tourism. On the back of its authentic Japanese spa, several hotels and wellness centers across Japan are cashing on this indomitable need for authentic Japanese spa within hotel premises, thus ensuring optimal satisfaction amongst tourists. On similar lines, several other traditional wellness practices such as Arabic medicine, India origin Ayurveda and the like are expected to keep growth pace soaring in global wellness tourism market. In a significant market development, Chiva-Som Health Resort based in Thailand is all set to venture in the Middle Eastern markets with its recent launch of wellness tourism destination in Qatar. Besides top notch wellness programs, this development is also expected to offer tourists with authentic local cultural offerings.
In parallel to ongoing developments across developing countries, developed nations across Europe and the Americas are also investing extensively to upgrade their offerings in wellness tourism. In this line, Switzerland tourism has recently affirmed its long term business association with over twenty clinics to facilitate wellness tourism. Banking upon Switzerland’s inherent tourism friendly conditions, the country is hopeful to further expedite its opportunities in wellness tourism with further investments
For improved and systematic market analysis, the global wellness tourism market is stratified into diverse segments. Following is a snapshot of some of the most prominent segments in global wellness tourism market.
Wellness Tourism Market Scope
|Revenue forecast in 2030
|USD 1,592.5 Brillion
|CAGR of 7.1 % during 2022-2030
|Travel Purpose, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Hilton Worldwide, Accor Hotels, Hyatt Hotels, Rancho La Puerta, Inc., Marriot International, Rosewood Hotels, PRAVASSA, InterContinental Group, Omni Hotels & Resorts, Radisson Hospitality, Four Seasons Hotels
Wellness Tourism Market: By Tourism Service
- In-country Transport
- Food & Beverage
- Wellness Activities
Wellness Tourism Market: By Travel Purpose
Wellness Tourism Market: By Travel Type
Wellness Tourism market: Regional Diversification
Further in the subsequent sections of the report, this section renders substantial information about geographical diversification, highlighting some of the most lucrative geographical hubs in global wellness tourism market
Wellness Tourism Market: By Region
- North America
- Latin America
Besides substantial information cited on qualitative and quantitative analysis of wellness tourism market with in-depth focus on methodology, scope, trends, opportunities, as well as dynamic segmentation, the report also presents tangible information about competition spectrum, identifying some of the industry forerunners. A complete analytical review of each of the mentioned companies, complete with a thorough analytical review of winning business strategies as well as tactical business decisions based on which new as well as established players in global wellness tourism market can deliver tactical business discretion to sustain competitive edge besides staggering competition in global wellness tourism market. Some of the leading names identified in global wellness tourism market include, Aro Ha, Canyon Ranch, Accor Hotels, Grail Springs, Home Inns Group, Intercontinental Group, Hyatt Hotels, Radisson Hospitality, and Wyndham Hotels & Resorts amongst a trail of others.
Key Market Movements
- Growing lifestyle diseases and non-communicable diseases burden to propel wellness tourism globally
- Millennial population becoming thorough health enthusiasts to keep growth pace soaring in wellness tourism with substantial investments towards preventive therapeutics
- Emerging economies bank upon ancient wellness heritage such as Ayurveda and Japanese Spa to offer value added services
- Aggressive business strategies in terms of M&A to remain crucial in fostering stable growth pace
- Besides conventional wellness practices, market players are moving over and beyond to offer specialized services
Key Study Deliverables
• Market valuation in terms of value and volume of the cancer tumor profiling technologies market through the forecast span, 2019-25
• Comprehensive market evaluation across major regions based on market segmentation
• A thorough rundown on market dynamics such as drivers, threats, challenges, opportunities
• A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
• Major highlights on winning marketing strategies adopted by leading players