The global wellness tourism market is estimated to reach over USD 1974.18 billion by 2031, exhibiting a CAGR of 10.17% during the forecast period.
According to globenewswire.com, “Wellness tourism” refers to travel experiences that enhance and improve one’s physical, mental, and spiritual well-being. Tourists delight in physical, spiritual, and cerebral pursuits by participating in yoga, spa treatments, Gymnastics, meditation, and trips to hot spring resorts. Conversing with residents at a location who have traveled to and experienced many cultures fosters individual well-being.
In contrast, medical tourism entails treating an illness for which a diagnosis has already been made. One key element driving the market will be rising patient perceptions of their health, wellness, and hygiene products. Around the world, advertising initiatives run by different governments are promoting wellness travel.
Players that offer well-being services assist clients in finding ways to preserve or improve their health and well-being. Additionally, the desire for wellness activities at well-known tourism locations is rising as more individuals become health conscious. The need for different well-being services has increased as more travelers travel the world. Network operators are concentrating on providing spa therapies and other activities to guarantee consumer happiness. Furthermore, it is anticipated that higher tourism-related spending will have a favorable effect.
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.
List of Prominent Players in the Wellness Tourism Market:
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 Dynamics:
Drivers-
The market for wellness travel is anticipated to develop due to rising tourist spending on cultural and sports tourism. Travel that incorporates watching and participating in a sporting event while remaining in the tourist’s regular surroundings is called sports tourism. The main trend gaining popularity in the wellness tourism business is new technological advances. To maintain their place in the market, major organizations involved in wellness tourism are concentrating on adopting innovative technology. Additionally, the industry is expanding due to the rising incidence of mental diseases, including melancholy and anxiety, an increase in disposable income, a rise in the use of online travel services, the growing importance of social media, and increased government spending to draw tourists.
Challenges:
The prime challenge is the need for more awareness and commercialization regarding products in developing countries, which is predicted to reduce the growth of the Wellness Tourism market. However, the high cost of wellness tourism and the availability of equipment’s and technology are factors expected to hamper the overall growth of the wellness tourism market over the coming years.
Regional Trends:
The North America wellness tourism market is expected to register a major market share in revenue and is projected to grow at a high CAGR soon. The increased focus on mental and physical wellness and the high discretionary income is to blame for this. The importance of achieving physical and mental well-being during yoga, rejuvenation treatment, herbal medicines, meditation, agritourism, and spa therapies at exotic locations is actively promoted by prominent players, boosting travel to North America.
Besides, the Asia Pacific region had a substantial market share because many exotic locations, like China, India, Malaysia, Indonesia, Thailand, and Singapore, are becoming increasingly popular. Additionally, the expansion of accommodation providers with facilities providing massages, spa services, herbal treatments, and rejuvenation programs is anticipated to have a favorable impact on the expansion of the industry in the area.
