The Global Wellness Tourism Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Wellness Tourism Market is segmented by Service (Lodging, Food and Beverage, Wellness Activities, In-country Transport, Shopping and Others); Travel Purpose (Secondary Tourism and Primary Tourism); Travel type (Domestic and International); Geography (North America, Europe, APAC and ROW).
Introduction
Wellness tourism differs markedly from medical tourism. The former involves tourism focused on prevention of diseases and maintaining quality of life, whereas the latter generally involves travel for the purpose of receiving treatment for a diagnosed disease or medical condition.
Wellness tourism encompasses diverse industries that enable consumers to incorporate wellness into their daily lives. These products and services help consumers extend wellness to their homes and work environments with their daily activities such as having food and exercise.
Factors that are driving the global wellness tourism market is the rise in disposable incomes, particularly in developing countries, owing to rapid growth of economies of these countries
The COVID-19 pandemic has wellness tourism industry. But the condition is expected to recover during post-COVID period due to travelling relaxations
Table of Contents
Market Overview
The global wellness tourism market is expected to grow to $1,089.60 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 7.75% CAGR.
The rise in disposable income of the middle-class population, along with the rise in spending for travel and personal well-being, drives the growth of the wellness tourism market.
North America dominated the global wellness tourism market in 2020.
Key Trends
The popularity of these programs coupled with the rise in stress levels is expected to propel the global wellness tourism market during the forecast period.
Higher income levels have also shifted the trend toward increased discretionary spending, particularly on wellness goods and services.
Development of ecotourism, cultural tourism, and sports tourism makes way for many new opportunities.
Key Market Players
Some of the key players in the market are Accor Hotels, Hilton Worldwide, InterContinental Group, Hyatt Hotels, Marriott International, Radisson Hospitality.
Increasing competition in this market is expected to drive innovation, thereby helping the industry to overcome the existing challenge of pricing pressure faced by the prominent players in the market.
The market players are continuously striving to introduce new improvements to the existing services focused on the anticipated consumer demands and market trends.
Growth Drivers and Challenges
The rising number of tourists across the globe has contributed to the demand for various wellness services.
Rising awareness about health and wellbeing is expected to drive the market.
Increase in obesity and chronic diseases around the world fuels the growth.
Shortage of facilities (for example, lack of adequate infrastructure and skilled and trained workers) in developing countries is expected to impede the market during the forecast period.
The tourism services providers are facing challenges to meet with the changing market needs and customer demands.