PUBLISHER: The Business Research Company | PRODUCT CODE: 1429985
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429985
Wellness tourism encompasses travel associated with enhancing personal wellbeing through psychological, physical, or spiritual activities.
Services within wellness tourism include transport, lodging, dining, shopping, activities, excursions, and others. The transport segment offers services catering to patients with various medical needs such as spinal injuries, fractures, craniocerebral injuries, etc. This involves arranging transportation for patients and accompanying individuals from hotels or medical centers to airports or stations following treatments, check-ups, surgeries, or rehabilitation. Travel types comprise primary and secondary, available in domestic and international locations.
The wellness tourism market research report is one of a series of new reports from The Business Research Company that provides wellness tourism market statistics, including wellness tourism industry global market size, regional shares, competitors with a wellness tourism market share, detailed wellness tourism market segments, market trends and opportunities, and any further data you may need to thrive in the wellness tourism industry. This wellness tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The wellness tourism market size has grown rapidly in recent years. It will grow from $810.14 billion in 2023 to $904.1 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. Historical growth drivers in wellness tourism include heightened spending on cultural and sports travel, increased disposable incomes.
The wellness tourism market size is expected to see rapid growth in the next few years. It will grow to $1369.22 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. Anticipated growth in wellness tourism is fueled by robust economic growth in emerging markets, aging populations opting for early retirement, and rapid urbanization. Key trends include sustained growth in tourism investments, partnerships, enhanced wellness tourism packages.
The expansion of wellness tourism is anticipated to be driven by the increasing spending by tourists, particularly in cultural and sports tourism. Wellness tourism encompasses travel experiences that not only involve exploring cultural and sporting events but also contribute to promoting health and well-being. Sports tourism, where individuals engage in or observe sports events while in their usual tourist environment, is a significant component of this wellness-focused travel trend. According to a survey conducted by American Express in 2021, about 76% of participants in the survey engaged in spending on tourism with the specific intention of enhancing their well-being. Additionally, 55% of respondents were willing to allocate extra funds for wellness activities during their vacations. This surge in tourist spending, especially on wellness-related experiences, is a driving force behind the growth of the wellness tourism market.
Government initiatives further contribute to the positive trajectory of the wellness tourism market. Governments worldwide are taking proactive measures to facilitate the growth of the travel and tourism sector, thereby providing support for the expansion of the global wellness tourism market. For instance, in December 2022, the Japan National Tourism Organization (JNTO) launched initiatives to promote health travel, focusing on less-popular locations such as Beppu and Misgui. JNTO's efforts aim to position Japan as a desirable travel destination for international tourists seeking wellness experiences. Similarly, in October 2022, the Thai government introduced a $131 million Phuket medical hub, positioned as an international medical hub to attract millions of wellness and medical tourists globally. These favorable government initiatives are key drivers propelling the growth of the wellness tourism market.
Technological innovation is emerging as a prominent trend in the wellness tourism market, with major companies in the sector actively introducing new technologies to maintain their competitive edge. An illustrative example is the initiative by Atmantan Wellness Centre, an India-based wellness tourism provider, which launched Atmantan Naturals in April 2021. This wellness-tech platform incorporates telehealth portal technology, enabling individuals to access virtual consultations with various doctors and physicians at their convenience. Atmantan Naturals not only offers reversal treatments for diseases but also produces natural herbal supplements with high efficacy.
Leading players in the wellness tourism market are also introducing new products and services to enhance their competitive position. A case in point is XpresSpa Group, Inc., a US-based health and wellness company, which unveiled Treat, its travel health and wellness brand, in December 2021. The first brick-and-mortar location of Treat, situated at John F. Kennedy International Airport (JFK), New York, serves as a fully functional luxury health and wellness facility. Among its offerings are access to COVID-19 quick PCR tests, IV drip infusion therapy, flu shots, on-site virtual yoga and fitness sessions, professional medical care, and on-site COVID-19 tests. These initiatives highlight the industry's commitment to leveraging technology and introducing innovative solutions to meet the evolving needs of wellness-oriented travelers.
In November 2021, PH91 Pvt Ltd., an India-based e-commerce company, successfully completed the acquisition of Expertomind for an undisclosed sum. This strategic move is poised to broaden the company's wellness tourism portfolio, enhancing its capabilities to cater to the diverse needs of its customer base. Expertomind, renowned as a manufacturer of wellness products, brings valuable expertise and a range of offerings to complement PH91 Pvt Ltd.'s existing business.
Major companies operating in the wellness tourism market report are Hilton Worldwide, Marriott International Inc., Four Seasons Hotels Ltd., Accor S.A, Hyatt Hotels Corporation, Intercontinental Hotels Group, Radisson Hotel Group, Rosewood Hotels & Resorts, Omni Hotels & Resorts, Canyon Ranch, Shanghai Lemen Business International Travel Service Co Ltd., Sangha Retreat, China Tourism, Culture Investment Group Co Ltd., Healing Holidays, Aman Resorts, The Healthy Holiday Company, Fit Reisen Group, Karma Group, Talent Courtyard, Akasha Wellness Retreat, Miraval Group, Alma Health & Spa, Lusha, Medko, Medifees.Com, Tropoo Inc., Idoctours, Trekr.Com, The Wellness Travel Expert, Cal A Vie Health Spa, Vacayou, Alchemy Wellness Resorts, Clinique La Prairie, Braemar Hotels & Resorts, Osthoff Resort, Bajos Del Toro, Tambo Del Inka, Tierra Patagonia, Nannai Resort & Spa, Nayara Resort, Gardens, Amaala, Travocure, Siro Wellness And Fitness Resorts, Six Senses Zighy Bay, Wellcube, Zulal Wellness Resort, Wesgro, Belmond Mount Nelson, Taj Cape Town, Sante Wellness Retreat & Spa, Aha Hotel & Game Lodge Group, The Hydro In Stellenbosch
North America was the largest region in the wellness tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wellness tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wellness tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The wellness tourism market consists of sales of wellness tourism services by entities (organizations, sole traders, and partnerships) that are used to promote health and well-being through psychological, physical, or spiritual activities. Wellness tourism is tourism that is associated with the pursuit of maintaining or enhancing one's personal wellbeing.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wellness Tourism Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wellness tourism market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wellness tourism? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wellness tourism market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.