Wellness Tourism Market Size is Likely to Reach a Valuation of Around $1,592.6 Billion by 2030 | Hilton, Hyatt Hotels, Marriott International, PRAVASSA, Radisson Hospitality

According to a new report, "Wellness Tourism Market by Service Type, Location, Travelers Type: Global Opportunity Analysis and Industry Forecast, 2021-2030″. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter's Five Forces, and competitive scenario. The global wellness tourism market size was valued at $801.6 billion in 2020, and is projected to reach $1,592.6 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030.

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In 2020, the lodging segment accounted for the highest share in the wellness tourism market.

A draft for the national strategy and roadmap for medical and wellness tourism has been developed by the Ministry of Tourism for the proper functioning of the wellness tourism sector. The Ministry of Tourism has requested feedback/comments/suggestions on the draft national strategy and road map from designated Central Ministries, all State Governments/UT Administrations, and industry players to make the document more comprehensive. On the other hand, the global Wellness institute launched a Wellness tourism initiative to raise awareness, knowledge, and possibilities in one of the fastest growing areas of global tourism.

The Ministry of Tourism has taken many measures to market India as a destination for medical and wellness tourism. The Ministry has established a National Medical and Wellness Tourism Board, with the Minister (Tourism) as its Chairman, to further the cause of promoting medical tourism, wellness tourism, and Ayurveda tourism.

Traveling to preserve or improve one's health is known as Wellness tourism. It is driven by a desire to live a healthy lifestyle, avoid sickness, reduce stress, control distressing lifestyle behaviors, and/or have authentic experiences will stop consumers may reclaim travel as a source of leisure, renewal, exploration, joy, and self actualization by working with the wellness sector. Wellness tourism, which encompasses the promotion of health and personal well-being via different physical, psychological, and spiritual activities, is a result of this shift in preference. It also covers transportation, housing, food and beverage, shopping, and other services food.

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With the rise of wellness tourism, Ayurveda institutes, hostel, and hospitality chains such as Airbnb, wellness centers/resorts, have experienced an increase in appointments and requests. According to internet booking portals, daily reservations at wellness resorts and institutes have increased by 1000 percent. As indicated by Airbnb, there has been an expanding interest in rural destinations. With the expanded speed of immunization, individuals are willing to embrace their usual travel. Yet, the majority of tourists are probably going to hit the homegrown and provincial places of interest.

Tavistock Development Company announced an intention to build innovative wellness, performance, and medically integrated exercise center in Lake Nona, Orlando. The medical integrated exercise center will be built in collaboration with Signet LLC and its subsidiary Integrated Wellness Partners (IWP). The new wellness campus is anticipated to be one of the largest in the country, with a wide range of health and wellness offerings. The new wellness campus is to be one of the most extensive in the regions, giving a wide scope of wellbeing, health benefit programs, and administrations for the entire community.

The key players profiled in this report include Accor S.A, Canyon Ranch, Four Seasons Hotels Ltd., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Marriott International, Inc., Omni Hotels & Resorts, PRAVASSA, Radisson Hospitality, Inc., and Rancho La Puerta Inc.

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Key benefits for stakeholders

• The report provides quantitative analysis of the current wellness tourism market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing wellness tourism market opportunity.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis and the market size & segmentation assist to determine the market potential.
• The major countries in each region are mapped according to their revenue contribution to the market.
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the wellness tourism market.

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