Wellness Tourism Market Expected to Reach USD 1,192.9 Billion by 2029, Growing at a CAGR of 7.2%

Wellness Tourism Market Overview:

Wellness tourism encompasses a wide range of services that help individuals integrate wellness into their daily lives, promoting well-being in their homes, personal lives, and workplaces through simple practices such as healthy eating and exercise. The market is expected to be driven by the increasing incidence of lifestyle-related diseases, including diabetes, obesity, and high cholesterol, linked to busy work schedules and sedentary lifestyles, leading to a demand for wellness solutions.

Market Values:

The global Wellness Tourism Market is set for substantial expansion, with a projected CAGR of 7.2% during the forecast period, ultimately reaching an impressive US$ 1,192.9 billion by 2029. This remarkable growth potential is explored in-depth in the latest market report, providing comprehensive insights into the dynamics, scope, and key factors shaping this flourishing industry.

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Wellness Tourism Market Dynamics:

The global market is witnessing a surge in popularity of spa therapies and relaxation treatments as people seek to enhance their overall well-being through psychological, spiritual, and physical activities. There is a growing demand for rejuvenating practices like meditation, exercise, traditional therapies, and nutritious cuisine, which is expected to significantly boost market growth.

Furthermore, many businesses are offering employee benefits such as vacation time and travel reimbursements, encouraging individuals to invest in wellness tourism. Secondary travelers are also seeking additional wellness packages during their vacations, including organic cuisine, specialized diets, seasonal fruits, herbal treatments, spa services, and aromatherapy massages within hotels. The increasing number of hotels offering wellness-focused amenities indirectly fuels wellness tourism.

However, the market's growth may be constrained during the forecast period due to a lack of facilities, including inadequate infrastructure and a shortage of trained personnel in developing countries.

Wellness Tourism Market Segmentation:

Wellness Tourism Market by Service

In-country Transport
Lodging
Food & Beverage
Wellness Activities
Shopping
Others

Wellness Tourism Market by Travel

Primary
Secondary

Wellness Tourism Market by Travel Type

Domestic
International

By Travel Type, domestic services held a market share percent in 2022 and are expected to exhibit a healthy CAGR during the forecast period. Governments are implementing pricing strategies to promote domestic tourism, reduce poverty, create jobs, enhance infrastructure, and alleviate congestion from tourism. The growing expenditure on wellness activities by domestic tourists is driving the segment's growth. In 2022, domestic tourists spent approximately 150 percent more than international tourists.

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Wellness Tourism Market Key Players:

1. Four Seasons Hotels Limited
2. KPJ Healthcare Berhad
3. Hyatt Hotels Corporation
4. Marriott International, Inc
5. Hilton Worldwide
6. VLCC Health Care Limited
7. PRAVASSA
8. Canyon Ranch
9. Rancho La Puerta Inc
10. Accor
11. Hyatt Corporation
12. Red Carnation Hotels
13. InterContinental Hotels Group
14. Marriott
15. Miraval Resort & Spa

Table of content for the Wellness Tourism Market includes:

Part 01: Executive Summary
Part 02: Scope of the Wellness Tourism Market Report
Part 03: Global Wellness Tourism Market Landscape
Part 04: Global Wellness Tourism Market Sizing
Part 05: Global Wellness Tourism Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis

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Regional Insights:
In 2022, the North American market accounted for 38 percent of the revenue share, driven by the presence of numerous major players in the region. Increasing awareness of holistic health therapies, along with high discretionary incomes that support health-related travel, is fueling market growth. The United States and Canada are significant domestic markets for wellness tourism in North America.

The Asia Pacific region is expected to be the fastest-growing market, benefiting from technological advancements and rising disposable incomes in developing nations such as China and India. The presence of international hotel and resort chains, as well as the hospitality industry's expanding influence, contribute to the region's wellness tourism market growth. Supportive government policies and initiatives to attract more foreign visitors may continue to drive wellness tourism growth in the Asia Pacific during the forecast period.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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This release was published on openPR.