Wellness Tourism : Market Analysis Report, Share, Size, Prominent Players, Current Scenario, Challenges and Segmentations , Regional Study Forecast by 2031

The Global Wellness Tourism Market Size is estimated to be 909.82 billion in 2023 and is expected to grow to 1974.18 billion by 2031, with a compound annual growth rate (CAGR) of 10.37% during the forecast period of 2024-2031.

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The term "wellness tourism" denotes travel experiences that contribute to improving and enhancing one's physical, mental, and spiritual well-being. Tourists engage in a variety of activities, including yoga, wellness treatments, gymnastics, meditation, and visits to hot spring resorts to enjoy physical, spiritual, and cerebral stimulation. Individual well-being is promoted by conversing with inhabitants of a particular location who have travelled to and experienced various cultures. Conversely, medical tourism involves the treatment of an illness for which a diagnosis has already been established.
Increasing patient perceptions of their health, wellness, and sanitation products will significantly influence the market's growth. Various governments worldwide are promoting wellness travel through advertising initiatives. Players who provide well-being services assist clients in identifying methods to maintain or enhance their health and well-being. Furthermore, the demand for wellness activities at renowned tourism destinations is increasing as a result of the growing health consciousness of the general populace. The demand for a variety of well-being services has risen as a result of the increasing number of travellers who travel internationally. Spa therapies and other activities are the primary focus of network operators to ensure consumer satisfaction. Additionally, it is anticipated that an increase in tourism-related expenditures will have a beneficial impact.

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 expected to expand due to the increasing expenditures of tourists on cultural and sports tourism. Sports tourism is a form of travel that involves spectatorship and participation in a sporting event while the tourist remains in their normal environment. New technological advancements are the primary trend that is gathering popularity in the wellness tourism industry. Major wellness tourism organizations are prioritizing the implementation of innovative technology to preserve their market position. In addition, the industry is experiencing growth as a result of the increasing prevalence of mental illnesses, such as anxiety and melancholy, as well as an increase in disposable income, the popularity of online travel services, the increasing significance of social media, and increased government spending to attract visitors.

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Challenges:

The Wellness Tourism market is expected to experience a decline in growth due to the necessity for increased awareness and commercialization of products in developing countries. Nevertheless, the wellness tourism market is anticipated to experience a decline in growth in the future due to the high cost of wellness tourism and the limited availability of equipment and technology.

Regional Trends:

The North American wellness tourism market is anticipated to exhibit a significant market share in revenue. It is expected to expand at a high compound annual growth rate shortly. The elevated level of discretionary income and the heightened emphasis on mental and physical wellness are the main factors contributing to this. The significance of attaining physical and mental wellness through yoga, rejuvenation treatments, herbal medicines, meditation, agritourism, and spa therapies in exotic locations is actively promoted by prominent actors, thereby increasing travel to North America. In addition, the Asia Pacific region possessed a significant market share due to the growing popularity of numerous exotic destinations, including China, India, Malaysia, Indonesia, Thailand, and Singapore. The industry is expected to experience a positive impact on its expansion in the region due to the expansion of accommodation providers that offer massages, leisure services, herbal treatments, and rejuvenation programs.

Recent Developments:

• In April 2021, the Atmantan Wellness Centre has expanded into nutraceuticals and supplements, following the introduction of Atmantan NATURALS, a new wellness-tech platform. This telemedicine platform provides high-efficiency, disease-reversing treatments by handpicking natural botanical supplements chosen by expert scientists and physicians.

• In August 2021, the Carnoustie Group and South City Ayurvedic Wellness Center will establish a luxury Ayurvedic and traditional Indian wellness center on the periphery of Kolkata for a sum of INR 100 crore. The facility is situated only 16 kilometers from Science City on the route to Sundarbans.

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Segmentation of Wellness Tourism Market-

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

By Travel Purpose
• Secondary
• Primary

By Travel Type
• International
• Domestic

By Region-

North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.