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Wellness Tourism Global Market Demand Analysis, Manufacturers Share, Regions, Risk Analysis, Driving Forces and Application, Forecast To 2033
Wellness Tourism Global Market
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According to The Business Research Company's, 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%. The growth in the historic period can be attributed to increasing tourist spending on cultural and sports tourism, strong economic growth in emerging markets, rising disposable income, aging population and early retirement and rapid urbanization.
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%. The growth in the forecast period can be attributed to increasing tourist spending on cultural and sports tourism, strong economic growth in emerging markets, rising disposable income, aging population and early retirement and rapid urbanization. Major trends in the forecast period include increasing tourist spending on cultural and sports tourism, strong economic growth in emerging markets, rising disposable income, aging population and early retirement and rapid urbanization.
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Market Drivers and Trends:
The increase in tourist spending on cultural and sports tourism is expected to propel the growth of the wellness tourism market going forward. Sports tourism refers to travel that involves both observing and participating in a sporting event while staying in the tourist's usual environment. Cultural and sports tourism is a part of wellness tourism, which helps in promoting health and well-being. For instance, according to a survey conducted by American Express, a US-based credit card company, in the year 2021, nearly 76% of the people participating in service are spending on tourism to improve their well-being. Also, 55% of the participants are paying extra money for wellness activities on their vacations. Therefore, increasing tourist spending is driving the growth of the wellness tourism market.
New technological innovations have emerged as the key trend gaining popularity in the wellness tourism market. Major companies operating in the wellness tourism sector are focused on introducing new technologies to sustain their position in the market. For instance, in April 2021, Atmantan Wellness Centre, an India-based wellness tourism provider, launched Atmantan Naturals, a new wellness-tech platform with telehealth portal technology. This wellness center offers reversal treatments for diseases and cultivates natural herbal supplements with excellent efficiency. And also, an individual has access to various virtual consultations with various doctors and physicians with the help of telehealth portals at any time.
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Major Key Players of the Market:
Thermo Fisher Scientific, Eppendorf AG, PHC Holdings Corporation, Avantor Inc, Haier Biomedical Co. Ltd, BioLife Solutions Inc, Azbil Corporation, Helmer Scientific, Binder GmbH, Arctiko A/S, Bionics Scientific Technologies (P) Ltd, Remi Group, Esco Group Of Companies, Zhongke Meiling Cryogenics Co. Ltd, Labxyi, Zhejiang Iceshare Refrigerating Appliance Co. Ltd, Labfreez, Blue Star, Godrej Appliances, Antech Group Inc, Mitsui & Co, Haier Medical, Acuma, Biobase, Arctiko, Binder, Labcold, Fisherbrand, Isotemp, Stirling Ultracold Storage, Helmer Scientific Inc, Nuaire, Telstar, Emphor Dlas
Wellness Tourism Market 2024 Key Insights:
• 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%.
• Tourist Spending On Cultural And Sports Tourism Boosts Wellness Tourism Market
• Innovative Technologies Driving Wellness Tourism Market Growth
• North America was the largest region in the wellness tourism market in 2023
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