Wellness Tourism Market to Reach $1.59 Trillion by 2030; Domestic Travel Holds Major Share

According to a new report published by Allied Market Research, titled, "Wellness Tourism Market Size, Share, Competitive Landscape and Trend Analysis Report, by Service Type, Location, Travelers Type : Global Opportunity Analysis and Industry Forecast, 2021-2030". The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. 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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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.

The wellness tourism market is fueled by several factors, including the expanding global middle class, a growing consumer inclination towards adopting healthier lifestyles, a surge in interest in experiential travel, and the increasing affordability of flights and travel options. Europe remains the primary destination for a significant number of wellness trips, while North America leads in expenditure on wellness tourism. The Asia-Pacific region has experienced notable growth in both the number of wellness trips taken and expenditure on wellness tourism, driven by robust economies and an expanding middle class.

Both the tourism industry and the overall wellness economy are projected to outpace the growth rate of the global economy. Wellness tourism occupies a crucial intersection between these two sectors, offering significant opportunities for various stakeholders, including the hospitality industry, wellness businesses, and the residents and governments of destination countries and regions, to reap substantial benefits from this burgeoning market.

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.

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.

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.

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In the U.S., the travel industry is by all accounts confined inside homegrown limits. Explorers in the U.S. like to visit outlandish areas inside the U.S. and have no plans for the global travel industry. The interest for urban communities and rural regions such as mountains, lakes, and beachfront destinations is on the ascent in the U.S. due to the rising travel costs in well-known traveling destinations.

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.

Analyst Review

According to the insights of the CXOs of leading companies, the wellness tourism market is driven by an expanding global middle class, growing consumer desire to adopt a wellness lifestyle, rising interest in experiential travel, and increasing affordability of flights and travel options. Across regions, Europe remains the destination for the largest number of wellness trips while North America leads in wellness tourism expenditure. Asia-Pacific has made the most gains in the number of wellness trips and wellness tourism expenditure, with demand stimulated by strong economies and an expanding middle class.

Both tourism and overall wellness economy are expected to grow at a faster rate than the global economy. Wellness tourism is clearly positioned at an important intersection between these two giants, and many stakeholders, including the hospitality industry, wellness businesses, and residents & governments of destination countries and regions stand to benefit from this opportunity.

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.
• Rancho La Puerta Inc.

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.

Reasons to buy Wellness Tourism Market Report:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Wellness Tourism Industry.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Wellness Tourism Industry, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
• Recognize newcomers with potentially strong product portfolios and devise effective counter-strategies to acquire a competitive edge.
• To develop effective R&D strategies, gather information, analysis, and strategic insight from competitors.

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Frequently Asked Questions?

Q1. What will be the Wellness Tourism market Size From 2021 to 2030?
Q2. What is the CAGR of Wellness Tourism?
Q3. How can I get sample report of Wellness Tourism?
Q4. Which are the top companies in the Wellness Tourism industry?
Q5. What are the segments of Wellness Tourism market?
Q6. Which is base year calculated in the Wellness Tourism market report?
Q7. How the major currents trends will be shape the market in the future?
Q8. Which region holds the maximum market share of the Global Wellness Tourism market?

★ Press Release:

Wellness Retreat Market to Reach $363.9 Billion, Globally, by 2032 at 7.4% CAGR: Allied Market Research
https://www.globenewswire.com/news-release/2024/04/15/2862793/0/en/Wellness-Retreat-Market-to-Reach-363-9-Billion-Globally-by-2032-at-7-4-CAGR-Allied-Market-Research.html

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