Wellness Tourism Market Analysis 2017 to 2022 Major Key Players – AccorHotels, Canyon Ranch, IHG, and Red Carnation Hotels

MarketResearchNest.com adds “Global Wellness Tourism Market 2017-2021” new reports to its research database. The report spread across 118 pages with tables and figures in it.

The analysts forecast the global wellness tourism market to grow at a CAGR of 10.32% during the period 2017-2021.

Wellness tourism is a type of tourism where people travel to places for the betterment of their physical or mental state. It is different from medical tourism where people travel to other countries or places for medical care or treatment of a diagnosed disease. Wellness tourism is growing simultaneously with the global tourism industry at a rapid pace. With the increase in awareness about mental health and physical wellness, the global population is keen on taking preventive measures against various illnesses at an early stage. Mental disorders such as stress, anxiety, and frustration lead to health-related chronic diseases such as cancer and depression. For example, in the UK, the cases of work-related stress, anxiety, and depression was 1.51% per 100000 population in 2016. In 2015, the Stress in America survey led by the American Psychological Association (APA) had declared that the highest prevalence of stress amongst young adults and women is in the US.

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Technavio recognizes the following companies as the key players in the global wellness tourism market: AccorHotels, Canyon Ranch, IHG, and Red Carnation Hotels

Other Prominent Vendors in the market are: IHHR Hospitality (Ananda resort), Aro Hā Wellness Retreat, Body and soul wellness center, BodySense, Fitpacking, Four Seasons Hotels, Gwinganna Lifestyle Retreat, Hilton, Hyatt, Kamalaya Koh Samui, MARRIOTT INTERNATIONAL, MOUNTAIN TREK FITNESS RETREAT & HEALTH SPA, Rancho La Puerta, and Wellness & Hormone Centers of America

Commenting on the report, an analyst team said: “The latest trend gaining momentum in the market is Emergence of online wellness aggregators. Penetration and the wide access to the Internet is a boon for this market as small online firms have been established that are focusing on aggregating information on wellness travel and accommodation. The use of the Internet to create an online repository and track user preferences are the upcoming trends in this market. This would further boost the growth of the hotels and other wellness centers that match up to customer expectations. Customers in any part of the world can access the information online and decide on the required services based on the reviews of a particular service or wellness center. This can create a platform for travelers who share similar interests to plan their wellness tours together. Thus, the growth of the small firms that focus on aggregating information across service providers is expected to boost the wellness tourism market in the future.”

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According to the report, one of the major drivers for this market is Increase in mental illness. Some common forms of mental illnesses include stress, fear, anxiety, depression, and insomnia. If not addressed in their early stages, they can adversely affect physical health and lead to chronic disorders such as obesity, diabetes, heart diseases, and cancer. Stress can be caused due to environmental pressures such as work, societal expectations, and monetary problems. Stress can have adverse effects on an individual's lifestyle and health. For instance, out of 100 individual, 20% of the adults in the US experience stress every year, and mood disorders such as depression and bipolar disorders are the third major cause of hospitalization in the country.

Further, the report states that one of the major factors hindering the growth of this market is Perception of wellness tourism as a luxury travel market. Wellness and recreational activities such as mineral spas, sports, and spiritual practices that involve personal rejuvenation are conceived as a market for the elite. People perceive that wellness facilities are charged in addition to the regular tariffs and are offered only by the luxury hotels. Although regional allowances are made for domestic travelers, international travelers expect the treatment in proportion to the cost of the wellness package.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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