Wellness Tourism Market to Grow by $315.47 Billion
The global wellness market size is expected to increase by USD 315.47 billion between 2019 and 2024. The market observed a YOY growth of 6.43% in 2021 and the growth momentum is expected to accelerate at a CAGR of 7% during the forecast period.
The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.
The global wellness tourism market is fragmented due to the presence of numerous regional and international players. The vendors are adopting various organic and inorganic growth strategies to gain an edge over their rivals. Technavio identifies Aspira Spa, Clinique La Prairie, Gaia Retreat & Spa, Hand & Stone Franchise Corp., HOT SPRINGS RESORT & SPA, Kempinski Hotels SA, Lanserhof GmbH, Marriott International Inc., ME SPE Franchising LLC, and Rancho La Puerta Inc. as dominant players in the market.
Although the growth in personal wellness awareness will offer immense growth opportunities, the perception of wellness tourism as luxury travel will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
By type, the market observed maximum growth in the domestic wellness tourism segment in 2021. The increasing availability of various spa and beauty enhancement treatments within domestic regions is driving the growth of the segment. Similarly, by application, the physical segment will generate maximum opportunities for market players over the forecast period.
By geography, North America will emerge as the largest market for wellness tourism during the forecast period. The availability of spa treatments, anti-aging treatments, and the prevalence of a large fitness-conscious population are driving the growth of the wellness tourism market in North America. The US is the key market for wellness tourism in North America.
