Growing need for maintaining well-being and health has led to surge in demand for wellness travel globally. In addition, prevalence of various chronic disorders is projected to impact the global market growth of wellness tourism positively. Fact.Mr states that the global market of wellness tourism is projected to reflect a CAGR of 7.9% over the forecast period.
Factors Fuelling Global Market Growth
Growth of the global wellness tourism market is projected to be bound by various macro-economic and micro-economic factors. Increasing number of tourists from various developed and developing countries prefer spending on wellness travelling plans in order to maintain their well-being and health. As maintaining health and well-being is becoming important, the leading players in the hospitality sector are increasingly capitalizing on the health-conscious customers. In order to accommodate the health-conscious customers, the market players in the hospitality industry are offering in-room yoga mats and incorporating fitness facilities in their hotels. Demand for the wellness tourism is projected to remain bound to growing need for pain and stress management during the forecast period.
In addition, the wellness tourists are also pursuing various outdoor activities in order to enhance their traveling experiences and their personal well-being. Besides accommodating various healthcare facilities, the hotels are also offering outdoor packages for the tourist in order to offer convenience while traveling. Customers are increasingly preferring to spend on wellness tourism attributed to various relaxing and rejuvenating activities such as sauna therapies, yoga and massage. Further, growing need for anti-ageing therapies is encouraging customers to spend their income on well travelling programs. Demand for maintaining health and fitness, and spa travel while travelling is expected to shape the global market growth of wellness tourism positively.
Prevalence of various chronic diseases including obesity, diabetes and heart diseases will continue to impact the global market growth positively. In a recent report, CDC states that 3 in 4 citizens of America within the age of 65 years and more have multiple chronic disorders such as arthritis, diabetes and high blood pressure problems. As tourists spending on the wellness travelling programs include various chronic patients, demand for chronic care management and relaxing spa therapies is expected to remain high. Moreover, various hotels are incorporating sauna therapies and steam baths for the tourists and guests for the tourists with physical disabilities. Spa centers are also offering hydropathic therapies for the patients who cannot move. Such factors are expected to contribute towards the global market growth of wellness tourism during the forecast period.
As stressful and hectic lifestyle continues to hamper the work and output of employees, organizations are encouraging their employees to spend on trips and tours. Employers in various companies are offering refundable vouchers on various trips and casual leaves for vacation to ensure their employees maintain well-being and good health. Growing need for de-stressing, detoxification, relaxing and rejuvenating is projected to rev up demand for tourism and spa therapies. Such factors is projected to impact the global market growth of wellness tourism positively.
Sales through International Tourism to Remain High
Demand for domestic tourism will continue to remain high compared to international tourism in the global market. Attributed to reasonable prices of the travel packages, domestic tourism will continue to be more preferred. On the basis of tourism type, the domestic tourism segment is projected to represent robust revenue growth, recording more than US$ 3.2 Tn by 2026-end. On the other hand, the international tourism type segment is projected to reflect a healthy CAGR throughout the forecast period.
Major players in the global market of wellness tourism are Allergan, Accor, Carlson Rezidor, Canyon Ranch, Fitpacking, Four Seasons, Hilton, Galderma, IHG, Hyatt, KPJ Healthcare, Ipsen, Miraval Resort & Spa, Marriott, Omni Hotels Management, Mövenpick, Rancho La Puerta, Pravassa, Starwood and Shangri-La.