New report reveals exponential growth in the wellness tourism market

Technavio has been monitoring the Wellness Tourism Market, operating under the Consumer Discretionary market. The latest report expects the market to record an incremental growth of USD 327.56 billion, at a CAGR of 7.55% during the forecast period.

The market is fragmented and the degree of fragmentation will accelerate during the forecast period. Competitors must focus on differentiating their product offerings with unique value propositions to strengthen their market presence. Market vendors also need to take advantage of existing growth prospects in fast-growing segments while maintaining their positions in slow-growing segments.

Accor SA, Cal A Vie Health Spa, Canyon Ranch, Clinique La Prairie, Four Seasons Hotels Ltd., Gaia Retreat and Spa, Hand and Stone Massage and Facial Spa, HOT SPRINGS RESORT and SPA, Hyatt Hotels Corp., Red Carnation Hotels UK Ltd., Six Senses Hotels Resorts Spas, The Mineral Spa y Woodhouse Day Spas LLC  se encuentran entre algunos de los principales participantes del mercado.

The rise in mental illnesses has been instrumental in driving the growth of the market. However, the perception of wellness tourism as a luxury travel market could hamper market growth.

Wellness tourism market segmentation

The growth of the wellness tourism market share by physical segment will be significant during the forecast period. Today, urbanization and the dominance of technology over many physical activities have led to a sedentary lifestyle. It has been pointed out that lack of exercise or physical activity, poor diet and other harmful habits are the main causes of chronic diseases. Buy sample report.

North America will account for 32% of the market growth. The largest wellness travel market in North America is the United States. The market in this region will expand more slowly than markets in other regions. Spa services, anti-aging remedies and the dominance of a sizable fitness-conscious population will contribute to the growth of the North American wellness tourism market during the forecast period.