Wellness tourism is all about travel that is focused on maintaining or improving someone’s wellbeing. This may be physical or mental – there are different types of wellness. Activities may be spiritual, physical or psychological, but they will all promote health in some way. The global wellness tourism market size is expected to reach USD 1.02 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.93% from 2022 to 2030. Increasing patient awareness regarding health and wellbeing and personal care will be one of the major drivers for the market.
The need for a healthy lifestyle and the desire to reduce stress and prevent diseases are the main factors driving the demand for wellness tourism. Tourists indulge in mental, physical, and spiritual activities by visiting spas, practicing yoga, visiting hot spring resorts, and going on meditation retreats. The trend of interacting with the locals of the destination who have visited and experienced different cultures promotes personal well-being, which is driving the market. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe.
The rising number of tourists across the globe has contributed to the demand for various well-being services. In addition, increased expenditure in the tourism sector is expected to have a positive impact on the wellness tourism industry. The service providers are focusing on offering spa therapies and other activities to ensure customer satisfaction. Unlike medical tourism, wellness tourism focuses on the prevention of diseases. It focuses on a healthy lifestyle and improved quality of life. On the other hand, medical tourism involves treating an already diagnosed condition. Wellness is considered to be a precautionary measure to optimize health.
The growing penetration of smart electronic devices such as smartphones, tablets, and laptops, coupled with the increasing internet penetration, is playing a notable role in increasing the number of wellness tourists. In today’s digital world, high social media marketing by travel agents and travel purpose providers is contributing significantly to the growth of the market. In addition, the internet is playing an active role in educating consumers/tourists about wellness tourism and its benefits.
Wellness tourism is growing at a rapid rate. The increasing disposable income and spending capacity and growing consumer interest in travel, health, and new experiences are the main factors augmenting the market growth. Psychiatric disorders such as stress, frustration, and anxiety lead to chronic health-related illnesses such as cancer and depression. Due to the increasing awareness regarding mental and physical health, people all over the world want to take measures to prevent the early onset of diseases.
Wellness Tourism Market Growth & Trends
The increase in lifestyle-related diseases such as diabetes, obesity, and high cholesterol due to busy work schedules and sedentary lifestyles is propelling the market growth. The market is heavily influenced by factors such as increasing awareness regarding healthcare tourism and the rising burden of disease. Furthermore, the growing prevalence of mental illnesses such as depression and anxiety, rise in disposable income, increasing adoption of online travel services, growing influence of social media, and raised government investment to attract tourists are propelling the market growth.
The overall tourism industry was adversely hit by the COVID-19 pandemic. The market witnessed a significant decline in the number of travellers owing to restrictions on travel and the entry of international tourists. According to Global Wellness Institute, the number of wellness trips in North America declined by 43.8% in 2020. Increasing number of secondary travellers and resume of activities by spas and resorts are expected to boost the market growth post-pandemic.
North America dominated the market with a share of over 35.0% in 2021. This is due to the increasing emphasis on physical and mental health and high disposable income. The active marketing of top players on the importance of physical and mental wellbeing achieved through yoga, rejuvenation therapy, herbal remedies, meditation, agritourism, and spa therapies at exotic destinations is increasing the number of trips to North America. Europe emerged as the second-largest regional market in 2021. The rising need for wellbeing services owing to increasing cases of stress-related health issues is expected to boost the market growth in the region.
The market in the Asia Pacific is estimated to witness lucrative growth due to the growing popularity of various exotic destinations such as China, India, Malaysia, Indonesia, Thailand, and Singapore. In addition, the proliferation of hotel chains with centers offering massages, spa treatments, herbal treatments, and rejuvenation programs is projected to positively impact the market growth in the region.
In February 2019, Aman Spa Amanpuri, a wellness center that also provides medical services, opened in Thailand. Moreover, in July 2018, Evolution Wellness Holdings, a company based in Malaysia, launched a new wellness resort named Fiveelements Pte. Ltd. Entry of new players in the market is likely to intensify competition and contribute significantly to the growth of the market in the Asia Pacific.
List of Key Players of the Wellness Tourism Market