Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Global Wellness Tourism Market Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global wellness tourism market is projected to grow at a CAGR of 11.67% over the forecast period, increasing from US$368.179 billion in 2021 to reach a total market size of US$797.376 billion by 2028.
The increasing inclination of tourists toward travelling and exploring new cultures and learning about their nature is providing an edge for market growth in the projected period. Additionally, the rising need to travel to maintain a healthy lifestyle, prevent diseases, reduce stress, and enhance a healthy lifestyle is propelling the market growth for wellness tourism. Additionally, the increasing per capita spending on travelling and the rising socio-economic condition of people in developing countries coupled with the growing influence of social media is pushing the market to an upward rising curve.
Increasing Investments
Increasing investment in the market by companies is one of the reasons for market growth. For instance, In April 2021, Atmantan Wellness Centre which offers wellness tourism launched Atmantan Naturals, its is a new wellness technology platform that uses telehealth portal technology. The wellness centers have natural herbal supplements that have remarkable effectiveness and provide disease-reversal therapies. The increase in such facilities in the market is expected to increase in the coming year and in turn, increase the market for wellness tourism.
Increasing Interest of Younger Professionals
The increase in the labor force and the need to de-stress from working daily coupled with more money to spend on wellness-related activities and more options to explore. Moreover, the ease of booking such programs with one click is also increasing people's interest in this market. According to the Bureau of Immigration, the Foreign Tourist Arrivals (FTAs) for 2022 were 6.19 million people compared to 1.52 million people for the same period in 2021. Budget-conscious tourists and middle and low-income workers have a choice to travel domestically and experience these activities. Many multinational corporations encourage their employees to use their vacation time and make use of that time to travel and explore new places. Hence these factors influence the market growth in the projected periods. As the working population increases in any country people willing to invest in their wellness are anticipated to increase.
North America is Expected to Grow Significantly
Favorable efforts and investments to improve wellness tourism are expected to boost market growth. The rising tourism in the United States including both domestic and international tourists is one of the driving factors of the wellness tourism market in the country in the projected timeline. In addition, the high wellness tourism expenditure by volunteers in the United States is also expected to enhance the overall market lucrativeness. As per the release by the National Travel and Tourism Office, International Trade Administration (ITA), the number of tourists travelling to the United States in 2022 amounted to 50.9 million which was reported to be a strong jump of 128.3% as compared to the inbound arrivals in the USA for 2021 which was reported to be 22.3 million tourists. The rise in the number of tourists is directly projected to affect the market for wellness tourism, thereby offering market players an added edge to thrive in the market in the next few years.
Major Market Players
- Four Seasons Hotels Limited has systematically positioned itself as a majorparticipant in the wellness tourism market. Luxurious spas, exercise facilities, and wellness studios have been employed by Four Seasons to provide an environment where visitors can revitalize their mental and physical well-being. These facilities frequently have experienced practitioners working there, assuring excellent wellness experiences. Additionally, Four Seasons has embraced the development of health programs and getaways. They provide specialized packages in partnership with wellness professionals to cater to visitors looking for life-changing encounters. These can include everything from private wellness consultations to retreats for yoga and meditation.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $368.18 Billion |
| Forecasted Market Value (USD) by 2028 | $797.38 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Key Topics Covered
- Introduction
- Research Methodology
- Executive Summary
- Market Dynamics
- Global Wellness Tourism Market, by Type of Traveler
- Global Wellness Tourism Market, by Location
- Global Wellness Tourism Market, by Service
- Global Wellness Tourism Market, by Mode of Booking
- Global Wellness Tourism Market, by Geography
- Competitive Environment and Analysis
Companies Mentioned
- Four Seasons Hotels Limited
- Canyon Ranch
- Rancho La Puerta Inc.
- Accor
- Hyatt Corporation
- Red Carnation Hotels
- InterContinental Hotels Group PLC
- Hilton
- Omni Hotels & Resorts
- Marriott International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9hv30y
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