Wellness Tourism Market Likely To Touch At $1.2 Trillion By 2026: Grand View Research Inc.

 

The global wellness tourism market size is expected to reach USD 1.2 trillion by 2026 registering a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Rising disposable income levels, especially in developing regions like China, India, and Mexico, have contributed to the increasing demand for wellness activities.

Key companies in the market offer various wellness services, such as spa services, mindfulness training, accommodation, and food & beverages. Preference for wellness activities along with vacation due to rising cases of various health issues associated with stress, such as insufficient sleep and physical inactivity, will drive the market further. According to the National Center for Chronic Disease Prevention and Health (NCCDPHP), the productivity losses from absenteeism cost employers USD 225.8 billion or USD 1,685 per person, annually.

Europe was the dominant regional market in 2018 as it has been a popular travel destination for years. On the other hand, Asia Pacific is expected to witness the fastest CAGR from 2019 to 2026. China and India are the key markets in Asia Pacific region. In India, Heaven on Earth airport spa chain announced their merger with Serena Spa in January 2016. This merger helped Heaven on Earth become the largest spa company in India. Thus, such business strategies adopted by key companies in the region will augment the market growth further.

The service providers are focusing on offering spa therapies and other wellness activities to ensure customer satisfaction. Wellness tourism focuses on the prevention of diseases, unlike medical tourism. It emphasizes 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.

Hectic work schedules and sedentary lifestyles along with the lack of physical activities have resulted in rising cases of various lifestyle-related diseases, such as diabetes, obesity, and high cholesterol levels. According to the data published by the WHO, the global burden of diseases will rise up to 56% by 2030. Therefore, the rising burden of such diseases is expected to result in a growing demand for health-specific tourism.

Have a Query? Ask Our Expert:

https://www.grandviewresearch.com/inquiry/6111/ibb

Rising disposable income levels, especially in developing regions, have also contributed to the increasing demand for such activities. Companies in the wellness tourism market have undertaken several strategies, such as M&A and partnerships, to expand geographical reach. For instance, in May 2018, Accor Hotels acquired Mantra Group to expand its business, especially in APAC. This helped enhance Accor’s brand portfolio and provided Accor with a significant position in the hospitality industry.

Further key findings from the study suggest:

• The lodging services segment held the largest market share in 2018 and is projected to maintain its leading position throughout the forecast period
• Wellness activities segment is anticipated to witness the fastest CAGR over the forecast period from 2019 to 2026 as these services focus on health and wellbeing while traveling
• Based on travel purpose, the market is segmented into primary and secondary wellness tourism. The secondary segment led the market, in terms of revenue, in 2018
• The domestic travel type segment held the largest market share in 2018 owing to increased expenditure by domestic tourists on wellness activities
• Some of the key companies in the global wellness tourism market are Accor Hotels, Hilton Worldwide, Hyatt Hotels, InterContinental Group, Marriot International, Radisson Hospitality, and Rosewood Hotels
• In May 2018, Accor Hotels acquired Mantra Group to expand the geographical presence, especially in Asia Pacific. Accor also acquired Fairmont Raffles Hotels in July 2016
• These acquisitions helped enhance Accor’s brand portfolio and provided Accor with a significant position in the hospitality industry

Some of the key companies in the market are Accor Hotels, Hilton Worldwide, Hyatt Hotels, InterContinental Group, Marriot International, Radisson Hospitality, and Rosewood Hotels. These key market participants have undertaken strategies, such as partnerships, mergers, and acquisitions, to strengthen their regional presence. For instance, Hyatt Hotels acquired Miraval Group, a chain of wellness spa & resorts, in 2017.

OneSpaWorld, a provider of health & wellness services for cruise ships and resorts, announced a partnership with Haymaker Acquisition Corp., an acquisition company, to form a new holding company known as OneSpaWorld Holdings Ltd. in March 2019. In addition, the brand owner of Danai SPA, Crigen Resources spa in Malaysia, is planning for a merger & acquisition to create first global wellness property development, according to an announcement made in June 2018. The tourism services providers are rebranding themselves to meet with the changing market needs and customer demands. In 2017, Rosewood Hotels launched Asaya, a brand for their spa therapies, healing practices, and nutrition coaching, in Rosewood Phuket, Thailand. These companies promote their offerings directly via websites, through third party travel portals, or promotional organizations.

Grand View Research has segmented the global wellness tourism market on the basis of service, travel purpose, travel type:

Wellness Tourism Service Outlook (Revenue, USD Billion, 2015 - 2026)

• In-country Transport
• Lodging
• Food & Beverage
• Wellness Activities
• Shopping
• Others

Wellness Tourism Travel Purpose Outlook (Revenue, USD Billion, 2015 - 2026)

• Primary
• Secondary

Wellness Tourism Travel Type Outlook (Revenue, USD Billion, 2015 - 2026)

• Domestic
• International

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com