Wellness tourism could be worth $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
One of the main market drivers will be increasing patient awareness of health, wellness and personal care. Promotional campaigns organized by various governments also encourage wellness tourism around the world. The wellness services offered by players help customers find solutions to improve or maintain their health and well-being. The growing number of health-conscious people is contributing to the growing demand for wellness activities in popular tourist destinations.
Key industry insights and findings from the report:
- In terms of service, the accommodation segment dominated the market in 2021. This can be attributed to the rapid expansion of large hotel chains that provide exotic therapies including rejuvenation programs, spa treatments, and other services.
- Based on trip type, the domestic segment accounted for the largest share of revenue in 2021. This can be attributed to higher spending by domestic tourists on wellness activities.
- North America is estimated to dominate the market throughout the forecast period. This can be attributed to the high demand for physical and mental health, rising disposable income, and growing awareness of spa benefits.
- Marriott International, Inc. established an all-inclusive platform in August 2019 to meet increased demand during the holiday season. Marriott International also announced that it has secured management agreements with hotel developers who intend to invest more than $800 million in five new all-inclusive resorts, underscoring its confidence in its size and customer base.
- Marriott International launched a hotel development program called "Marriott's Bridging the Gap" in June 2022.
Wellness tourism market growth and trends
The rise in lifestyle-related diseases such as diabetes, obesity, and high cholesterol due to busy work schedules and sedentary lifestyles is driving the growth of the market. The market is heavily influenced by factors such as the growing awareness of medical tourism and the growing burden of disease. In addition, the rising prevalence of mental illnesses such as depression and anxiety, the rise in disposable income, the growing adoption of online travel services, the growing influence of social media, and the increase in government investment to attract tourists are driving market growth.
The tourism industry in general was negatively affected by the COVID-19 pandemic. The market witnessed a significant drop in the number of travelers due to travel restrictions and the influx of international tourists. According to the Global Wellness Institute, the number of wellness trips in North America decreased by 43.8% in 2020. The growing number of secondary travelers and the resumption of spa and resort activities are expected to drive market growth after of the pandemic.