The latest market research report by Technavio on the global wellness tourism marketpredicts a CAGR of more than 10% during the period 2017-2021.
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Technavio has published a new market research report on the global wellness tourism market from 2017-2021. (Graphic: Business Wire)
The report segments the global wellness tourism market by application (physical, psychological, and spiritual), by type (domestic and international), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global wellness tourism market, according to Technavio healthcare and life sciences researchers:
- Increase in mental illness: a major market driver
- In 2016, the physical wellness segment dominated the market by occupying almost 56% share
- The Americas dominated the global wellness tourism market with over 43% share in 2016
- AccorHotels, Canyon Ranch, IHG, and Red Carnation Hotels are the leading players in the market
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Increase in mental illness: a major market driver
Increase in mental illness is one of the major factors driving the global wellness tourism market. Some common forms of mental illnesses include stress, fear, anxiety, depression, and insomnia. If not addressed in their early stages, they can adversely affect physical health and lead to chronic disorders such as obesity, diabetes, heart diseases, and cancer. However, awareness about preventing these illnesses and maintaining a healthy lifestyle is increasing among the young generation. Thus, increase in mental illnesses together with growing awareness about maintaining mental health and the rise in a number of wellness retreats specializing in mental health and wellness will drive the market growth during the forecast period.
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Americas: largest wellness tourism market
Technavio researchers anticipate high growth for the global wellness tourism market in the Americas, with North America as the primary contributor, with high disposable income and a large health and beauty conscious population. The US, Canada, and Brazil are the countries with the highest health and wellness expenditures and have generated huge revenues from wellness tourism.
According to Amber Chourasia, a lead analyst at Technavio for research onhealth and wellness, "The availability of spa treatments, anti-aging treatments, and the prevalence of a large fitness-conscious population are the major factors contributing to health and wellness expenditures of this region The Americas witnesses the entry of many new vendors and the presence of a large number of established vendors such as Canyon Ranch, which is a wellness center situated in the US. Also, there are several luxury hotel chains such as Hyatt, Hilton, and Marriot that are entering the wellness tourism market thus fueling its growth."
Competitive vendor landscape
The global wellness tourism market is fragmented market with the presence of many vendors. The industry is largely governed by regional vendors, and they focus on bringing the local essence to the wellness programs and retreats. The market is influenced by travel agents to an extent where advertisements by them and their reach to the customers largely influence the growth in the market. AccorHotels, Canyon Ranch, IHG, and Red Carnation Hotels are the leading players in the global wellness tourism market.
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