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Jan-2022

Global Wellness Tourism Market Size To Grow USD 1212.8 billion by 2026

North America led the global wellness tourism market in 2020.

As per our research report, the global wellness tourism market size is predicted to be worth USD 1212.8 billion by 2026, registering at a CAGR of 8.12% from 2021 to 2026.

The COVID-19 pandemic has affected almost the public and private market sectors, influencing new consumer behaviors, stifling some industries, and inspiring growth in others, including healthcare divisions. The rise of telemedicine, mental health, home fitness, and digital therapy has fuelled the development of the wellness tourism market during the past two years. Key players in the market are focusing on high-demand areas such as telehealth and home fitness to make significant strides throughout the pandemic, shaping the future of the wellness tourism market. In addition, online travel service providers aim to make travel planning and bookings easier for travelers as consumers gradually recover from lockdowns and restrictions during the forecast period.

Young tourists are looking for ways to maintain a healthy lifestyle, reduce stress, prevent disease, and improve their well-being; this has led to an increase in tourism with an increase in the number of travelers. Furthermore, with the rise of electronic literacy and modern gadgets, people have more knowledge about wellness and its components. In addition, fast and convenient flight and hotel bookings have increased customer confidence in online payments. The ability to compare the different adventure travel options available is further expected to drive the growth of the global wellness tourism market.

The growing burden of chronic diseases is one of the significant factors affecting the growth of the wellness tourism market. Increased urbanization driven by rapid economic growth has led to unbalanced diets and a sedentary lifestyle. The high prevalence of lifestyle-related diseases such as obesity, diabetes, and high cholesterol affects the work efficacy of affected people. According to a study conducted by the Institute for Health Metrics & Evaluation, about 32% of the world's population is overweight or obese. According to the World Health Organization, people with diabetes worldwide increased to 425 million in 2015 from 109 million in 1980. The prevalence rate of diabetes in people over 18 years of age went from 4.8 to 8.8%. The World Health Organization estimates that diabetes will be the seventh leading cause of death in the world by 2030. According to WHO information, by 2030, the global burden of chronic disease will have increased by 57%.

The growing terrorist attacks, stress factors, and economic unrest around the world have created fear among the population. To improve their physical and mental well-being, people are gradually turning to health procedures such as beauty treatments like facials, weight loss services, SPA therapies, and fitness programs like yoga and Pilates. Wellness tourism will grow in response to the success of these programs, especially in developed countries.

On the other hand, the lack of adequate infrastructure and skilled or trained workers in developing countries is estimated to hamper the growth of the global wellness tourism market during the forecasted period.

KEY MARKET INSIGHTS:

The domestic segment held the largest share in the global wellness tourism market based on travel type due to the ease of continence to travel within one’s country. In addition, national places provide the leniency to travel without official travel documents and travel at lower prices when compared to international travel.
Based on type, the secondary segment held almost 88% of the wellness tourism market. The popularity of healthy destination activities, treatments, spa treatments, and restaurants increases traveler satisfaction levels.
Based on region, in 2021, North America dominated the studied market, and its dominance is expected to be their trend throughout the forecast period. The wellness tourism market in the United States had a net worth of over US $ 213 billion, which accounted for nearly 30% of the global market revenue. Meanwhile, the regional market in Canada is forecasted to grow at a CAGR of 6.12% over the given period. This growth can be attributed to the growing demand for the health and large tourism industry. In addition, increasing awareness of holistic health therapies and high disposable income will drive the market in this region. China is predicted to occupy the most significant share of the global market during the forecast period.

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