DUBLIN--(BUSINESS WIRE)--The "Wellness Tourism Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
Global wellness tourism market was valued at US$641.298 billion in 2019.
Unlike medical tourism, which involves the treatment of already diagnosed conditions, wellness tourism services focus on the prevention of diseases by emphasizing a healthy lifestyle and improved quality of life. The growth of this market has been driven by the rising middle-class population and the consumer's desire to adopt a wellness lifestyle. The increasing affordability of flights and travel options is also boosting the number of travelers across the globe which, in turn, is also fuelling the demand for wellness tourism services worldwide.
According to the data provided by the Global Wellness Institute, the number of international and domestic wellness trips represented 17 percent of all tourism expenditures in 2017. Tourists are increasingly opting for spa therapies and other wellness activities while on a trip to the foreign land. Hectic work schedules and sedentary lifestyles have resulted in a decline in physical activities among people, leading to a rise in lifestyle-related problems. Governments in various countries are also taking necessary steps and measures to ramp up the overall growth of the travel and tourism industry which will also fuel the global wellness tourism market growth during the next five years. For instance, the Japan National Tourism Organization (JNTO) is developing wellness-focused tourism in lesser-known destinations such as Beppu and Misgui. Global wellness tourism market players are adopting various growth strategies in order to expand their market share worldwide which will also propel the global wellness tourism market till the end of the forecast period.
However, the recent COVID-19 pandemic outbreak has severely impacted the overall travel and tourism industry which, in turn, has negatively affected the market growth of wellness tourism. The ban on international as well as domestic flights coupled with the temporary shutdown of services such as spas and restaurants in order to reduce the spread of this novel virus has restricted the growth of the wellness tourism market.
Companies Mentioned
- Four Seasons Hotels Limited
- PRAVASSA
- Canyon Ranch
- Rancho La Puerta Inc.
- Accor
- Hyatt Corporation
- Red Carnation Hotels
- InterContinental Hotels Group
- Hilton
Recent Developments:
- October 2019: Beauty and wellness firm VLCC Group entered into a strategic partnership with Minor International which owns 523 popular hotel and resort chains under brands such as St. Regis, and Marriott Hotels & Resorts among others.
- May 2019: London-based investment firm Centricus acquired the Capri Palace Hotel & Spa.
- February 2019: InterContinental Hotels Group (IHG) announced the acquisition of one of the world's leading operators of luxury hotels, resorts, and spas, Six Senses Hotels Resorts Spas, for $300 million from Pegasus Capital Advisors.
- July 2018: Malaysia-based Evolution Wellness Holdings acquired the integrated wellness resort brand- Fiveelements Pte. Ltd- to its portfolio.
- May 2018: Accor Hotels Acquired Mantra Group to expand its business in the hospitality industry, especially in Asia Pacific region.
- February 2018: Tavistock Development Company partnered with Signet LLC to create innovative wellness performance and medically integrated fitness facility in Lake Nona, Orlando. The facility aims to provide a wide range of health and wellbeing programs and services for the entire community.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Wellness Tourism Market Analysis, By Type of Traveler
5.1. Introduction
5.2. Primary Wellness Traveler
5.3. Secondary Wellness Traveler
6. Global Wellness Tourism Market Analysis, By Location
6.1. Introduction
6.2. Domestic
6.3. International
7. Global Wellness Tourism Market Analysis, By Service
7.1. Introduction
7.2. Lodging
7.3. In-Country Transport
7.4. Food & Beverage
7.5. Shopping
7.6. Others
8. Global Wellness Tourism Market Analysis, By Mode of Booking
8.1. Introduction
8.2. Online
8.3. Offline
9. Global Wellness Tourism Market Analysis, By Geography
9.1. Introduction
9.2. North America
9.3. South America
9.4. Europe
9.5. Middle East and Africa
9.6. Asia Pacific
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/t5g4te
