Wellness Tourism Market- 2022 to 2027: North America with 31% Growth Rate will Dominate Market - Technavio

NEW YORK, May 9, 2023 /PRNewswire/ -- The wellness tourism market is estimated to grow by USD 427.46 billion during 2023-2027. However, the growth momentum will be progressing at a CAGR of 8.93% during the forecast period. The market is segmented by Type (Domestic and International), Application (Physical, Psychological, and Spiritual), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The market share growth by the domestic segment will be significant during the forecast period.

Information Services Market Insights

• Vendors: 15+, Including Accor S.A.,Cal A Vie Health Spa , Canyon Ranch , Clinique La Prairie, Four Seasons Hotels Ltd., Gaia Retreat and Spa, Hand and Stone Franchise Corp., HOT SPRINGS RESORT and SPA, Hyatt Hotels Corp., Intrepid Group Pty Ltd., Jade Mountain, Kempinski Hotels SA, Lanserhof Management GmbH, Marriott International Inc., Mekosha , Osthoff Resort, Rancho La Puerta Inc., Red Carnation Hotels UK Ltd., Six Senses Hotels Resorts Spas, Wyndham Hotels and Resorts Inc., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Type (Domestic and International), Application (Physical, Psychological, and Spiritual), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

To provide a deeper understanding of the competitive landscape, Technavio has profiled key players along with the study that categorizes the global market segmentation, Request a Sample Report

In 2017, the wellness tourism market was valued at USD 598.54 billion. From a regional perspective, North America held the largest market share, valued at 31%. The wellness tourism market size is estimated to grow by USD USD 427.46 billion from 2023 to 2027 at a CAGR of 8.93% according to Technavio.

Wellness tourism market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Global Wellness tourism market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including -

• Cal A Vie Health Spa
• Canyon Ranch
• Clinique La Prairie
• Four Seasons Hotels Ltd.
• Gaia Retreat and Spa
• Hand and Stone Franchise Corp.
• HOT SPRINGS RESORT and SPA
• Hyatt Hotels Corp.
• Intrepid Group Pty Ltd.
• Jade Mountain
• Kempinski Hotels SA
• Lanserhof Management GmbH
• Marriott International Inc.
• Mekosha
• Osthoff Resort

Global Wellness Tourism Market – Market Dynamics

Market Driver

• Increase in mental illness
• Growth in personal wellness awareness
• Increasing interest in wellness in the hospitality industry

Market Trend

• Emergence of online wellness aggregators
• Rise in solo trips for adventurous activities among millennials
• Emergence of airports with fitness amenities

Market Challenge

• Perception of wellness tourism as a luxury travel market
• Barriers to providing a holistic customer experience
• Increasing competition and hoaxes

Drivers, & Challenges have an impact on market dynamics and can impact businesses. To find more insights Download PDF Sample Report!

The wellness tourism market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

Why Buy?

• Add credibility to strategy
• Analyzes competitor's offerings 
• Get a holistic view of the market

What are the key data covered in this Wellness Tourism Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Wellness Tourism Market between 2023 and 2027
• Precise estimation of the size of the Wellness Tourism Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Wellness Tourism Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Wellness Tourism Market vendors

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SOURCE Technavio