The potential growth difference for the wellness tourism market between 2019 and 2024 is USD 315.47 bn. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver
- Market Challenge
The increase in mental illness is driving the growth of the wellness tourism market. Some common forms of mental illnesses include stress, fear, anxiety, depression, and insomnia. They can adversely affect physical health and lead to chronic disorders such as obesity, diabetes, heart diseases, and cancer if not addressed in their early stages. However, awareness about preventing these illnesses and maintaining a healthy lifestyle is rising among the young generation. Companies are also adopting wellness programs to reduce work-related stress among employees. Governments and other organizations are making efforts to create awareness about the identification and treatment of these illnesses.
The perception of wellness tourism as a luxury travel market will challenge the wellness tourism market during the forecast period. Wellness facilities are perceived to be expensive and offered only by luxury hotels. Due to rapid urbanization and a large health-conscious population, there is an increase in competition within the industry. Programs without amenities are also affecting the wellness tourism market.
To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!
Market Segmentation
The wellness tourism market report is segmented by type into domestic and international. The domestic segment will have the highest market share growth during the forecast period. This is because consumers prefer affordable facilities in close proximity rather than long-distance retreats in a different country.
By application, the market has been segmented into physical, psychological, and spiritual. The physical segment will dominate the market during the forecast period. Physical health is essential for the body and helps to perform everyday activities. Examples of physical wellness activities include spa treatments, body relaxation, hiking, trekking, aerobics, skiing, biking, natural, anti-aging facials, and other beauty-enhancing services.
By geography, the market has been segmented into North America, Europe, APAC, South America, and MEA. North America will be the leading region with 33% of the market's growth during the forecast period. The US is the key market for wellness tourism in North America.
View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.
Some Companies Mentioned
-
- Aspira Spa
- Clinique La Prairie
- Gaia Retreat & Spa
- Hand & Stone Franchise Corp.
- HOT SPRINGS RESORT & SPA
- Kempinski Hotels SA
- Lanserhof GmbH
- Marriott International Inc.
- ME SPE Franchising LLC
- Rancho La Puerta Inc.
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
Related Reports:
Health and Wellness Market by Product and Geography - Forecast and Analysis 2021-2025
Gym and Health Clubs Market by Service and Geography - Forecast and Analysis 2021-2025
Wellness Tourism Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2018 |
Forecast period |
2019-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2019-2024 |
USD 315.47 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.43 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
North America at 33% |
Key consumer countries |
US, Germany, France, China, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Aspira Spa, Clinique La Prairie, Gaia Retreat & Spa, Hand & Stone Franchise Corp., HOT SPRINGS RESORT & SPA, Kempinski Hotels SA, Lanserhof GmbH, Marriott International Inc., ME SPE Franchising LLC, and Rancho La Puerta Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Physical - Market size and forecast 2019-2024
- Psychological - Market size and forecast 2019-2024
- Spiritual - Market size and forecast 2019-2024
- Market opportunity by Application
Market Segmentation by Type
- Market segments
- Comparison by Type
- Domestic - Market size and forecast 2019-2024
- International - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Aspira Spa
- Clinique La Prairie
- Gaia Retreat & Spa
- Hand & Stone Franchise Corp.
- HOT SPRINGS RESORT & SPA
- Kempinski Hotels SA
- Lanserhof GmbH
- Marriott International Inc.
- ME SPE Franchising LLC
- Rancho La Puerta Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:[email protected]
Website: www.technavio.com/
SOURCE Technavio
Share this article