Global Wellness Tourism market set to reach $1.59 trillion by 2030

Tuesday, January 16, 2024

Explore the booming $801.6B Global Wellness Tourism market (2020), set to reach $1,592.6B by 2030, growing at 7.2% CAGR. Discover key trends & players.

In a recent study by Allied Market Research titled “Wellness Tourism Market by Service Type, Location, Travelers Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the market size of wellness tourism was estimated at $801.6 billion in 2020. This sector is expected to grow to $1,592.6 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 7.2% from 2021 to 2030. The report elaborates on key investment areas, successful strategies, market drivers and opportunities, competitive landscape, and evolving trends in the wellness tourism industry.

India’s Ministry of Tourism has been actively promoting the country as a premier destination for medical and wellness tourism. To this end, a National Medical and Wellness Tourism Board has been established, chaired by the Minister of Tourism, to advocate for medical, wellness, and Ayurveda tourism.

Wellness tourism is a travel trend focused on maintaining or enhancing one’s physical and mental health. It includes various activities aimed at promoting physical, psychological, and spiritual well-being, and it encompasses services such as transportation, accommodation, food and beverage, retail, and more. The shift towards wellness tourism reflects a growing preference for healthy living, stress reduction, authentic experiences, and self-improvement.

The Ministry of Tourism has drafted a national strategy and roadmap for the development of the medical and wellness tourism sector. Feedback and suggestions are being sought from relevant ministries, state governments, union territories, and industry stakeholders to refine the strategy.

The Global Wellness Institute has also launched an initiative to increase awareness and opportunities in wellness tourism, one of the fastest-growing segments of global tourism. With the increase in wellness tourism, there has been a surge in bookings at Ayurveda institutes, hotels, and wellness resorts, with some online portals reporting a 1000% increase in daily bookings.

In the U.S., domestic wellness tourism is gaining popularity, with travelers preferring exotic domestic locations over international travel due to rising travel costs and a preference for domestic and regional attractions.

Tavistock Development Company has announced plans to build a large wellness, performance, and medically integrated exercise center in Lake Nona, Orlando, in collaboration with Signet LLC and Integrated Wellness Partners (IWP). This wellness campus aims to offer a comprehensive range of health and wellness programs and services for the community.

Key players in the wellness tourism market include Accor S.A, Canyon Ranch, Four Seasons Hotels Ltd., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Marriott International Inc., Omni Hotels & Resorts, PRAVASSA, Radisson Hospitality Inc., and Rancho La Puerta Inc. These companies are at the forefront of providing quality services in the wellness tourism sector, offering a variety of health and relaxation services to cater to the diverse needs of travelers seeking wellness experiences.

Complete Report is Available: https://www.alliedmarketresearch.com/checkout-final/3fa92c8eab809b89aa20fdf6d418c2c0

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