Wellness tourism: Key market research findings
- The Americas to dominate the market geographically
- The domestic wellness tourism sector accounts for a majority of the market’s revenue
- Key vendors – Accor, Allergan, Canyon Ranch, Carlson, Four Seasons, Fitpacking, Galderma, Hilton, Hyatt, IHG, Ipsen, KPJ, Marriott, Miraval Resorts, Mövenpick, Omni Hotels Management, Pravassa, Rancho La Puerta, Shangri-La, and Starwood
Technavio’s market research analysts predict the global wellness tourism market to grow at a CAGR of 12% between 2016 and 2020. The market’s growth is augmented by the increasing awareness about anti-aging measures to preserve looks. Many men and women are undergoing facial aesthetic procedures for a youthful appearance. The US, Brazil, Mexico, China, India, France, Italy, and South Africa are some of the countries where the demand for facial aesthetics is increasing. Currently, the Americas account for more than 43% of the overall market share to dominate the global wellness tourism market. The focus on providing unique experiences, leading to an increased tourist base coupled with renovations and refurbishments of existing spas and hotels will contribute to the growth of this market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the wellness tourism segments based on the type.
“Vendors in the market are currently focusing on improvements and innovations. Since the adoption of wellness activities among consumers is a part of changing lifestyles, there is a growing demand for multiple price points and increased convenience and accessibility. This opens up opportunities for the rise of new business models. Besides, salons, gyms and fitness centers, doctors’ offices, and hospitals are providing massages and other spa-related offerings alongside their standard services,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the domestic wellness tourism sector accounted for a market share of 66% to become the key revenue generator in the global wellness tourism market. The growth of this segment is augmented by the easy availability of activities such as fitness, spa and beauty treatments, and adventure at affordable prices. The increase in disposable income and growing awareness regarding recreational activities will further fuel the demand for domestic wellness tourism in the coming years. The countries that have the highest number of domestic wellness tourism trips are the US, Germany, France, Japan, and China.
The key vendors in the global wellness tourism market include Accor, Allergan, Canyon Ranch, Carlson, Four Seasons, Fitpacking, Galderma, Hilton, Hyatt, IHG, Ipsen, KPJ, Marriott, Miraval Resorts, Mövenpick, Omni Hotels Management, Pravassa, Rancho La Puerta, Shangri-La, and Starwood. The global wellness tourism market is highly fragmented owing to the presence of numerous well-established global and regional vendors. The rapid growth of this market has given rise to major changes in regulations in different countries, including Canada, China, Germany, France, India, Japan, Mexico, South Korea, New Zealand, Thailand, the UK, and the US. The competitive environment in this market is expected to intensify with an increase in product/service extensions, technological innovations, and M&A activities.
A more detailed analysis is available in the Technavio report, Global Wellness Tourism Market 2016-2020.
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