Wellness Tourism Market - Introduction

The global wellness tourism Market was valued at more than USD 650 billion in 2017 and is expected to register a CAGR of 6.81% during the forecast period. Wellness tourism is growing at a rapid pace that rivals the growth rate of the entire travel and tourism industry of the world. The emerging middle class, rising disposable incomes, and the growing consumer interest in travel, health, and new experiences, etc. are the key factors propelling the market. Mental disorders such as stress, frustration, and anxiety lead to health-related chronic diseases such as cancer and depression. Owing to the increasing awareness regarding mental health and physical wellness, the people across the world are keen on taking preventive measures against several illnesses at an early stage. Additionally, employers are also focusing on employee wellness to lower the cost of health care, improve morale, raise productivity, and stay competitive in the market. Most of the current workplace wellness are offered by rich countries and MNCs. However, governments and employers are aiming to provide incentives and reverse the negative trend. Hence, the growing demand for the workplace wellness creates opportunities for businesses, which offer wellness programs and services to design and build healthy workplaces.

Role of Government in Propelling The Wellness Tourism Market

The wellness tourism sector in Sri Lanka is at an early stage, randomly developing with the aid of private companies concentrating on hotel spas, Ayurveda resorts and spas, beauty clinics and yoga retreats. Hence, the Srilankan government has identified this as an important sector of the economy and has drafted a wellness tourism sector strategy as part of the National Export Strategy of Sri Lanka (2018-2022). This was designed and formulated with the participation and consultation of over 750 national, regional and sector-specific public and private stakeholders in Sri Lanka. The wellness strategy is awaiting the approval of the Cabinet of Ministers. Besides the government, some non-profit organizations are also focusing on enhancing the wellness tourism sector through various programs and initiatives. For Instance, Global Wellness Institute (GWI) started a Wellness Tourism Initiative to increase awareness, understanding, and the opportunities in one of the rapidly growing global tourism segments

Consumers’ Perception of Wellness Industry

The basic perception of the wellness tourism as a luxury travel market restrains most of the middle-class people from choosing the wellness packages. Initially, hotels used to promote the wellness services targeting only high-end customers. The changing demand pattern and the growing competition among hotel groups have made the service providers focus on the popular middle-class group with attractive economic packages. This has resulted in the rapid growth of the wellness industry. Additionally, most of the market is occupied by secondary tourists, who engage in wellness-related activities during their trip for some other purpose. However, the average spending per trip is higher for the primary wellness tourists.

Wellness Tourism Market Key developments

Feb 2018: Tavistock Development Company, in partnership with Signet LLC, and its subsidiary -Integrated Wellness Partners (IWP) announced a plan to create innovative wellness, performance and medically integrated fitness facility in Lake Nona, Orlando. The new wellness campus is expected to be one of the most comprehensive ones, which offers an array of health and wellbeing options. The new wellness campus is to be one of the most comprehensive in the region, providing a broad range of health and wellbeing programs and services for the entire community.

Nov 2017: Under an aggressive expansion strategy, Rosewood Hotels launched a new spa and wellness brand, Asaya, in Rosewood Phuket, Thailand. The Asaya Spa offers a blend of spa therapies, fitness activities, nutrition coaching, educational wellness programming, lifestyle tips, and healing practices. Additionally, the second Asaya Spa will be launched in Hong Kong with the opening of Rosewood Hong Kong in this year.

Wellness Tourism Market Key industry Players

• Intercontinental Hotels Group
• Marriott International
• Hilton Worldwide
• Accor Hotels
• Wyndham Hotels & Resorts
• Hyatt Hotels
• Red Carnation Hotels
• Radisson Hospitality
• Home Inns Group
• Choice Hotels International

Global Wellness Tourism Market Report Summary

Reasons to Purchase Wellness Tourism Market Report

• To study the market, its current status and future forecast, in the developed and emerging markets
• Various perspectives on the market with the help of Porter’s five forces analysis
• Detailed analysis of the segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• The latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel

Wellness Tourism Market Report Customization and Benefits

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