Wellness Tourism Market 2021: Key Factors Driving Demand Worldwide and Growing at a CAGR of 7.2%
Wellness Tourism Market by Service Type, Location, Traveler Type: Global Opportunity Analysis and Industry Forecast, 2021-2030 | COVID-19 impact assessment
– Shankar Bhandalkar
PORTLAND, OREGON, USA, October 14, 2021 /EINPresswire.com/ – The size of the global wellness tourism market was valued at $ 801.6 billion in 2020 and is expected to reach $ 1,592.6 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. In 2020, the accommodation segment accounted for the highest share of the wellness tourism market.
Traveling to preserve or improve one’s health is known as wellness tourism. It is driven by the desire to lead healthy lives, avoid disease, reduce stress, control strenuous lifestyle behaviors, and / or have authentic experiences that will prevent consumers from recovering the trip as source of leisure, renewal, exploration, joy and self-realization by working with the wellness sector. Wellness tourism, which encompasses the promotion of health and personal well-being through different physical, psychological and spiritual activities, is the result of this change in preference. It also covers transportation, accommodation, food and drink, shopping and other food services.
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Role of government in promoting the wellness tourism market.
The Ministry of Tourism has taken many steps to promote India as a destination for medical and wellness tourism. The Ministry established a National Council of Medical and Wellness Tourism, chaired by the Minister (Tourism), to promote the cause of promoting medical tourism, wellness tourism and Ayurvedic tourism.
A draft national strategy and roadmap for medical and wellness tourism has been developed by the Ministry of Tourism for the proper functioning of the wellness tourism sector. The Ministry of Tourism has requested comments / comments / suggestions on the draft national strategy and roadmap from designated central ministries, all state governments / UT administrations and industry stakeholders to make the more complete document.
On the other hand, the World Institute of Wellness has launched a Wellness Tourism initiative to increase awareness, knowledge and opportunities in one of the fastest growing areas of global tourism.
The sentiment of travelers on post-COVID tourism.
According to the European Travel Commission (ETC), European vacationers have an uplifting view of the travel industry. Either way, explorers fear they will become ill or contaminated with a COVID-19 infection at their destination. ETC added that a large part of holidaymakers like to travel within Europe and around 65% of tourists prefer relaxing trips and 20% intend to visit companions and members of the family.
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In the United States, the travel industry is clearly confined within local boundaries. Explorers in the United States love to visit strange regions inside the United States and have no plans for the global travel industry. Interest in urban communities and rural areas such as mountains, lakes, and seaside destinations is on the rise in the United States due to rising costs of travel to well-known travel destinations.
With the rise of wellness tourism, Ayurvedic institutes, inns and hotel chains such as Airbnb, wellness centers and resorts have seen an increase in appointments and requests. According to internet booking portals, daily bookings at wellness centers and institutes have increased by 1000%. As reported by Airbnb, there has been growing interest in rural destinations. With the increased speed of vaccination, individuals are ready to begin their usual journeys. Still, the majority of tourists are likely to visit local and provincial places of interest.
Key developments in the wellness tourism industry.
The size of the global wellness tourism market was valued at $ 801.6 billion in 2020 and is expected to reach $ 1,592.6 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030.
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Tavistock Development Company has announced plans to build an innovative medically integrated wellness, performance and exercise center in Lake Nona, Orlando. The integrated medical exercise center will be built in collaboration with Signet LLC and its subsidiary Integrated Wellness Partners (IWP). The new wellness campus is expected to be one of the largest in the country, with a wide range of health and wellness offerings. The new wellness campus will be one of the largest in the region, offering a wide range of wellness programs, health benefits and administration for the whole community.
As part of an aggressive extension process, Rosewood Hotels sent another spa and wellness brand, Asaya, to Rosewood Phuket, Thailand. The Asaya Spa offers a mix of spa treatments, wellness exercises, physical training, educational health programs, lifestyle advice and repair reps. Additionally, the second Asaya Spa will be shipped to Hong Kong with the launch of Rosewood Hong Kong this year.
Main conclusions of the study:
â By type of service, the accommodation segment held the highest share, accounting for 20.6% of the global wellness tourism industry in 2020.
â Based on location, the domestic segment held the main 65.1% market share in 2020.
â Based on the type of travelers, the main segment experiences an exponential growth rate of 8.7% during the forecast period
North America held the largest share of the market and is expected to remain dominant during the forecast period.
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