Global wellness tourism market to hit USD 1,784.05B

The global wellness tourism market size was valued at USD 815 billion in 2022 and the sector has been growing at a healthy CAGR of 8.20% over the last decade.

The U.S. wellness tourism market size reached USD 192.34 billion in 2022 and is anticipated to surpass around USD 421.04 billion by 2032, growing at a CAGR of 8.20% from 2023 to 2032.

The wellness tourism market is expected to witness significant growth in recent years as more people prioritize health and well-being in their lifestyles. Factors driving this growth of the market include increasing awareness of the importance of preventive health measures, rising stress levels, and a desire for unique and meaningful travel experiences.

The area of the travel business known as wellness tourism is dedicated to enhancing and preserving peoples’ general well-being while they are traveling by offering a variety of experiences, services, and activities. Improving one’s physical, mental, and frequently spiritual well-being is the main goal of this kind of travel. A vast array of products and services aimed at enhancing or maintaining an individual’s health and quality of life are included in the wellness tourism industry.

Malaysia has developed a plan to offer healthcare services to foreigners in almost 90% of private hospitals by 2030.

The demand for various wellness services has increased with the improved infrastructure development in the healthcare sector. Additionally, it is anticipated that rising tourism-related spending will benefit the wellness tourism sector. To guarantee consumer happiness, the service providers are concentrating on providing spa therapies and other activities. Wellness tourism, in contrast to medical tourism, emphasizes disease prevention. It emphasizes leading a healthy lifestyle and raising the standard of living.

In contrast, medical tourism entails treating an illness for which a diagnosis has already been made. Wellness is viewed as a preventative measure to improve health. The rise in internet usage along with the growing use of smart electronic devices like laptops, tablets, and smartphones is significantly contributing to the rise in wellness tourism. The market is expanding significantly in today’s digital world because of aggressive social media marketing by travel agencies and service suppliers.

Regional stance:
With the largest market share, North America dominated the industry in 2022. The increased focus on mental and physical wellness as well as the high level of disposable income are observed as major factors for this. The number of travelers visiting North American countries is rising as a result of the active promotion by leading players of the value of achieving physical and mental well-being through yoga, rejuvenation treatment, herbal remedies, meditation, agritourism, and spa therapies at exotic locations.

While being at the forefront of technological advancements, North America is observed to integrate multiple technologies in the healthcare sector. The integration of technology, such as wellness apps, wearable devices, and digital platforms, to enhance the overall wellness experience during travel. The U.S. attracts medical tourists across a wide range of specialties, including advanced healthcare services such as cardiac surgery, cancer treatment, organ transplantation, and cutting-edge medical technologies.

The rise of concierge medical services catering to international patients has been noted, providing personalized assistance, language support, and streamlined processes for those seeking medical care in the U.S. Some U.S. healthcare institutions have established partnerships and collaborations with international organizations to facilitate medical tourism, fostering a global exchange of medical expertise.

Asia Pacific is observed to expand at a robust pace during the forecast period. Asia Pacific countries, such as India, Thailand, Japan, and Indonesia, have rich cultural traditions that include various wellness practices such as yoga, meditation, traditional medicine, and spa therapies. Tourists often seek authentic wellness experiences rooted in these traditions.

• The government of India has launched ‘Heal in India’ initiative that aims to make the country a global hub for medical and wellness tourism.
• The Ministry of Tourism, India has recently started offering the Marketing Development Assistance Scheme (MDA) that aims to offer financial assistance to approved tourism service providers in order to promote facilities for tourists to stay.

Many countries in Asia Pacific boast natural beauty and scenic landscapes, providing ideal settings for wellness tourism. From beach resorts to mountain retreats, these destinations offer tranquility and a peaceful environment for relaxation and rejuvenation. Compared to some Western destinations, wellness services in the region can be more affordable, making it an attractive option for wellness tourists seeking high-quality experiences at a reasonable cost.

Europe is another significantly growing marketplace. Europe has a growing aging population, leading to an increased prevalence of chronic diseases and a higher demand for medical interventions. This demographic trend drives the demand for various medical devices, including diagnostic equipment and therapeutic devices. Europe boasts a well-developed healthcare infrastructure with advanced hospitals, research institutions, and healthcare facilities. The presence of state-of-the-art healthcare facilities contributes to the adoption of cutting-edge medical devices.

Market key players:

• Hilton Worldwide
• Accor Hotels
• Marriot International
• Hyatt Hotels
• Rosewood Hotels
• InterContinental Group
• Radisson Hospitality
• Rancho La Puerta, Inc.
• PRAVASSA
• Omni Hotels & Resorts
• Four Seasons Hotels

Precedence Research