Global Wellness Tourism Market Reflecting a Dazzling Growth Along With Prominent Players …

Overview:
Wellness tourism promotes health and well-being through physical, psychological, or spiritual activities. The concept of wellness tourism refers to traveling for activities planned for health and well-being as a top priority. Wellness tourism includes exercise, spa treatments, healthy food, and opportunities for spiritual and creative development. The global wellness tourism market is divided into six regions, such as North America, Asia Pacific, South America, Europe, the Middle East, and Africa.

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Drivers:
The rise in the geriatric population and the growing burden of chronic diseases (such as cancer, diabetes, and cardiovascular diseases) are expected to propel the growth of the global wellness tourism market during the forecast period. For instance, around 157 million Americans are expected to have more than one chronic disorder by 2020, according to the National Health Council. Moreover, rising disposable income in developing countries and high expenditure on wellness by consumers is expected to fuel the global wellness tourism market growth.

Restraint:
The high cost and lack of adequate infrastructure are expected to hinder the growth of the global wellness tourism market.

Opportunities:
The development of ecotourism, cultural tourism, and sports tourism is expected to create growth opportunities in the market.

Regional Insights:
The Asia Pacific is expected to witness significant growth in the global wellness tourism market due to rising disposable income levels in developing countries, such as India and China. For instance, in December 2019, Hyatt planned to open 11 new hotels in India by the end of 2020.

Europe is expected to witness significant growth in the global wellness tourism market due to increasing cases of stress-related health issues in this region.

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Competitive Section:
Key players active in the global wellness tourism market are Accor, Canyon Ranch, Allergan, Carlson Rezidor, Fitpacking, Four Seasons, Galderma, Hyatt, Hilton, IHG, KPJ Healthcare, Ipsen, Marriott, Omni Hotels Management, and Miraval Resort & Spa.

In October 2020, Hyatt and Genting Americas announced plans for a new hotel located at Resorts World Casino New York City, which is scheduled to open in the first quarter of 2021.

In March 2019, Omni Hotels and Resorts planned to roll out both IDeaS Smart Space and IDeaS G3 Revenue Management System across its portfolio of 60 distinct luxury hotels and resorts in North America.

In May 2018, Accor acquired Mantra Group to expand its business, especially in the Asia Pacific.

In January 2017, Hyatt Hotels acquired Miraval Group, a chain of wellness spa & resort.

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