Global wellness tourism market is expected to grow at a CAGR of 7.55% and is anticipated to reach around USD 1219.75 Billion by 2026.
NEW YORK, UNITED STATES, June 19, 2020 /EINPresswire.com/ — Findings from Facts and Factors report “Wellness Tourism Market By Service (Lodging, In-country Transport, Wellness Activities, Food & Beverage, and Others), Travel Type (International and Domestic), and Regions: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global wellness tourism market in 2019 was approximately USD 730.53 Billion. The market is expected to grow at a CAGR of 7.55% and is anticipated to reach around USD 1219.75 Billion by 2026.
Wellness tourism refers to traveling to places including wellness resorts, fitness centers, hospitals, and clinics in order to enhance the physical and mental health. The wellness tourism industry offers various services such as shopping, transport, food & beverage, and lodging. Increasing numbers of travelers across the globe, along with rising traveling expenditure worldwide are major factors driving the growth of the global travel tourism market.
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Moreover, rising disposable income among the individuals in the developed countries and increasing awareness about wellness in the emerging economies are anticipated to fuel target market growth over the forecast period. Moreover, increasing prevalence of chronic diseases such as obesity is expected to fuel target market growth in the near future. For instance, according to the data published by World Health Organization, in 2017, obesity rates among the children and adolescents in the globe, increased from less than 1% in 1975 to 8% in 2016. However, high cost is expected to hamper target market growth in the near future.
The wellness tourism market is bifurcated based on service and travel type. On the basis of service segmentation, the market is classified into lodging, in-country transport, wellness activities, food & beverage, and others. The lodging services segment is expected to hold the largest share in terms of revenue over the forecasted period. Based on travel type the global market is segmented as international and domestic.
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Based upon the region the global market has been categorized as North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America is expected to dominate in the global market in terms of revenue as compared to that of markets in other regions during the forecast period 2019-2026. This is attributed to the growing disposable income as well as the availability of various traveling options in the countries of this region. Europe is expected to hold second last share in the target market over the forecast period, owing to growth in the trend of wellness tourism in the countries especially in the UK and Germany of the region.
Key players operating in the wellness tourism market not restricted to include Hyatt Hotels, Marriot International, Hilton Worldwide, InterContinental Group, Rosewood Hotels, and Accor Hotels Radisson Hospitality. Key players operating in the target market are focusing on the development of sports tourism which can create huge growth opportunities in the global wellness tourism market.
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This report segments the wellness tourism market as follows:
Global Wellness Tourism Market: By Service Segmentation Analysis
Food & Beverage
Global Wellness Tourism Market: By Travel Type Segmentation Analysis
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Source: EIN Presswire