Technavio’s latest global wellness tourism market report forecasts a compound annual growth rate (CAGR) of 10 percent for the industry through 2021.
One of the report’s key findings is that growing recognition of mental health issues is a major driver of the wellness tourism market. The analysis highlights stress, fear, anxiety, depression and insomnia as contributors to declining well-being, and notes that, when left unaddressed, these conditions can increase the risk of chronic illnesses such as obesity, diabetes and certain cancers.
The Americas account for more than 43 percent of the global wellness tourism market. Major operators in the space include AccorHotels, Canyon Ranch, IHG and Red Carnation Hotels, among others.
“The availability of spa services, anti-aging therapies and a large, fitness-conscious population are key factors behind health and wellness spending in this region. The Americas are seeing both the arrival of new vendors and continued investment from established players such as Canyon Ranch, a prominent U.S. wellness center. In addition, luxury hotel groups including Hyatt, Hilton and Marriott are expanding into wellness tourism, which further supports market growth,” said Amber Chourasia, lead analyst for health and wellness research at Technavio.