Technavio’s latest global wellness tourism market report predicts a 10 percent compound annual growth rate for the industry through 2021.
Key findings indicate an increase in mental illness recognition is a major wellness tourism market driver. The report included stress, fear, anxiety, depression and insomnia in its mental illness category, noting these conditions can lead to chronic disorders such as obesity, diabetes and cancer.
The Americas dominate the global wellness tourism market by more than 43 percent, and AccorHotels, Canyon Ranch, IHG and Red Carnation Hotels are some of the biggest players in the market.
“The availability of spa treatments, anti-aging treatments and the prevalence of a large fitness-conscious population are the major factors contributing to health and wellness expenditures of this region. The Americas witnesses the entry of many new vendors and the presence of a large number of established vendors such as Canyon Ranch, which is a wellness center situated in the United States. Also, there are several luxury hotel chains such as Hyatt, Hilton and Marriott that are entering the wellness tourism market, thus fueling its growth,” said Amber Chourasia, lead analyst for research on health and wellness, Technavio.
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