Technavio has been monitoring the wellness tourism market and it is poised to grow by USD 315.47 billion during 2020-2024, progressing at a CAGR of over 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries. However, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the wellness tourism market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
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The wellness tourism market is fragmented. Regional vendors are focusing on bringing the local essence to the wellness programs and retreats. A large number of new vendors are entering the health and wellness tourism market due to the rising need for lifestyle management, focus on stress reduction, and growing health awareness. Many regional vendors with niche product offerings are trying to scale up their market to international places to keep the customers engaged. Aspira Spa, Clinique La Prairie, and Gaia Retreat & Spa are some of the major market participants.
Although the increasing interest in wellness in the hospitality industry will offer immense growth opportunities, the increasing competition and hoaxes will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this wellness tourism market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this wellness tourism market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
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