LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global wellness tourism market to grow at a staggering CAGR of close to 11% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global wellness tourism market for 2016-2020. The report also segments the global wellness market by two types of tourism (domestic wellness tourism and international wellness tourism) in terms of expenditure.
Technavio analysts highlight the following four factors that are contributing to the growth of the global wellness tourism market:
- Increased disposable income
- Large number of chronic diseases
- Growing consumer awareness
- Rise in stress globally
Increased disposable income
Per capita disposable incomes exhibit low volatility in developed countries because of a spike in double-income households. This has directly boosted consumer purchasing power. The affordability of high-end products has also increased in developing countries. Higher disposable incomes in Pacific Rim countries such as Malaysia, Indonesia, and Vietnam are expected to drive market growth even further.
Amber Chourasia, a lead health and wellness analyst at Technavio, says, “The number of working women worldwide has increased considerably. In 2015, in the US, more than 57% of women were working. This is creating a financial boost in the overall income of households, enabling consumers to concentrate on essential as well as luxury wellness activities.”
Earlier, due to limited awareness, the preference for wellness tourism was very limited. However, with the rise in income level and increasing investments by vendors, the market has grown rapidly and will continue to grow at a steady pace during the forecast period.
Large number of chronic diseases
The increase in urbanization has led to sedentary lifestyles and unbalanced diets. This has given rise to a number of lifestyle or chronic diseases such as diabetes, high cholesterol, and obesity. In 2012, 29.1 million Americans had diabetes and was the seventh leading cause of deaths in the US in 2010.
“The prevalence of obesity has more than doubled worldwide between 1980 and 2014. Conditions of obesity and overweight used to be common in high-income countries, but are now on the rise in low- and middle-income countries as well, particularly in urban settings because of the increasing demand for fast food or junk food. This leads to lost work days and lower productivity. Nearly two-thirds of obesity-related cancers, which include rectum, colon, ovary, and womb cancers, occur in North America and Europe,” adds Amber.
Growing consumer awareness
More and more people worldwide are becoming aware of anti-aging measures to preserve their looks. This is a major driver for the market. Many men and women are undergoing facial aesthetic procedures for a youthful appearance. The US, Brazil, Mexico, China, India, France, Italy, and South Africa are some of the countries where the demand for facial aesthetics is increasing. The American Society for Aesthetic Plastic Surgery calculated that more than 11 million cosmetic surgical and nonsurgical procedures were performed in the US in 2013.
Vendors are continuously spreading awareness of the latest technologies in facial aesthetics, along with their benefits, by educating consumers through their websites, conferences, and advertisements in magazines. Owing to the increase in per capita income and economic development in emerging economies, especially India and China, people in these regions have started using the internet to compare the procedures and to learn about their merits and demerits.
Rise in stress globally
Untreated stress can often lead to anxiety, irritability or anger, lack of motivation or focus, restlessness, sadness, or depression. These factors weaken the immune system and exhaust the entire body physically as well as mentally, thereby having a major impact on the individual. This can also lead to behavioral changes such as angry outbursts, drug or alcohol abuse, over or under eating, social withdrawal, and tobacco use. Hence, this presents a huge opportunity for the providers of wellness activities.
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