wellness tourism market report 2021 covering size, share

Apr 12, 2021 05:06 EDT

Wellness Tourism Market Report 2021Covering Size, Share, Trends, Growth,Revenue, and Forecast 2021 to 2028

The global Wellness Tourism market size is expected to be worth around US$1.10 trillion by 2028, according to a new report by Vision Research Reports.

The global Wellness Tourism market size was valued at US$ 683.5 billion in2020 and is anticipated to grow at a CAGR of 7.10% during forecast period2021 to 2028.

According to the health and wellness trends for 2020, the spa industryreached $18 billion in market size. The industry employed more than 366thousand individuals, with more than 22 thousand businesses.

With this in mind, the same PwC research effort determined that at this time,the total value of the wellness tourism market is situated around $639billion. An exponential increase is currently underway, granted that between2015 and 2017, its value has grown at a rate of 6.5% per year, according tohealth and wellness industry data.

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Why Wellness Tourism?

Wellness tourism involves travel with the aim of facilitating well-being andgood health through psychological, spiritual, or physical activities. Wellnesstourism differs markedly from medical tourism. The former involves tourismfocused on prevention of diseases and maintaining quality of life, whereasthe latter generally involves travel for the purpose of receiving treatment fora diagnosed disease or medical condition. Wellness tourism encompasses

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diverse industries that enable consumers to incorporate wellness into theirdaily lives. These products and services help consumers extend wellness totheir homes and work environments with their daily activities such as havingfood and exercise.

Traveling to places and facilities, such as hospitals, clinics, wellness SPAs,fitness centers, and wellness resorts, to enrich the mental as well as physicalhealth is a part of the lifestyle of people now-a-days. This shift in choicemakes way for wellness tourism, which involves the promotion of health andpersonal well-being through various physical, psychological, and spiritualactivities. It also includes various services such as transport, lodging, food &beverage, shopping, and others.

Growth Factors

Inclination of tourists to socialize with local people and learn about theirnature and culture to maintain healthy lifestyle, reduce stress, preventdisease, and enhance their wellbeing resulted in increase of number of suchtravelers, which, in turn, is expected to drive the wellness tourism marketgrowth.

With the increase in e-literacy, the adoption of mobiles, computers, and othernetworking devices is rising notably. Online travel service providers aim toease travel planning and bookings for travelers, as consumers are graduallyshifting from traditional reservation to online reservation. Moreover, quick &convenient flight and hotel bookings, activity booking, rise in customer trustin online payment, and ability to compare various available adventure traveloptions drive the online travel industry growth, which, in turn, fuels thegrowth of the market.

Growing terrorist attacks, political unrest, and civil riots acts as a threat forthe future growth of the travel industry. Attributed to the risk associated andwarnings issued by government authorities to avoid such travel, the tourismindustry has witnessed decrease in travel booking. Traveler’s safety concernsact as a major setback for travel destinations with higher safety risk. Forinstance, growing terrorist attacks across the globe has spread fear amongpeople; hence, they have started to opt for destinations, which are lessexposed to terrorism and political unrest. Change in travel destination due tosafety issue acts as a threat to the growth of the overall wellness tourismmarket.

A key factor driving the global wellness tourism market is the rise indisposable incomes, particularly in developing countries, owing to rapidgrowth of economies of these countries. Higher income levels have alsoshifted the trend toward increased discretionary spending, particularly onwellness goods and services. According to certain estimates, the average percapita disposable income in the Asia Pacific region increased by 19.3% from2007 to 2012, which is slated to increase by 35.2% till 2020. Surge in thedisposable income is expected to boost the demand for wellness tourism dueto rise in the number of health-conscious people

The growing burden of chronic diseases is a prominent factor promoting thegrowth of the global wellness tourism market. The increase in urbanizationfueled by rapid economic growth has led to unbalanced diets and sedentarylifestyle. This, in turn, has augmented the prevalence of lifestyle-associateddiseases such as obesity, diabetes, and high cholesterol. According to a studyconducted by the Institute for Health Metrics & Evaluation (IHME), a globalhealth research organization, in 2013, approximately 30% of the globalpopulation is either overweight or obese. The rise in disposable incomes israising expenditure on fast food or junk food, causing surge in the prevalenceof diseases such as diabetes. According to the World Health Organization(WHO), the number of individuals with diabetes worldwide increased to 422million in 2014 from 108 million in 1980. The rate of prevalence of diabetesin people aged above 18 years has risen to 8.5% in 2014 from 4.7% in 1980.The WHO estimates that diabetes is projected to be the seventh leadingcause of deaths worldwide by 2030.

Additionally, people in countries such as the U.S., Brazil, and Mexico areincreasingly resorting to wellness procedures such as beauty treatments,anti-aging treatments, weight loss programs, spa therapies, and yogaprograms in order to boost their physical as well as mental well-being. Thepopularity of these programs coupled with the rise in stress levels isexpected to propel the global wellness tourism market during the forecastperiod. On the other hand, shortage of facilities (for example, lack ofadequate infrastructure and skilled and trained workers) in developingcountries is expected to impede the market during the forecast period.

The COVID-19 pandemic has disrupted nearly every consumer category,influencing new consumer behaviors, stifling entire industries, and inspiringgrowth in others, including pockets of the health sector. Rise of telemedicine,at-home fitness, and digital therapy has driven the growth of the wellnesstourism market during the pandemic. The key players in sectors, such astelehealth and home fitness, have made significant gains throughout the

pandemic, shaping the future of consumer behavior and the wellness sector.

Sales through International Tourism to Remain High

Demand for domestic tourism will continue to remain high compared tointernational tourism in the global market. Attributed to reasonable prices ofthe travel packages, domestic tourism will continue to be more preferred. Onthe basis of tourism type, the domestic tourism segment is projected torepresent robust revenue growth, recording more than US$ 3.2 Tn by 2026-end. On the other hand, the international tourism type segment is projectedto reflect a healthy CAGR throughout the forecast period.

In this study, the years considered to estimate the market size of WellnessTourism are as follows:

• Historic Year: 2017-2020• Base Year: 2021• Forecast Year 2021 to 2028

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Report Highlights

On the basis of service type, the lodging services segment held the largestmarket share, in terms of revenue, in 2020. On the other hand, wellnessactivities are anticipated to be the fastest-growing segment over the forecastperiod as consumers are willing to spend more on health and wellness.Wellness activities include Ayurveda treatments, yoga, meditation,mindfulness training, spa treatments, agricultural tourism, and so on. Severalother popular activities include shopping, dining, and sightseeing.

Hotels are definitely one of the fastest-growing segments of the wellnesstourism, which is truly justified as lodging is a critical component of anycountry's or region's tourism growth.

Based on travel purpose, the secondary segment held the major share of 87%

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of the wellness tourism market. Secondary wellness tourism refers to touristswho include healthful destination activities, treatments, and mind-bodyexperiences, such as spa treatments, exercise, or cuisine, and wines, into theirtotal leisure and business travel as a part of their journey. Its travelersrepresent a much broader cross-section of visitors who have varied degreesof interest in wellness and are likely to show it in a variety of ways whentraveling.

Primary tourism, on the other hand, is likely to witness the fastest growthrate in the coming years. Most of the wellness tourists are repeat customersas it satisfied them in terms of wellbeing.

Based on the travel type, the market is divided into domestic andinternational wellness tourism. Domestic service was the largest segment in2020, in terms of revenue share, and will expand further at a healthy CAGRfrom 2021 to 2028. Rising expenditure recorded by domestic tourists forwellness activities is contributing to the segment growth. In 2017, domestictourists spent around 150% more than average internationaltourists. Domestic visitors may find it simpler to travel and see sites sincethey are more familiar with the country's traditions, customs, regulations,etiquettes, and others. Domestic wellness tourism is growing day by day.Furthermore, domestic locations do not need visa or passport nor do theyneed to convert their money into a different currency; it makes it easier totravel in domestic locations than international. Thus, the popularity ofdomestic location is growing rapidly.

The international tourism segment is expected to witness the fastest CAGRover the forecast period due to higher expenditure per trip and a rise in thenumber of trips for the international market. The total number of tripsincreased by around 22% from 2016 to 2017. In 2017, more than 125 millioninternational trips were recorded. The expenditure on the social and physicalwellbeing of people, especially pertaining to the need for a healthy lifestyle,has boosted the demand for such services in the market.

On the basis of region, North America dominated the wellness tourismsmarket in 2020, and accounted for maximum share in the wellness tourismmarket and is likely to remain dominant throughout the wellness tourismmarket forecast period. Attributed to the extreme growing demand for healthwellbeing, North America is one of the leading markets of wellness tourismindustry. The U.S. accounts for more than one-third of all global wellness

tourism revenues, and it is by far the largest national market. Individuals'high knowledge of holistic health therapies and their high disposableincomes, which encourage health-related travel, are important elementsdriving the North America wellness tourism market demand.

Asia Pacific, on the other hand, is expected to be the fastest-growing regionalmarket from 2021 to 2028. Technological advancements and risingdisposable income levels in developing countries, such as China and India,are likely to contribute to market growth. In 2016, a National Medical &Wellness Tourism Promotion board was introduced to promote tourismfocusing on wellbeing.

Aman Spa opened a new holistic wellness center - Amanpuri in Thailand,offering integrative medical services. It is the first wellness center from Amanspas that offer medical services. Also, in July 2020, Evolution WellnessHoldings, a Malaysian company, launched a new integrated wellness resort,Fiveelements Pte. Ltd.

Wellness tourism represents 17% of all worldwide tourism expenditures.

As such, it can be concluded that a very large number of tourists do not travelfor sightseeing like most people but rather to get in shape both mentally andphysically. Several studies have been conducted on this case, proving thebenefits associated with living an active lifestyle fuelled by travel.

While wellness industry tourism costs may be high when traveling abroad,many people seem to forget that all of the world’s countries offer beautifuldestinations and attractions.

Predictions estimate that the worldwide spa market will reach the value of$154.6 billion by 2022.

As such, the wellness trend isn’t based solely on traveling, eating healthyfood, and using smart devices. Spa represents a key component of thewellness and health market, as indicated by spa industry statistics. Reportsalso indicate that the revenue for spas was situated at $17.5 billion in the USduring 2017.

28% of US-based gym members have reported using spa facilities regularly.

Trends indicate that spas are often used in the United States by gym

membership holders. Of course, standalone spa centers are available outsidethe gym as well, where numerous people regularly attend sessions toimprove their general wellbeing.

We hope that this stat also helps shed some light into how big is the healthand wellness industry, since spa facilities represent an important percentageof the pie.

77% of respondents would work out more if their employer offered gymfacilities.

This represents the main reason why numerous corporate offices haveinvested large amounts of capital into creating their very own gym facilities.Keeping employers healthy and fit is proven to have numerous advantagesover their state of being, and of course, work productivity.

78% of Americans have changed their diet following a discussion with ahealthcare professional.

This healthcare industry statistics helps showcase that individuals are mostlikely to listen to the advice given by their doctor, rather than being willing totake action on their own. As such, we can conclude that a large number ofpeople do not care enough about their health and wellness, and only takeaction once they are at risk of disease or are feeling actual symptoms.

Access and cost of food represent the two challenges in the way of healthiereating habits.

It is believed that many more people would eat fruits and vegetables if costand access to healthy organic products wouldn’t be an issue. At this point,many choose to eat meat, since it is generally cheaper, more fulfilling, butalso easier to find.

On the other hand, since fruits and vegetables are more perishable, interest islow, despite their numerous healthy nutrients and the well-known benefitsassociated with having a balanced diet, based on the latest wellness trendsand facts.

This problem can be fixed by lowering the artificial price of vegetables on theworld’s market. The issue here is that distributors purchase the bulk ofvegetables from producers at very low costs, which are then put into stores atmuch higher prices.

Studies concerning the P2P distribution of vegetables have pointed out thatsmarter and more cost-effective solutions exist. We need to eliminate third-parties and introduce direct purchases by consumers from producers.

Only 56% of consumers believe their health is excellent or very good.

We can conclude that the potential market value of the health and wellnessindustry is far from being reached. Since only 56% of respondents have goodthoughts about their health, it is very likely that those who do not have thisopinion are more than willing to invest and spend more on improving theirwellness.

To truly improve your health and wellness, consistency is mandatory.Engaging in health and wellness-related practices for short timeframes isbeneficial, yet it won’t provide any advantages in the long run. Like withmany other things, discipline is key.

Health and wellness statistics also show that people should invest moreeffort into improving their overall health.

Only 37% of American citizens have a BMI score that is normal or low.

On the other hand, 32% of people are overweight, whereas 28% are obese.Because of this statistic, we can easily determine that the food industry needsto be rebuilt in the US and other areas of the world. More focus should beplaced on promoting alternatives to unhealthy food.

The first step in this direction would be to drop the massive price differencesbetween unhealthy and healthy food. The second step is directly linked toeducation, as more people need to be aware of the importance associatedwith their eating and exercising habits.

80% of surveyed respondents believe that the market boasts a lot ofconflicting information regarding what we should eat.

This statistic can definitely apply to the Global Wellness Economy as wellsince it is not exclusive to the US. With this in mind, businesses have a habitof spreading false information when it comes down to promoting their healthand wellness products.

As such, a crackdown on these false information campaigns is required toensure that people throughout the world are well educated on what foods arehealthy and their actual benefits.

Key Players

Accor HotelsIHGCanyon RanchRed Carnation HotelsIHHR Hospitality (Ananda resort)Body and Soul Wellness CenterFitpackingGwinganna LifestyleHiltonKamalaya Koh SamuiMOUNTAIN TREK FITNESS RETREAT & HEALTH SPAWellness & Hormone Centers of AmericaAro Ha Wellness RetreatBodySenseFour Seasons HotelsHyattMarriott InternationalRancho La Puerta

Employee Benefits to Impact Global Market Growth

Sedentary and stressful lifestyle is expected can hinder the performance ofthe employees of a company. Employers are increasingly offering variousemployee benefits such as travel refunds and leaves for vacations to ensuregood health and well-being of the employees. As increasing number ofcompanies are extending employee benefits, demand for wellness tourism isexpected to remain high globally.

Chronic Diseases to Underscore Significant Growth Opportunities

Prevalence of chronic diseases such as arthritis, heart disease and obesity isexpected to rev up demand for wellness tourism globally. According to CDC,3 in 4 citizens in the U.S. who fall in the age bracket of 65 years and abovehave multiple chronic conditions including diabetes, high blood pressure andarthritis. Increasing demand for chronic care management has further led

customers to spend on wellness tourism.

Growing need for spa therapies including steam baths and sauna treatmentsthat detoxify the system through skin and helps in reducing weight isexpected to encourage customers to spend on wellness tourism and varioustherapies offered in the tourism package.

Stressful Lifestyle to Boost Demand

Growing need to maintain health through various psychological, spiritual andphysical activities has led to an upsurge in demand for spa therapies andrelaxing treatments. Increasing demand for refreshing meditation, exercise,rejuvenating traditional therapies and healthy food is expected to rev upgrowth of the global wellness tourism market significantly.

Fast-paced and stressful lifestyle leads to increasing body pain in joints andother parts of body. Customers prefer spending on various relaxing spatherapies in order to relieve and manage body pain. Growth of the globalwellness tourism market will continue to remain bound to surge in demandfor detoxification, de-stressing and pain management globally.

Market Segmentation

• Service Outlook• In-country Transport• Lodging• Food & Beverage• Wellness Activities• Shopping• Others

• Travel Purpose Outlook• Primary• Secondary

• Travel Type Outlook• Domestic• International

• Regional Outlook

• North America• The U.S.• Canada

• Europe• U.K.• Germany• France• Italy• Spain

• Asia Pacific• Japan• China• India• Australia• Thailand• Indonesia

• Latin America• Brazil• Mexico

• Middle East & Africa• South Africa

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Table of Content

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

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1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Type Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics

5.1.1. Market Drivers

5.1.2. Market Restraints

5.1.3. Market Opportunities

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining power of suppliers

5.2.2. Bargaining power of buyers

5.2.3. Threat of substitute

5.2.4. Threat of new entrants

5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis

6.1.2. Key Strategies Adopted by Players

6.1.3. Vendor Landscape

6.1.3.1. List of Suppliers

6.1.3.2. List of Buyers

Chapter 7. Global Wellness Tourism Market, By Service

7.1. Wellness Tourism Market, by Service Type, 2020-2027

7.1.1. In-country Transport

7.1.1.1. Market Revenue and Forecast (2016-2027)

7.1.2. Lodging


7.1.3. Food & Beverage


7.1.4. Wellness Activities


7.1.5. Shopping


7.1.6. Others


Chapter 8. Global Wellness Tourism Market, By Travel Purpose

8.1. Wellness Tourism Market, by Travel Purpose, 2020-2027

8.1.1. Primary


8.1.2. Secondary


Chapter 9. Global Wellness Tourism Market, By Travel Type

9.1. Wellness Tourism Market, by Travel Type, 2020-2027

9.1.1. Domestic


9.1.2. International


Chapter 10. Global Wellness Tourism Market, Regional Estimates and TrendForecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Service (2016-2027)

10.1.2. Market Revenue and Forecast, by Travel Purpose (2016-2027)

10.1.3. Market Revenue and Forecast, by Travel Type (2016-2027)

10.1.4. U.S.

10.1.4.1. Market Revenue and Forecast, by Service (2016-2027)

10.1.4.2. Market Revenue and Forecast, by Travel Purpose (2016-2027)

10.1.4.3. Market Revenue and Forecast, by Travel Type (2016-2027)

10.1.5. Rest of North America




10.2. Europe




10.2.4. UK




10.2.5. Germany




10.2.6. France




10.2.7. Rest of Europe




10.3. APAC




10.3.4. India




10.3.5. China




10.3.6. Japan




10.3.7. Rest of APAC




10.4. MEA




10.4.4. GCC




10.4.5. North Africa




10.4.6. South Africa




10.4.7. Rest of MEA




10.5. Latin America




10.5.4. Brazil




10.5.5. Rest of LATAM




Chapter 11. Company Profiles

11.1. Accor Hotels

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Hilton Worldwide





11.3. Hyatt Hotels





11.4. InterContinental Group





11.5. Marriot International





11.6. Radisson Hospitality





11.7. Rosewood Hotels





Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

The Wellness Tourism market research report covers definition, classification,product classification, product application, development trend, producttechnology, competitive landscape, industrial chain structure, industryoverview, national policy and planning analysis of the industry, the latestdynamic analysis, etc., and also includes major. The study includes driversand restraints of the global market. It covers the impact of these drivers andrestraints on the demand during the forecast period. The report alsohighlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Wellness Tourismmarket for the base year 2020 and the forecast between 2021 and 2028.Market numbers have been estimated based on form and application. Marketsize and forecast for each application segment have been provided for theglobal and regional market.

This report focuses on the global Wellness Tourism market status, futureforecast, growth opportunity, key market and key players. The studyobjectives are to present the Wellness Tourism market development inUnited States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t justconducted Wellness Tourism market forecasts in terms of CAGR, but alsostudied the market based on key parameters, including Year-on-Year (Y-o-Y)growth, to comprehend the certainty of the market and to find and presentthe lucrative opportunities in market.

In terms of production side, this report researches the Wellness Tourismcapacity, production, value, ex-factory price, growth rate, market share formajor manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption ofWellness Tourism by regions (countries) and application.

Buyers of the report will have access to verified market figures, includingglobal market size in terms of revenue and volume. As part of productionanalysis, the authors of the report have provided reliable estimations andcalculations for global revenue and volume by Type segment of the globalWellness Tourism market. These figures have been provided in terms of bothrevenue and volume for the period 2017 to 2028. Additionally, the reportprovides accurate figures for production by region in terms of revenue as wellas volume for the same period. The report also includes production capacitystatistics for the same period.

With regard to production bases and technologies, the research in this reportcovers the production time, base distribution, technical parameters, researchand development trends, technology sources, and sources of raw materials ofmajor Wellness Tourism market companies.

Regarding the analysis of the industry chain, the research of this reportcovers the raw materials and equipment of Wellness Tourism marketupstream, downstream customers, marketing channels, industry developmenttrends and investment strategy recommendations. The more specific analysisalso includes the main application areas of market and consumption, majorregions and Consumption, major Chinese producers, distributors, raw materialsuppliers, equipment providers and their contact information, industry chainrelationship analysis.

The research in this report also includes product parameters, productionprocess, cost structure, and data information classified by region, technologyand application. Finally, the paper model new project SWOT analysis andinvestment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the WellnessTourism industry. The research center uses an objective and fair way toconduct an in-depth analysis of the development trend of the industry,providing support and evidence for customer competition analysis,development planning, and investment decision-making. In the course ofoperation, the project has received support and assistance from techniciansand marketing personnel in various links of the industry chain.

The Wellness Tourism market competitive landscape provides details bycompetitor. Details included are company overview, company financials,revenue generated, market potential, investment in research anddevelopment, new market initiatives, global presence, production sites andfacilities, production capacities, company strengths and weaknesses, productlaunch, product width and breadth, application dominance. The above datapoints provided are only related to the companies’ focus related to WellnessTourism market.

Prominent players in the market are predicted to face tough competition fromthe new entrants. However, some of the key players are targeting to acquirethe startup companies in order to maintain their dominance in the globalmarket. For a detailed analysis of key companies, their strengths, weaknesses,threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of keycompanies is covered in the report to measure their dominance. Keymanufacturers of Wellness Tourism market are focusing on introducing newproducts to meet the needs of the patrons. The feasibility of new products isalso measured by using industry-standard tools.

Key companies are increasing their investments in research and developmentactivities for the discovery of new products. There has also been a rise in thegovernment funding for the introduction of new Wellness Tourism market.These factors have benefited the growth of the global market for WellnessTourism. Going forward, key companies are predicted to benefit from the newproduct launches and the adoption of technological advancements. Technicaladvancements have benefited many industries and the global industry is notan exception.

New product launches and the expansion of already existing business arepredicted to benefit the key players in maintaining their dominance in theglobal market for Wellness Tourism. The global market is segmented on thebasis of region, application, en-users and product type. Based on region, themarket is divided into North America, Europe, Asia-Pacific, Latin America andMiddle East and Africa (MEA).

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative

research incorporating the impact of economic and policy aspects- Regional and country level analysis integrating the demand and supplyforces that are influencing the growth of the market.- Market value USD Million and volume Units Million data for each segmentand sub-segment- Competitive landscape involving the market share of major players, alongwith the new projects and strategies adopted by players in the past five years- Comprehensive company profiles covering the product offerings, keyfinancial information, recent developments, SWOT analysis, and strategiesemployed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key marketparticipants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary andsecondary data sources. The research process involved the study of variousfactors affecting the industry, including the government policy, marketenvironment, competitive landscape, historical data, present trends in themarket, technological innovation, upcoming technologies and the technicalprogress in related industry, and market risks, opportunities, market barriersand challenges. The following illustrative figure shows the market researchmethodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate theglobal market size for company, regional division, product type andapplication (end users).

The market estimations in this report are based on the selling price(excluding any discounts provided by the manufacturer, distributor,wholesaler or traders). Market share analysis, assigned to each of thesegments and regions are achieved through product utilization rate andaverage selling price.

Major manufacturers & their revenues, percentage splits, market shares,growth rates and breakdowns of the product markets are determined through

secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research studyhave been accounted for, viewed in extensive detail, verified through primaryresearch, and analyzed to get the final quantitative and qualitative data. Themarket size for top-level markets and sub-segments is normalized, and theeffect of inflation, economic downturns, and regulatory & policy changes orothers factors are accounted for in the market forecast. This data is combinedand added with detailed inputs and analysis from Vision Research Reportsand presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics;market size estimations; market forecasting; market breakdown; and datatriangulation. Extensive primary research was conducted to gatherinformation and verify and validate the critical numbers arrived at. In thecomplete market engineering process, both top-down and bottom-upapproaches were extensively used, along with several data triangulationmethods, to perform market estimation and market forecasting for the overallmarket segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such aspress releases, annual reports, Non-Profit organizations, industryassociations, governmental agencies and customs data, and so on. Thisresearch study includes secondary sources; directories; databases such asBloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company),TRADING ECONOMICS, and avention; Investing News Network; statista;Federal Reserve Economic Data; annual reports; investor presentations; andSEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply anddemand sides were interviewed to obtain qualitative and quantitativeinformation for this report. The primary sources from the supply side includeproduct manufacturers (and their competitors), opinion leaders, industry

experts, research institutions, distributors, dealer and traders, as well as theraw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such asbusiness leaders, marketing and sales directors, technology and innovationdirectors, supply chain executive, end users (product buyers), and related keyexecutives from various key companies and organizations operating in theglobal market.

The study objectives of this report are:

• To analyze and study the global market capacity, production,value, consumption, status (2017-2020) and forecast (2021-2028);

• Focuses on the key manufacturers, to study the capacity,production, value, market share and development plans in future.

• Comprehensive company profiles covering the product offerings,key financial information, recent developments, SWOT analysis,and strategies employed by the major market players

• To define, describe and forecast the market by type, applicationand region.

• To analyze the global and key regions market potential andadvantage, opportunity and challenge, restraints and risks.

• To identify significant trends and factors driving or inhibiting themarket growth.

• To analyze the opportunities in the market for stakeholders byidentifying the high growth segments.

• To strategically analyze each submarket with respect toindividual growth trend and their contribution to the market

• To analyze competitive developments such as expansions,agreements, new product launches, and acquisitions in themarket

• To strategically profile the key players and comprehensivelyanalyze their growth strategies.

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wellness tourism market report 2021 covering size, share

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