Spa is a spring or bath rich in minerals, known for therapeutic properties essential for relaxing the body. Spa resorts are special places providing treatments and various facilities for enhanced health and wellness. Spas provide massages, salon services, skin treatments, Ayurveda medicines, and yoga therapy, among others. Spa is often used as a medium for managing stress, treating medical problems, reducing weight, boosting immune system, and detoxifying the body. Balneotherapy or spa therapy is widely used in alternative medicine for the treatment of diseases such as arthritis.
Increasing travel and tourism activities coupled with increasing global health awareness is majorly driving growth of the spa resort market. Growing urbanization coupled with hectic work culture, is increasing prevalence of stress and stress-related diseases among the populace. This in turn, is increasing the demand for spa therapies, thus boosting growth of the market for spa resorts. High costs associated with healthcare is further expected to increase consumer inclination towards spa therapeutics, in turn, propelling growth of the spa resort market.
Spa Resort Market Taxonomy
On the basis of spa type, the global spa resort market is segmented into:
In the historic era, people travelled distant places to gain the benefits of mineral water. Over the recent years, spas have been able to offer an on-site source of natural mineral, thermal or seawater for hydrotherapy treatments. The enhanced convenience of spas is gaining traction, in turn driving growth of the spa resort market. Increasing globalization has increased the accessibility to spas to most people. This in turn, is boosting growth of the spa resort market.
Major consumers are females, however, growing health consciousness is increasing the consumer base of the spa resort market. Increasing number of people are increasingly being inclined towards maintaining physical and mental health, which is majorly tended to by spas. This in turn, is expected to drive growth of the spa resort market.
Europe is a dominant region in the spa resort market and is expected to retain its dominance throughout the forecast period. Growing focus and awareness on health and beauty, increasing expenditure on luxurious self-care services such as massages and facials, along with relatively high revenue generated in the region are major factors fueling growth of the spa resort market in the region. Moreover, customized and mini treatments are driving growth of the market in this region, owing to the busy and sedentary lifestyle. The region witnesses the presence of a large number of certified nutrients and cosmetic experts in spa resorts, in turn contributing to significant growth of the market in the region. According to the European Spa Association, Europe has over 1200 medical spa and health resorts in the region. European tourism statistics stated that over the period of 2006-2015, the average stay at tourist accommodation increased by 22%.
Asia Pacific is the fastest-growing region in the spa resorts market. Emerging economies such as Malaysia, Singapore, Indonesia, and Thailand are lucrative tourist destinations for spas in the region. The presence of various regional practices such as Thai massage, Yoga, and Ayurvedic medicines in the region, are attracting several tourists, annually. In 2015, international tourist arrival in the region increased by 6%, recording 279 million from around 110 million in 2000. Number of spa resorts are expected to reach 535 million by 2030, as stated by United Nations World Tourism Organization (UNWTO).
Key players are adopting various inorganic growth strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, Hyatt acquired New York-based Miraval group, a wellness resort and spa company in 2017. Major players operating in the spa resorts market include Emirates palace, Four Seasons Hotel limited, Massage Envy Franchising LLC, Jade Mountain Resort, Six Senses Hotels Resorts Spas, Lanserhof Tegernsee, and Gaia Retreat & Spa.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]entmarketinsights.com
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.