June 17, 2024
Global Sleep Tourism Market

Global Sleep Tourism Market: Riding the Wellness Trend

Sleep tourism involves travel to destinations that promote relaxation, meditation, and holistic well-being practices in tranquil settings. These destinations provide holistic treatments and therapies like Ayurveda, yoga, meditation, spa therapies, etc for overall wellness and better sleep. The growing work and life stress levels have increased the prevalence of lifestyle diseases and sleep disorders. This has boosted the demand for wellness retreats and medical tourism focusing on sleep therapies.

The global sleep tourism market is estimated to be valued at US$ 118.64 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global sleep tourism market are Welgrow Travels, Carnoustie Ayurveda and Wellness Resort, Niraamaya Wellness Retreat, Atmantan Wellness Center, Mekosha Ayurvedic Retreat, Ananda in Himalayas, Vana Retreat, Somatheeram Ayurvedic Health Resort, Kairali Ayurvedic Healing Village, Nirvana Naturopathy and Retreat, Soukya Holistic Health Center, Pureandcure, The Hotel Figueroa, Wellbeing Escapes, The Healthy Holiday Company, Black Tomato, &Beyond, Six Senses Hotels Resorts SpasCh, Vacayou, and The Park Hotels.

The growing prevalence of lifestyle diseases and sleep disorders due to stressed lives has boosted the demand for wellness retreats and Global Sleep Tourism Market Share focusing on better sleep. In developed regions, busy work schedules and digital distractions have hampered proper sleep cycles. This has created massive opportunities for sleep tourism destinations that provide ideal settings and therapies for rest and relaxation. Several new destinations are emerging in Southeast Asian countries, the Caribbean, Europe and South America to tap into this growing wellness travel segment.

The global sleep tourism industry is witnessing robust expansion with the entry of major international hotel chains and travel operators. Several players are focusing on exclusive luxury wellness resorts and medical spas with innovative sleep therapies and programs. Major countries and regions are promoting their traditional healing practices and unique locations to attract global sleep tourists. The research-backed and digital marketing strategies of industry players have boosted visibility and allured modern travelers seeking stress-free holidays in well-designed environments.

One of the key trends in the global sleep tourism market is the growing popularity of ecotherapy or forest bathing. Several destinations promoting interaction with nature through activities like stargazing, hiking, forest bathing, etc have gained traction. It is believed that simply spending time amidst greenery reduces stress levels and aids better quality of sleep naturally. The outdoor activities are combined with other therapies like massage, meditation to deliver holistic well-being experiences that attract global travelers.

Porter’s Analysis

Threat of new entrants: Low capital requirement and few barriers to exit.

Bargaining power of buyers: Ability to switch between destinations easily due to substitutable products.

Bargaining power of suppliers: Sleep tourism destinations hold negotiating power over tour operators and travel agents.

Threat of new substitutes: Emergence of wellness tourism destinations offering similar relaxation and sleep benefits.

Competitive rivalry: Intense competition amongst existing sleep tourism destinations to attract visitors.

Geographical Regions

In terms of value, the global sleep tourism market is concentrated in Europe and North America owing to high consumer spending power and growing wellness tourism industries in major economies like the US, Germany, UK and France.

The Asia Pacific region is projected to be the fastest growing geographical segment during the forecast period aided by increasing investments in wellness infrastructure development across South Asian countries coupled with rising health awareness among the middle class population. India, Indonesia, Thailand and Malaysia are promising emerging destinations in the regional sleep tourism industry.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.