The tourism industry involves the business of offering l tourism products and services such as transportation services, hospitality services, recreation and entertainment services. The global tourism industry is recovering from the last economic recession riding on rising disposable income, promotion of tourism and increased awareness.
The global tourism market can be segmented on the basis of type and purpose. On the basis of purpose, the tourism market is segmented into leisure travel, business tourism, adventure tourism, medical tourism and conference or seminar travel. On the basis of type, the market is divided into international tourism and domestic or local tourism. For some countries, tourism is a major source of income as it has an impact on both host and source country’s economy.
The rise in healthcare expenditure in developed countries has led to the emerging trend of medical tourism. Medical tourism refers to the travel of patients from their home country to another in order to get sophisticated medical treatment at a comparatively lower cost. Medical tourism is still in nascent stage and expected to grow in near future due to increasing adoption of sophisticated technologies in developing countries, favourable exchange rates and increasing geriatric population.
Other trends in tourism industry include growing popularity of adventure tourism and eco-tourism. The adventure tourism market is driven by growing preference for adventure activities along with rising need of stress management. Healthcare professionals are recommending adventure vacations and outdoor adventures in order to treat stress and anxiety of an individual. Ecotourism is the result of increasing environmental concerns and the attraction for fresh air.
The global market for tourism is driven by the rising per capita income and growing social trends towards traveling and exploring new destinations. Additionally, increased number of global sports and game events are also fuelling the global tourism market. Furthermore, emerging segments such as adventure tourism, medical tourism and eco-tourism are further contributing significantly towards the market growth. However, the global tourism market is affected in some countries by the outbreak of some diseases such as Ebola.
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