Thermal Springs Resort Market Size and Share Analysis - Growth Trends and Forecasts (2025-2032)

Market Size and Trends

The Thermal Springs Resort market is estimated to be valued at USD 7.3 billion in 2025 and is expected to reach USD 13.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.2% from 2025 to 2032. This robust growth underscores increasing consumer demand for wellness tourism and premium relaxation experiences. The expansion of luxury spa facilities and growing awareness of the therapeutic benefits of thermal springs are key factors driving the market's upward trajectory.

Current market trends indicate a rising preference for eco-friendly and sustainable resort practices, with many establishments integrating natural and holistic wellness offerings such as mineral-rich pools, natural mud treatments, and organic spa products. Additionally, the increased adoption of digital marketing and personalized guest experiences through technology advancements is shaping customer engagement and loyalty. The convergence of health consciousness and luxury travel continues to fuel the demand for thermal springs resorts globally.

Segmental Analysis:

By Resort Type: Dominance of Luxury Thermal Springs Resort Driven by Premium Experiences and Exclusive Amenities

In terms of By Resort Type, Luxury Thermal Springs Resort contributes the highest share of the market owing to a growing global clientele seeking premium wellness experiences combined with exclusivity and personalized services. These resorts attract affluent travelers who prioritize holistic well-being, comfort, and high-end facilities, including bespoke spa treatments, gourmet dining, and private thermal pools. The emphasis on luxury accommodations equipped with state-of-the-art infrastructure appeals to those looking for an escape that blends therapeutic benefits of thermal waters with indulgence. The rising disposable incomes and increasing awareness regarding health and wellness among the upper-middle and high-income population further accelerate the demand for such premium resorts. Moreover, luxury resorts often invest significantly in creating serene and aesthetically pleasing environments, leveraging natural surroundings, and offering tailored wellness programs that enhance client satisfaction and repeat visits. Additionally, partnerships with wellness experts and prominent therapists enhance the credibility and attractiveness of luxury thermal springs, reinforcing their market leadership. Their ability to integrate cultural and local traditions with contemporary wellness trends creates unique experiences that justify the premium pricing, making this segment resilient and highly preferred among discerning travelers.

By Application: Wellness & Spa Therapy Leading Due to Growing Health Consciousness and Holistic Care Demand

In terms of By Application, Wellness & Spa Therapy dominates the Thermal Springs Resort market as consumers increasingly prioritize mental and physical health through natural and non-invasive therapies. The therapeutic properties of thermal springs, such as mineral-rich waters that aid in detoxification, stress relief, and skin rejuvenation, are especially appealing to health-conscious individuals and aging populations seeking alternative or complementary health treatments. Wellness & Spa Therapy also aligns closely with popular trends in holistic health that emphasize preventive care, relaxation, and overall well-being. This application segment benefits significantly from growing urban stress, lifestyle diseases, and the escalating demand for retreats that combine relaxation with health benefits. Thermal springs provide an ideal setting for promoting various spa therapies, including hydrotherapy, massages, mud therapies, and aromatherapy, all contributing to an enhanced wellness experience. Furthermore, many resorts tailor programs for different demographics, including women's health, anti-aging therapies, and detox packages, attracting diverse consumer groups. Growing media exposure and endorsements by wellness influencers also amplify the popularity of spa therapies, positioning this segment as the central pillar driving engagement and visits to thermal springs resorts globally.

By Facility Type: Preference for Indoor Thermal Springs Boosted by Year-Round Accessibility and Controlled Environment

In terms of By Facility Type, Indoor Thermal Springs hold the highest share of the market owing to their ability to offer thermal water experiences regardless of external weather conditions, which is critical for sustaining year-round operations and attracting visitors across diverse climates. Indoor facilities enable better temperature control, privacy, and hygiene standards, which appeal to customers who prioritize comfort and convenience while enjoying therapeutic treatments. This segment benefits from the increasing trend toward integrated wellness resorts that combine indoor thermal pools with fitness centers, saunas, steam rooms, and specialized medical units, creating comprehensive health and leisure environments. The ability to regulate water quality and ambient settings indoors helps optimize the healing qualities of thermal waters for users with specific health concerns or rehabilitation needs. Additionally, indoor thermal springs often incorporate advanced architectural designs that enhance aesthetic appeal while ensuring accessibility for all age groups, including elderly and differently-abled visitors. Their adaptability to urban and resort locations with limited outdoor space further supports their widespread adoption. Consequently, indoor thermal springs meet both functional and experiential demands of contemporary wellness consumers, positioning this facility type as a cornerstone of the thermal springs resort industry.

Regional Insights:

Dominating Region: Europe

In Europe, the dominance in the Thermal Springs Resort market is driven by a robust ecosystem comprising well-established wellness tourism infrastructure, stringent government support for sustainable tourism, and a rich cultural heritage surrounding natural thermal springs. European countries like Hungary, Germany, and Italy have long been known for their historic spa towns, which have evolved into modern resort destinations. Government policies promoting wellness tourism and environmental conservation have fostered growth, attracting international tourists seeking natural therapeutic experiences. The region also benefits from a dense network of specialized healthcare and hospitality providers, which enhances service quality and market credibility. Notable companies such as Therme Group (Germany), Merlin Entertainments (UK), and various local operators in Hungary's famous Budapest bath complexes have significantly contributed to maintaining Europe's leadership by investing in large-scale resort developments and innovation in wellness services.

Fastest-Growing Region: Asia Pacific

Meanwhile, the Asia Pacific exhibits the fastest growth in the Thermal Springs Resort market, underpinned by rising disposable incomes, increasing domestic travel, and expanding wellness awareness. Countries like Japan, South Korea, and China are capitalizing on their natural geothermal resources, coupled with growing investments in infrastructure and luxury hospitality. Government initiatives aimed at promoting health tourism and boosting regional economies through tourism diversification have accelerated market expansion. Additionally, the presence of global hospitality brands partnering with local thermal spa operators has introduced international standards and marketing expertise to the region. Key players such as Hoshino Resorts (Japan), Banyan Tree Holdings (Singapore), and local ventures in China's geothermal hubs actively contribute to this rapid growth phase by offering integrated wellness experiences combining traditional and modern therapies.

Thermal Springs Resort Market Outlook for Key Countries

Hungary

Hungary's market continues to be shaped by its historic spa culture, particularly in Budapest, which is renowned globally for thermal baths dating back to Roman times. The government's continuous investments in upgrading facilities and preserving heritage sites reinforce the country's appeal. Key operators like Danubius Hotels Group play a pivotal role by blending luxury hospitality with therapeutic treatments, drawing both European and international tourists seeking holistic wellness experiences.

Japan

Japan's market is deeply influenced by its onsen culture, combining centuries-old traditions with modern resort amenities. Government policies promoting inbound health tourism and local economic revitalization have spurred the development of new thermal resorts and the enhancement of existing ones. Leading companies such as Hoshino Resorts have leveraged this cultural heritage by creating premium wellness destinations that attract a global clientele, integrating advanced health treatments alongside traditional hot spring bathing.

Germany

Germany sustains its leadership in the Thermal Springs Resort market through a combination of strong regulatory frameworks, high service standards, and extensive spa towns like Baden-Baden and Wiesbaden. The country's health insurance system often covers certain therapeutic treatments, encouraging domestic demand. Market leaders including Therme Group are continuously innovating by expanding resort amenities and investing in digital wellness services to enhance customer experiences, thus solidifying Germany's dominant position in the European market.

China

China's emerging market is characterized by rapid infrastructure development and an increasing focus on wellness tourism as a pillar for regional growth. Government incentives support the establishment of large-scale thermal resorts catering to a growing middle class seeking luxury and health-centric vacations. Prominent enterprises like Greenland Group and countrywide partnerships between hotel chains and traditional medicine practitioners are driving this expansion by integrating geothermal resources with wellness and recreation, elevating China's standing in the regional market.

South Korea

South Korea's thermal springs market is propelled by a combination of modern hospitality development and heightened wellness awareness among its population. Government strategies emphasize integrating health tourism with cultural experiences, boosting both domestic and international visits. Companies such as Lotte Hotels & Resorts are investing heavily in thermal spa facilities within their properties, incorporating innovative wellness programs that cater to the tech-savvy and health-conscious demographic, thereby influencing market dynamics significantly.

Market Report Scope

Market Segmentation

Resort Type Insights (Revenue, USD, 2020 - 2032)

• Luxury Thermal Springs Resort
• Mid-Range Thermal Springs Resort
• Budget Thermal Springs Resort
• Boutique Thermal Springs Resort
• Others

Application Insights (Revenue, USD, 2020 - 2032)

• Wellness & Spa Therapy
• Rehabilitation Therapy
• Leisure & Recreation
• Sports Recovery
• Others

Facility Type Insights (Revenue, USD, 2020 - 2032)

• Indoor Thermal Springs
• Outdoor Thermal Springs
• Mixed Thermal Springs
• Artificial Thermal Springs
• Others

Regional Insights (Revenue, USD, 2020 - 2032)

• North America
• U.S.
• Canada
• Latin America
• Brazil
• Argentina
• Mexico
• Rest of Latin America
• Europe
• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East
• GCC Countries
• Israel
• Rest of Middle East
• Africa
• South Africa
• North Africa
• Central Africa

Key Players Insights

• Six Senses Hotels Resorts Spas
• Therme Group
• GLORIA Hotels & Resorts
• Blue Lagoon
• Chena Hot Springs Resort
• Aqua Dome Tirol
• Terme di Saturnia
• Hotel Terme Vivia
• Tat Spa & Resort Group
• Les Thermes Marins de Saint-Malo
• Bürgenstock Hotels & Resort
• Grand Bahia Principe Hotels & Resorts
• Harbin Thermal Springs Resort
• Anantara Thermal Spa & Resort
• Hoshino Resorts