Purpose: This study analyses the key variables that influence tourists’ intention to re-participate in wellness tourism. To this end, a theoretical model is developed that is grounded in the theories of perceived value and perceived risk. Additionally, this study segments the market based on tourists’ health consciousness and health status, examining the differences in the process of forming re-participation intentions. Research Design, Data, and Methodology: An online survey of 305 Japanese respondents was conducted, and the research model and hypotheses were validated using SmartPLS 4 and SPSS. Results: The findings illustrate that perceived functional, social, emotional, and epistemic values from previous wellness tourism experiences positively influence tourists’ attitudes, whereas time risk negatively affects them. Furthermore, functional value and attitudes enhance re-participation intentions, whereas financial risk decrease them. Cluster analysis identified three groups: ‘Health-Conscious but Unwell’; ‘Not Health-Conscious and Unwell’; and ‘Health-Conscious and Well’. Those who are ‘Health-Conscious and Well’ are more likely to re-participate if they are satisfied with the functional value of their wellness tourism experience. Conclusions: The findings of this study offer destination marketers and service providers valuable insights into how tourists form behavioural intentions and how to strategically allocate resources to maximise the potential of wellness tourism.