WASHINGTON, Sept. 05, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Medical Tourism Market has rapidly grown over the years due to the increasing availability of affordable and high-quality healthcare services in various countries.
According to Vantage Market Research, the global medical tourism market is estimated to be valued at USD 43.7 Billion by 2030 and is expected to exhibit a CAGR of 32.9% from 2023 to 2030. The global Medical Tourism market grew to USD 4.5 billion in 2022.
Medical tourism, also known as health tourism or medical travel, refers to individuals traveling abroad to seek medical treatment or procedures. This trend has gained popularity in recent years due to various factors, such as lower cost, shorter waiting times, and access to specialized or advanced medical services unavailable in their home countries. Popular destinations for medical tourism include countries like India, Thailand, Mexico, and Costa Rica. However, it is essential for individuals considering medical tourism to research and ensure they receive treatment from reputable healthcare providers.
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Key Highlights
- The medical tourism market is set to grow significantly from 2023 to 2030, primarily due to increased demand for cancer treatment services.
- The private sector will continue to dominate, holding the largest market share globally as a service provider throughout the forecast period.
- Medical treatments will remain the leading healthcare service, capturing the majority share worldwide from 2023 to 2030.
- In 2022, Europe led the market with the highest revenue share of 43.1%.
- Anticipated high Compound Annual Growth Rate (CAGR) from 2023 to 2030 positions the Asia-Pacific region for substantial growth.
Top Companies in The Global Medical Tourism Market
- Aditya Birla Memorial Hospital (India)
- Apollo Hospitals Enterprise (India)
- Asian Heart Institute (India)
- Barbados Fertility Center (Barbados)
- Fortis Healthcare Limited (India)
- KPJ Healthcare Berhad (Malaysia)
- NTT Medical Center Tokyo (Japan)
- Prince Court Medical Centre (Malaysia)
- Samitivej PCL (Thailand)
- Seoul National University Hospital (South Korea)
- Wooridul Spine Hospital (South Korea)
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Factors affecting the growth of the Medical Tourism Industry
Several factors can affect the growth of the Medical Tourism industry. Some of these factors include:
- Availability of specialized treatments: Many patients travel abroad for specialized treatments or procedures that may not be available in their home country. The availability of these specialized treatments in destination countries can greatly impact the growth of medical tourism.
- Technological advancements: The availability of advanced medical technology and equipment significantly attracts medical tourists. Patients often seek treatment in countries known for their advanced healthcare technologies and procedures.
- Government policies and regulations: Government policies and regulations regarding medical tourism can either facilitate or hinder the industry’s growth. Favorable policies like streamlined visa processes and tax incentives can attract medical tourists.
- Reputation and accreditation: The reputation of hospitals and healthcare providers in a destination country and their accreditations and certifications can influence the growth of medical tourism. Patients are more likely to choose destinations with reputable facilities and recognized certifications.
Top Trends in the Global Medical Tourism Market
Key trends in the global medical tourism sector encompass the surging demand for cosmetic surgery and dental care, a rise in seeking overseas alternative therapies and wellness treatments, and an increasing appetite for top-notch, cost-effective healthcare. Luxury medical tourism is on the upswing, paralleled by the advancement of technology facilitating enhanced medical service accessibility. Additionally, a shift is noted towards tailored healthcare encounters for medical tourists.
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Recent Development of the Global Medical Tourism Market
- In October 2022, Turkish Airlines initiated a program providing weekly medical tours from the US at USD 5,000.
- In August 2022, The Indian government designated ten airports (Delhi, Mumbai, Chennai, etc.) with special desks, a multi-lingual portal, and simplified visas for international medical tourists entering India.
Market Drivers
The global medical tourism market thrives on several key drivers. First, rising healthcare expenses in developed countries propel individuals to seek more economical treatment options abroad. Simultaneously, emerging economies' robust healthcare infrastructure and advanced medical technologies contribute significantly to the sector's growth. Moreover, the prevalence of diseases and the necessity for specialized treatments prompt patients to seek destinations offering superior healthcare services.
Another crucial driving force is the inadequate availability of timely and comprehensive healthcare in certain regions, which leads residents to seek treatment overseas. The demand for elective procedures, such as cosmetic interventions and fertility treatments, also fuels the industry, driven by medical needs and the opportunity to combine medical care with leisure and tourism. Additionally, the internet's pervasive reach and the wealth of information about medical tourism destinations empower patients to make well-informed decisions regarding their healthcare options abroad, further propelling the market's expansion.
Market Restraints
Challenges in the global Medical Tourism sector encompass inadequate regulatory framework and quality standards, limited insurance coverage, language and cultural barriers, safety and privacy concerns, and high travel costs. The COVID-19 pandemic exacerbated these issues with travel restrictions and safety anxieties.
Market Opportunities
The burgeoning global medical tourism market is ripe with growth prospects. Escalating healthcare expenses, prolonged treatment wait times, and technological progress have fueled its rise. Affordable, top-tier medical care and advantageous currency exchange rates further enhance its appeal. This sector also offers room for cross-border partnerships, inventive business models, and market expansion, providing abundant opportunities for industry stakeholders.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Medical Tourism Market Forecast Report (2023-2030).
Report Segmentation of the Global Medical Tourism Market
Treatment Type Analysis
Cancer Treatment dominates the market with the largest market share because it offers a wide range of treatment options and procedures for various types of cancer, including surgery, radiation therapy, chemotherapy, immunotherapy, targeted therapy, and hormonal therapy. Cancer treatment often requires specialized medical expertise and cutting-edge technologies, making it a preferred choice for medical tourists seeking high-quality care. The global medical tourism market is based on treatment types segmented into dental treatment, cardiovascular treatment, cancer treatment, cosmetic treatment, orthopedic treatment, fertility treatment, neurological treatment, and other treatment types. Furthermore, cancer treatments often require long-term follow-up care, which can be costly in developed countries. Medical tourism provides an alternative option for patients seeking high-quality treatment at a fraction of the cost. Countries like India, Thailand, and Mexico are popular destinations for cancer treatment, offering cost-effective solutions without compromising on quality.
Service Providers Analysis
The private segment dominated the largest market share and will dominate in the forecast period because of its ability to offer high-quality healthcare services, personalized care, and state-of-the-art technology, which are often preferred by patients seeking medical treatments abroad. Private providers often have partnerships with renowned international hospitals and healthcare institutions, providing patients with a wider range of treatment options. The global medical tourism market is based on the service providers analysis segmented into public and private. Private providers also attract international patients with competitive pricing, shorter waiting times, and a focus on patient comfort and satisfaction. All these factors contribute to the private segment's domination in the medical tourism market, securing its largest market share.
Healthcare Service Analysis
Medical Treatment dominated the largest share because it offers a wide range of specialized medical procedures, from complex surgeries to advanced treatments for various conditions. These procedures are often not readily available in the patient's home country or may come with long waiting times and exorbitant costs. The global medical tourism market is based on healthcare service analysis segmented into medical treatment, wellness, and alternative treatment. Medical Treatment destinations, such as renowned hospitals and healthcare facilities, offer state-of-the-art technology, highly skilled medical professionals, and a streamlined process for international patients. Moreover, the affordability factor, with significantly lower costs for medical treatments abroad, has contributed to the dominance of Medical Treatment in the medical tourism market.
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Global Medical Tourism Market Segmentation
By Treatment Type
- Dental Treatment
- Cardiovascular Treatment
- Cancer Treatment
- Cosmetic Treatment
- Orthopedic Treatment
- Fertility Treatment
- Neurological Treatment
- Other Treatment Types
By Service Providers
- Public
- Private
By Healthcare Service
- Medical Treatment
- Wellness
- Alternative Treatment
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 4.5 Billion |
| Revenue Forecast by 2030 | USD 43.7 Billion |
| CAGR | 32.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre, Samitivej PCL, Seoul National University Hospital, Wooridul Spine Hospital |
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Regional Analysis
Due to advanced medical facilities, highly skilled healthcare professionals, and affordable treatment options in countries such as Germany, Turkey, and Spain, Europe dominated the global market share for medical tourism, with a market share of 40.50% in 2022. The European region offers various medical treatments, including cosmetic surgery, dental procedures, fertility treatments, and orthopedic surgeries. Many European countries have well-established healthcare systems and are known for providing high-quality care to international patients. In addition, Europe's geographical location makes it easily accessible for patients from other regions, especially those from the Middle East and North Africa.
The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. With its favorable healthcare infrastructure, renowned medical facilities, affordable costs, and high-quality services, the region has become a popular destination for medical tourists. Countries such as India, Thailand, Singapore, Malaysia, and South Korea have emerged as leading players, offering various medical treatments, including cosmetic surgery, dental care, fertility treatments, and heart surgeries.
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