NEWARK, Del, Jan. 01, 2024 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the global inbound medical tourism market is set to be valued at around US$ 102.8 million in 2024. It is anticipated to exhibit a CAGR of 17.9% over the evaluation period from 2024 to 2034. The market will likely attain a valuation of about US$ 364.7 million by 2034.
Globalization, which can be considered as close integration of countries around the world, has paved the way for the growth of the inbound medical tourism market. It has allowed full trade of several types of medical equipment and biopharmaceutical & pharmaceutical products across different nations.
As a result, the availability of high-quality healthcare facilities has expanded in low and middle-income countries. Apart from this, increasing foreign investments, also driven by globalization, have contributed to the improvement in quality standards concerning medical treatments in developing nations. This has been an eye-catching factor in the growth of the inbound medical tourism market.
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The internet is an important tool when it comes to globalization as it has been extensively used for searching information on medical tourism. As per findings from the Pew Research Center, 93% of American adults have accessed the internet in 2021.
Around 67.5% of American adults have accessed the internet for searching about health-related information, according to the Health Information Trends Survey, 2020. Before consulting any of the professional organizations, people try to gain as much information as they can from the internet about the medical tourism facilities in their targeted nation.
The availability of this information has had a positive impact on the inbound medical tourism industry. It helps medical tourists to weigh the pros and cons of the healthcare services in their targeted nation.
Key Takeaways from the Inbound Medical Tourism Market Study-
- Europe’s inbound medical tourism market is estimated to expand at a CAGR of 15.6% from 2024 to 2034.
- Asia’s inbound medical tourism industry is anticipated to showcase a CAGR of 16.9% in the forecast period.
- By treatment type, the cancer treatment segment is projected to exhibit a CAGR of 22.2% through 2034.
- Based on service type, the wellness service category will likely expand at a CAGR of 17.0% from 2024 to 2034.
- In terms of booking channel, the online booking category is estimated to hold a CAGR of 16.9% from 2024 to 2034.
“The desire for affordable, high-quality healthcare as well as access to specialist medical knowledge provided by reputable foreign medical institutes is the driving force behind the global inbound medical tourism services,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape from the Inbound Medical Tourism Market:
Industry leaders are expected to employ key strategies to enhance their market share and competitiveness in the forecast period. They are expected to do so primarily through company expansions and brand acquisitions.
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For instance,
On 13 July 2023, Medipol Education and Health Group increased the number of their representative offices to facilitate better communication with patients who are unable to access domestic healthcare and must travel abroad for diagnosis & treatment.
Get More Insights into Inbound Medical Tourism Market
Future Market Insights (FMI) brings a comprehensive research report on predicted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. The global inbound medical tourism market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into inbound medical tourism market segment based on treatment type (dental treatment, cosmetics treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others), service type (wellness and therapeutics services), customer orientation (men, women, and children), age group (<15 years, 15 to 30 years, 31 to 45 years, 46 to 60 years, and 60 years & above), booking channel (phone booking, online booking and, in-person booking), and regions.
Top Key Companies Profiled in Inbound Medical Tourism Market
- Fortis Healthcare Limited
- Medretreat
- Apollo Hospitals
- KPJ Healthcare Behard
- Klinikum Medical Link
- BB Health Solutions
- Aditya Birla Memorial Hospital
- NTT Medical Center Tokyo
- Prince Court Medical Centre
- Anionia Medical Travel
- Careful Trip
- MediCzech
- Metta Health
- PRAGA MEDICA HEALTHCARE S.R.O.
- A Health trip
- Rockyview General Hospital
- Toronto General Hospital
- Manipal Hospital
- Hospital CIMA Hermosillo
- Teknon Medical Center
- Anadolu Medical Center
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Inbound Medical Tourism Market Outlook by Category
By Treatment Type:
- Dental Treatment
- Cosmetics Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- Other Treatments
By Service Type:
- Wellness Service
- Therapeutic Service
By Customer Orientation:
- Men
- Women
- Children
By Age Group:
- <15 Years
- 15 to 30 Years
- 31 to 45 Years
- 46 to 60 Years
- 60 Years & Above
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Region:
- Americas
- Europe
- Asia
- Middle East
About Healthcare Division at Future Market Insights (FMI)
Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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