Pune, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Medical Tourism Market Size & Growth Analysis:
“According to SNS Insider Research, The Medical Tourism Market Size was valued at USD 10.78 Billion in 2023 and is expected to reach USD 70.18 Billion by 2032 and grow at a CAGR of 24.52% over the forecast period 2024-2032.”
Key factors driving the market expansion include the development of medical devices and progressions made in cyclic healthcare services regulations increasing compliance with international quality standards. Competition b/w market players and low medical treatment costs are likely to drive the developing countries as compared with other developed one. They have to book it in advance because medical treatments are much more expensive than in Western countries a developed economy. In addition, the cost of healthcare in countries like Germany and France is lower than that of the United States. A report by the World Economic Forum in February 2023, for example, stated that healthcare costs are per cent lower than those of the United States in Germany. The US ranking is higher at over USD 6,000 per capita in France, Canada, and the UK along with Australia and Japan but only marginally below every one of those countries. Furthermore, East Europe had the lowest per-capita costs of health care in developed countries.
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Major Players Analysis Listed in this Report are:
- Raffles Medical Group
- MOHW Hengchun Tourism Hospital
- Fortis Healthcare
- Bumrungrad International Hospital
- Livonia Global
- Asian Heart Institute
- Apollo Hospitals Enterprise Ltd.
- Mount Elizabeth Hospitals
- Gleneagles Hospitals
- KPJ Healthcare Berhad
- Other Players
Medical Tourism Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 10.78 Billion |
| Market Size by 2032 | US$ 70.18 Billion |
| CAGR | CAGR of 24.52% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | •Availability of Latest Medical Technologies and High Quality of Service Are Significant Drivers for The Medical Tourism Market. •Growing Compliance of International Quality Standards Drives the Medical Tourism Market. |
Segmentation Dynamics
The private segment led the market and is expected to exhibit a CAGR of nearly 26% during the projected timeframe. Growth is due to the use of medical technology that will brand far-off reaches of India as internationally qualified providers and enable consumers to access high-quality private healthcare services then the private sector is quicker and a little more personal than the public sector so it may be one of my best choices.
The promotion of healthcare facilities within developing countries to various regulatory authorities around the world can aid them in global expansion as these will help their entry into international health insurance and purchaser networks. In developed countries, insurance companies are incorporating health tourism policies in their medical plans to fuel travel for care services. Additionally, a hike in healthcare costs and an inadequately insured population have spurred patients who are seeking medical treatment to travel for good quality but low-cost treatments abroad mainly from developing nations.
Due to Healthcare globalization and an increase in patient mobility across borders, the public segment is predicted to dominate its substantial share of the medical tourism market. This growth is further compounded by strategic affiliations with telemedicine and e-health technologies enabling wider access to cancer therapeutics overshadowing many other unregulated treatments available outside of the country. Medical tourism has been riding upon the ease of accessibility to transport facilities, top-notch hospitality and accommodation services as well as better communication channels.
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Medical Tourism Market Key Segmentation:
By Treatment Type
- Cardiovascular Treatment
- Orthopedic Treatment
- Cosmetic Treatment
- Bariatric Treatment
- Dental Treatment
- Ophthalmology Treatment
- Infertility Treatment
- Others
By Service Provider
- Public
- Private
Regional Insights
North America Medical Tourism Market accounted for 40% in 2023 because of increasing healthcare infrastructure, attention towards research & development (R&D), innovative medical technologies, and R&D. Additionally, technological advancements and faster applications of high-quality medical procedures like heart surgery transplantations alongside cosmetic/plastic surgery independently with controlled results for better care are predicted to contribute toward improvement in the growth of The global not exactly as medical tourism market over Countries With Large Patient Sourcing.
Developing countries like the United States or Canada, with their very expensive medical tourism healthcare cost compared to most other pricing references, can reach higher quality of care for some more complicated surgical procedures at equivalent volume and lower expenditures as infirmary patients in association to what they paid for travel which would stimulate market expansion. Naturally, the cost of medical tourism here is still not as friendly compared to some other large cities in Europe. Over the entire course of, the US continues to deliver world-class healthcare throughout all of its medical institutions and infrastructure such as ambulatory surgical facilities blood banks imaging & radiology centers urgent care facility services stockpiled superior lifesaving or life-prolonging medicines & equipment; Reported by Go Digit General Insurance Limited in January 2024.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Recent Developments
- In February 2024, the Governments of Thailand and Saudi Arabia signed a memorandum of understanding (MoU) to collaborate in carrying out medical tourism activities for their respective countries. Thailand is a favorite destination for medical treatment among overseas patients of Saudi Arabia, so advances in Thailand are likely to benefit aesthetic tourism efforts.
- January 2024, Parexel has teamed up with the Japanese Foundation for Cancer Research (JFCR) to markedly speed up access to oncology clinical trials in Japan and provide greatly expanded opportunities for cancer patients throughout Japan.
Key Takeaways
- In the year 2023, North America is anticipated to garner a market share of approximately 40% due to increased healthcare infrastructure combined with high research and development, ultimately resulting in superior procedure quality.
- Projected to expand at a CAGR of close to 26%, the private segment accounted for a dominant share in the market, on the back of quality healthcare services and personalized care.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence (2023)
5.2 Prescription Trends, (2023), by Region
5.3 Drug Volume: Production and usage volumes of pharmaceuticals.
5.4 Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Medical Tourism Market Segmentation, by Treatment Type
8. Medical Tourism Market Segmentation, by Service Provider
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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