Ottawa, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The global medical tourism market size was reached at USD 102.6 billion in 2020. The global medical tourism market is primarily driven by the increased demand for the cheap treatment for various chronic diseases available in the developing countries. Sometimes, the treatment of certain diseases are quite expensive in the home country, therefore, in order to obtain cheap and advanced treatments people opt for visiting foreign countries. The rising burden of diseases among the global population and increased affordability of various latest therapies is fostering the growth of the medical tourism market. Globalization is an essential aspect of the medical tourism industry. Globalization resulted in the free flow of medical technologies, health professionals, patients, medicines, and capital funds which constitutes the development of the medical tourism industry. The rising government investments in the development of tourism infrastructure and building strong and advanced healthcare facilities are significantly propelling the growth of the global medical tourism market.
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The rising prevalence of chronic diseases and availability of various treatments related to fertility, cancer, cardiovascular health, and orthopedics is augmenting the demand for the medical tourism market. The medical tourism market is dominantly affected by various factors such as climate, geo-political relations between countries, political stability, and local regulations. Favorable government policies related to VISA and other permits plays a crucial role in the growth of the market.
Scope of the Medical Tourism Market
| Report Coverage | Details |
| Market Size in 2020 | USD 102.6 Billion |
| Growth Rate From 2021 to 2030 | CAGR 10.8% |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Covered | Samitivej PCL, Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, Prince Court Medical Centre, Aditya Birla Memorial Hospital, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, Wooridul Spine Hospital |
Based on region, Asia Pacific is the dominating and the fastest-growing market in the global tourism market. This can be attributed to the availability of cheap air transport and availability of specialized, advanced, and affordable treatments of various chronic diseases. Furthermore, the availability of cheap cosmetic surgery and cosmetic treatment facilities is boosting the growth of the medical tourism in this region. Cosmetics treatment is not covered in the healthcare policies and hence, people are increasingly preferring Asia Pacific for the availability of cheap cosmetic treatments. Further, the increasing government initiatives to promote tourism in the region coupled with the rising investments for the development of sophisticated healthcare infrastructure is expected to contribute exponentially towards the market growth in the forthcoming years. The countries such as Thailand, Singapore, India, and China are the major destinations for the medical tourists owing to the availability of advanced medical technologies at affordable prices. The rising burden of diseases in the developed regions like North America and Europe is attracting medical tourists in the Asia Pacific region.
The medial tourism market is highly dependent of the foreign policies, regulations, and geo-political relations between countries that may have a negative impact on the growth of the medical tourism market. Further, the availability of advanced treatment at higher costs in the regions like Europe and North America may hinder the market growth during the forecast period.
The rapid development of various new technologies and increasing investments in the research activities to develop improved and effective medicines and medical devices is expected to present a huge growth opportunity for the market players in the foreseeable future. For instance, the development of targeted therapy, gene-targeted therapy, laser treatment, and various other advanced treatments are the major growth drivers of the global medical treatment market.
The recent outbreak of the COVID-19 pandemic has negatively affected the medical tourism market. Almost all the countries on this planet sealed their borders and shut down their destinations for the tourists. Most of the scheduled medical tourism were postponed or delayed for an indefinite time period. Further, disruptions in the supply chain resulted in the shortages of medicines and medical devices owing to the lack of raw materials. Hence, such pandemics may have a devastating effect on the market in the forthcoming years.
Based on the type, the cancer segment dominated the global medical tourism market. This is simply attributed to the huge demand for the cancer treatment at cheaper costs. Furthermore, the prevalence of cancer is on the rise among the global population.According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. Prevalence of breast cancer in the female population is surging, accounting for around 11.7% of the new cancer cases followed by the lungs cancer that accounted for 11.4% and colorectal cancer accounted for 10.0% in 2020. Hence, the availability of advanced treatment for cancer is expected to drive the segment growth and is estimated to retain its dominance throughout the forecast period.
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
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Market Segmentation
By Treatment Type
- Dental Treatment
- Cardiovascular Treatment
- Cancer Treatment
- Cosmetic Treatment
- Orthopedic Treatment
- Fertility Treatment
- Neurological Treatment
- Other
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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