NEWARK, Del: , Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global Medical Tourism market is expected to be valued at US$ 5.2 Billion in 2022. Cost savings and additional benefits to visitors such as enhanced healthcare, innovative technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care are some of the market's prominent drivers, the overall demand for Medical Tourism is projected to grow at a CAGR of 30.5% between 2022 and 2032, totalling around US$ 75 Billion by 2032.
Medical tourism, while not a novel concept, has been gaining popularity on the internet as a healthcare option available to people around the world. From a marketing perspective, the internet offers a dynamic medium for healthcare service providers and operators to create awareness about various options for medical travel. The Internet can also play a crucial role in influencing a patient’s medical tourism decision.
An increasing number of medical tourism facilitators are using the internet to advertise services offered around the world. The transfer of healthcare services-related information via electronic mediums has become widespread. Consequently, the number of people accessing required information in healthcare has increased.
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Key Takeaways from the Market Study
- From 2017 to 2021, the market demand expanded at a CAGR of 28%
- By Treatment type, Cancer Treatment to accumulate a market share of 42% in 2022
- By booking channel, the online segment dominates the market with a share of 65%
- U.S to emerge as a promising market, capturing nearly 2/5th of global market revenue in 2022
- Malaysia to be an opportunistic market, expected to capture nearly 28% revenue
- The United Kingdom is a significant contributor to the Medical Tourism market revenue landscape, accounting for over 25% of sales
A large population of foreigners seeks surgeries such as facial aesthetics procedures, dental implants, breast implants, facelifts, and liposuction in these countries. Improvements in healthcare infrastructure and the availability of high-quality healthcare services at affordable prices will drive the global market growth, remarks an FMI analyst.
Competitive Landscape
Players in the global Medical Tourism Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In October 2021, BC Platforms (BCP), a global leader in healthcare data management and analytics, announced an expanded partnership with Bumrungrad International Hospital (Bangkok, Thailand), one of the largest private hospitals in Southeast Asia and a world leader in healthcare delivery and pioneering clinical research.
- In October 2020, The Indian Railway Catering and Tourism Corporation (IRCTC) partnered with Chennai-based Apollo Hospitals to offer hassle-free travel for people who travel for medical care. IRCTC is also looking to expand the service to neighbouring countries such as Sri Lanka and Bangladesh in collaboration with airline services and other travel facilitators in those countries.
In May 2021, Fortis Healthcare announced demerging its hospital business Fortis Hospitals into Manipal Hospitals and selling its 20% stake in diagnostics company SRL
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Key Segments Covered In the Medical Tourism Industry Analysis
Medical Tourism Market by Treatment Type:
- Dental Treatment
- Cosmetic Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- Other Treatments
Medical Tourism Market by Service Type:
- Wellness Service
- Therapeutic Service
Medical Tourism Market by Tourist Type:
- Domestic
- International
Medical Tourism Market by Tour Type:
- Independent Traveller
- Tour Group
- Package Traveller
Medical Tourism Market by Customer Orientation:
- Men
- Women
- Children
Medical Tourism Market by Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
Medical Tourism Market by Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
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Know More about What the Medical Tourism Market Report Covers
Future Market Insights offers an unbiased analysis of the global medical tourism market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
To understand opportunities in the medical tourism market, the market is segmented on the basis of treatment type, service type, tourist type, tour type customer orientation, age group and booking channel across seven major regions of the world.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Mn) and Forecast (2022-2032)
2.2. Number of Medical Tourists (Mn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Medical Tourists Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.2. Travel Sector Contribution to Global Overall Employment
3.1.3. Travel & Tourism Growth Rate
3.1.4. Foreign Visitor Exports as Percentage of Total Exports
Have a Look at Related Research Reports of Travel and Tourism Market Insights
Outbound Medical Tourism Market Size: The outbound medical tourism market is estimated to reach US$ 197.5 Billion in 2022. As per the report, demand for outbound medical tourism is forecast to increase at a staggering 14.6 % CAGR from 2022 to 2032.
Turkey Medical Tourism Market Sale: The Turkey medical tourism market, which is valued at around US$ 3.5 billion in 2022, is anticipated to grow at a CAGR of 5%, and is expected to be valuated at nearly US$ 7.6 billion in 2032.
Intrabound Medical Tourism Market Trend: The global intrabound medical tourism market is estimated to reach US$ 8.7 billion in 2022. As per the report, demand is forecast to increase at a robust 23.6% CAGR
India Medical Tourism Market Demand: The India medical tourism market is estimated to reach US$ 7,417 Mn in 2022. As per the report, demand is forecast to increase at a robust 19 % CAGR.
Thailand Medical Tourism Market Forecast: The Thailand medical tourism market is estimated to reach US$ 5,687 Mn in 2022. As per the report, sales of Thailand Medical Tourism market are forecasted to increase at a robust 18.4 % CAGR
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