NEWARK, Del, Sept. 03, 2023 (GLOBE NEWSWIRE) -- The global medical tourism market is likely to register a CAGR of 30.5% during the forecast period. The market is likely to register US$ 5.2 Billion in 2022 and is expected to cross US$ 75 Billion by 2032.
Some of the market's prominent drivers are cost savings and additional benefits to visitors, such as enhanced healthcare, innovative technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care.
While an increasing number of Americans are traveling abroad for availing medical treatment, there has been a significant surge in inbound medical tourism in the country as well.
The Availability of cheaper treatment options abroad without compromising on the overall standard and quality of healthcare services is the chief driver of medical tourism in the East. The field contributes significantly to the generation of revenue across developing economies, which has been motivating government aid.
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Increasing Internet Penetration Has Influenced the Medical Tourism Market Growth
Medical tourism, although not a new concept, has been gaining significant traction on the internet as a viable healthcare option accessible to people worldwide. From a marketing perspective, the Internet provides a dynamic medium for healthcare service providers and operators to raise awareness about diverse medical travel options. Moreover, the internet can play a pivotal role in influencing a patient's decision regarding medical tourism.
It has become commonplace for patients to thoroughly research information from various online sources before making their decisions. Consumers are increasingly engaging in web-based healthcare communities to access authentic and reliable data about healthcare facilities and infrastructure in foreign countries. Additionally, the use of social media is experiencing a surge among medical tourism marketers as a means to reach potential patients.
Leveraging social media platforms like Facebook allows marketers to benefit from the segmentation tools available within the platform. This enables them to precisely identify target audiences based on specific geographic locations and effectively advertise their services to those individuals.
Key Takeaways:
- The U.S. Medical Tourism Market is expected to lead in terms of healthcare travel spending. However, in the coming years, China’s spending is forecast to surge considerably
- Among services offered under medical tourism, therapeutic services are highly sought-after. Wellness services, too, are gaining traction as an increasing number of medical tourists are seeking meditation and wellness retreats
- Phone and online booking will remain more preferred modes of booking for medical tourism
- Medical tourism is often sought for cancer and cardiovascular treatment. Besides this, cosmetics and bariatric procedures are very popular among medical tourists
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Medical Tourism Shows Resilience amid COVID-19
While the unprecedented COVID-19 outbreak might have caused significant disruptions, recovery is on the card, thanks to prompt response by governments around the world. Thailand’s response to the ongoing pandemic, for instance, has won praise from the United Nations, the World Health Organization, and other experts around the world. Thailand has been ranked among the top five countries among 184 in terms of the effectiveness of their battle against the virus.
According to the Thailand Board of Investment, more than 50 applications for investments, worth over US$ 400 million were submitted during the first half of 2020 to introduce a range of novel measures, accelerating investment in the medical sector. Proactive steps taken by government and non-government organizations will enable the medical tourism market sail despite losses incurred during COVID-19.
Who is winning?
Medical tourism market is expanding at a fast rate. Tier 1 companies such as AsklepiosKlinikenGmbH, Bangkok DusitMedical Services, Fortis Healthcare Limited, Apollo Healthcare, BumrugrandInternational Hospitals, ChristusMughuerza, and others contribute nearly 6% to 17% of revenue generated by the market.
Tier 2 companies operating in the market include Asian Heart Institute, Prince Court Medical Center, ShouldiceHospital, Gleneagles Hospital, ClemenceuMedical Centre, AnadoluMedical Centre, and others. These companies account for the lion’s share of the global market.
Medical Tourism Market Research Report Coverage:
| Attribute | Details |
| Growth Rate | 30.5% CAGR from 2022 to 2032 |
| Market Value in 2022 | US$ 5.2 Billion |
| Market Value in 2032 | US$ 75 Billion |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered |
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| Key Countries Covered |
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| Key Segments Covered |
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| Key Companies Profiled |
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| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
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About the Travel and Tourism Division at Future Market Insights
The Travel and Tourism team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analysing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Have a Look at Related Research Reports on Travel and Tourism:
UK Medical Tourism Market Size: The UK medical tourism market is estimated to reach US$ 6 Billion in 2022. As per the report, sales are forecasted to increase at a robust 14.6% CAGR. Total sales in the UK medical tourism market represent ~3%-7% of the global medical tourism market size.
Thailand Medical Tourism Market Share: The Thailand medical tourism market is estimated to reach US$ 5,687 Million in 2022. As per the report, sales of Thailand Medical Tourism market are forecasted to increase at a robust 18.4 % CAGR.
GCC Countries Medical Tourism Market Trends: The GCC countries' medical tourism market is estimated to reach US$ 6,605 Million in 2022. As per the report, sales are forecasted to increase at a robust 10 % CAGR during the forecast period.
Italy Medical Tourism Market Demand: The Italy medical tourism market is estimated to reach US$ 3,532 Million in 2022. Sales are predicted to increase at a robust 10.8% CAGR in the forecast period (2022 to 2032). The Italy medical tourism market holds nearly ~2-5% of the share of the global medical tourism industry.
Outbound Medical Tourism Market Forecast: In 2023, the outbound medical tourism market is projected to reach an impressive figure of US$ 221.21 billion. According to FMI’s comprehensive report, the demand for outbound medical tourism is predicted to experience an astounding CAGR of 11.6% from 2023 to 2033.
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