New York, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global medical tourism market size is expected to expand at ~12% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 100 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2023.The growth of the market is primarily attributed to the rising number of people traveling to other countries to get medical care. Based on the data published by the Medical Tourism Association (MTA), it was estimated that nearly 14 million people travel across the globe to receive required medical care. Global medical tourism market trends such as the rising prevalence of hip & knee replacement and angioplasty and escalation in the spending on medical technology across the globe are projected to influence the growth of the market positively over the forecast period. The total spending on medical technology in 2019 was estimated to reach USD 30 billion while the total volume generated by medical technology across the globe was projected to be around USD 450 billion.
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Moreover, medical tourism is a term when people travel across the country to receive medical treatment for several medical conditions. Hence, all these factors are expected to increase the growth of the market over the forecast period. Many medical tourism destinations have invested in state-of-the-art medical facilities and have well-qualified healthcare professionals. Accredited hospitals and clinics ensure a certain standard of care.
Increasing Cases of Cancer across the Globe to Boost Market Growth
World Health Organization (WHO) released a report showing that in 2020, around 10 million people lost their lives worldwide. The common reason boosting the demand for medical tourism is the lack of availability and higher cost of treatment in particular countries. Cancer is the leading cause of death and many developing countries have no healthcare centers to offer medical care to cancer patients while other countries have well-organized treatment procedures for the disease. Hence, thousands of people travel from country to country to acquire the proper treatment. Therefore, all these factors are estimated to hike the market growth over the forecast period. Heart bypass is the procedure to treat internal blockage of blood in veins or arteries. For instance, in 2019, the United States was estimated to higher cost for heart bypass which was approximately USD 120 thousand. Despite its growth, the medical tourism industry faces challenges such as language barriers, different healthcare regulations, and potential issues related to post-operative care and follow-up. The COVID-19 pandemic has had a significant impact on the medical tourism industry. However, the medical tourism market is expected to continue evolving, with a focus on technology, telemedicine, and digital health solutions to enhance patient experience and facilitate remote consultations.
Medical Tourism Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Healthcare Costs in Home Countries to Drive the Market Growth in North America Region
The medical tourism market in the North American region is estimated to garner the largest revenue by the end of 2035. The exorbitant healthcare costs in countries like the United States have been a major driver for medical tourism in North America. Patients seek cost-effective alternatives without compromising on the quality of medical care. According to a report by the National Center for Biotechnology Information (NCBI), as of 2019, the average cost of healthcare in the U.S. was approximately USD 11,000 per capita, significantly higher than in many medical tourism destinations. North American medical tourists often seek access to cutting-edge medical technologies and procedures that may be available in destination countries at lower costs. Lengthy waiting times for certain medical procedures in North American countries contribute to the appeal of medical tourism. Patients can often receive faster and more timely healthcare services abroad. The availability of high-quality healthcare services and well-trained medical professionals in medical tourism destinations is a significant motivator for North American medical tourists.
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Specialized and Advanced Medical Procedures to Propel the Growth in the Asia Pacific Region
The Asia Pacific medical tourism market is estimated to garner the highest CAGR by the end of 2035. The availability of specialized and advanced medical procedures, often at a fraction of the cost in Western countries, is a key driver for medical tourism in the Asia Pacific region. Thailand is renowned for medical tourism, offering procedures such as cosmetic surgery and gender reassignment surgeries. In 2019, Thailand had over 60 hospitals accredited by the Joint Commission International. The Asia Pacific region attracts medical tourists with its pool of skilled and experienced healthcare professionals, including doctors, surgeons, and support staff. Government support and investment in healthcare infrastructure contribute to the growth of medical tourism by ensuring regulatory standards, safety, and the overall attractiveness of the destination. The Asia Pacific region's diverse cultures and tourist attractions make it an appealing destination for medical tourists, offering them the opportunity to combine healthcare with leisure and recuperation. The growing middle-class population in the Asia Pacific region has increased the affordability of healthcare services, leading to a rise in domestic and international medical tourism.
Medical Tourism, Segmentation by Treatment Type
- Cosmetic
- Dental
- Fertility
- Orthopedic
- Neurological
- Cancer
- Others
Amongst these segments, the cancer segment is anticipated to hold the largest share over the forecast period. The rising incidence of cancer worldwide is a significant driver for the growth of the cancer treatment segment. As the global population ages and lifestyle factors contribute to cancer development, the demand for effective cancer treatments continues to grow. Ongoing advancements in oncology research and the understanding of cancer biology contribute to the development of innovative and targeted cancer therapies, expanding the options for cancer treatment. The American Cancer Society reports that from 2009 to 2019, the overall cancer death rate in the United States declined by 2.4% per year among men and by 1.4% per year among women, reflecting the impact of advancements in research and treatment. The increasing adoption of immunotherapy, a type of cancer treatment that boosts the body's immune system to fight cancer, has been a significant driver for the cancer treatment segment. The shift toward personalized medicine and targeted therapies tailors treatment plans based on the specific genetic characteristics of individual tumors, leading to more effective and less toxic cancer treatments.
Medical Tourism, Segmentation by Application
- Public
- Private
Amongst these segments, the public segment in medical tourism market is anticipated to hold a significant share over the forecast period. Government investments in public safety and security contribute to social stability and economic growth by creating a secure environment for businesses and citizens. The Global Peace Index 2021 reported that the economic impact of violence on the global economy in 2020 was estimated to be USD 14.96 trillion, highlighting the potential economic benefits of effective public safety measures. Government-led sustainable development initiatives promote environmental conservation, climate resilience, and the long-term well-being of communities. Substantial investments in public education enhance literacy rates, skill development, and workforce productivity, positively impacting national economic growth. Government initiatives focusing on social welfare and healthcare contribute to the well-being of citizens and promote inclusivity, fostering a healthier and more productive society. The integration of technology in public services enhances efficiency, transparency, and accessibility, leading to improved service delivery and citizen satisfaction.
A few of the well-known industry leaders in medical tourism market that are profiled by Research Nester are Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Fortis Healthcare Limited, Barbados Fertility Center, Asian Heart Institute, Aditya Birla Health Services Ltd., KPJ Healthcare Berhad., and other key market players.
Recent Development in the Medical Tourism Market
- Apollo Hospitals Enterprise Ltd.’s Apollo Proton Cancer Center (APCC) to become one of the first exclusive proton beam training institutes. The center has also signed an agreement to provide proton therapy training and requisite education across the globe.
- NTT Medical Center Tokyo to introduce nursery school services at the hospital. Furthermore, the hospital also stated that it would be reducing delivery costs for mothers to offer a comfortable environment to give birth.
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