New York, USA, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global medical tourism market size was valued at USD 11.20 billion in 2023. The market is anticipated to reach USD 80.07 billion by 2032 from USD 13.69 billion in 2024. It is expected that the industry will generate a CAGR of 24.7% from 2024 to 2032.
Market Introduction:
What is Medical Tourism?
Medical tourism is the practice of traveling across international borders to obtain medical care. Also called health tourism or global healthcare, the term has gained much popularity in recent years among policy-makers, researchers, and the media. A medical tourist may travel from less-developed countries with poor medical treatments to more advanced countries in search of elective and cosmetic treatments such as plastic surgery, hair transplants, breast reductions, or cosmetic dental procedures. The US is one of the biggest markets for medical tourism, leading more than 2 million Americans to travel abroad for medical tourism each year due to the high cost of medical treatments in the US.
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Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 11.20 billion |
| Market value by 2032 | USD 80.07 billion |
| CAGR | 24.7% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
Key Highlights of Report:
- The medical tourism market is experiencing significant growth owing to factors including lack of insurance coverage in less-developed countries, rising demand for specialized treatments, and developments in healthcare technology.
- The market is primarily segmented on the basis of treatment type, service provider, and region.
- Based on region, the Asia Pacific region held the largest medical tourism market share in 2023.
Market Key Players
- Apollo Hospitals Enterprise Ltd.
- Bangkok Hospital
- Bumrungrad International Hospital
- B. L. Kapur Memorial Hospital
- Kasemrad Hospital International Rattanathibet
- Miot Hospital
- Mission Hospital
- MOHW Hengchun Tourism Hospital
- Mount Elizabeth Hospitals
- Penang Adventist Hospital
- Raffles Medical Group
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Growth Drivers and Trends:
- Robust Government Support: Patients are increasingly traveling abroad to seek advanced procedures and effective treatments for their medical conditions. To cater to the needs of international medical tourists, numerous national governments are investing in healthcare infrastructure and adopting strategies to promote health and wellness tourism within their nations. This is fueling medical tourism market growth.
- Affordable Medical Services in Underdeveloped Nations: Compared to developed nations, patients can receive high-quality medical care in underdeveloped nations at low costs. The availability of advanced medical treatments at these reduced prices is driving people to relocate to these regions, fueling the medical tourism market demand.
- Lack of Insurance Coverage: Many surgeries, such as weight loss, cosmetic, and certain dental procedures available by insurance companies in countries like Malaysia and Thailand, are not covered by insurance providers in the United States. As a result, an increasing number of people are traveling to Malaysia and Thailand for these medical treatments, which propels market expansion.
Which Region Dominates Medical Tourism Market Globally?
The Asia Pacific medical tourism market accounted for the largest share in 2023 and is anticipated to continue to dominate the market during the forecast period. This is because compared to the United States private healthcare facilities, medical treatment is more than 90% cheaper in countries in the Asia Pacific.
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Segmental Outlook:
Medical Tourism Market - By Treatment Type-Based Outlook:
- Cosmetic Treatment
- Bariatric Treatment
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Ophthalmology Treatment
- Infertility Treatment
- Alternative Medicine
- Others
Medical Tourism Market - By Service Provider-Based Outlook:
- Private
- Public
Medical Tourism Market - Region - Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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