Fort Collins, Colorado, May 01, 2024 (GLOBE NEWSWIRE) --
Access to premium quality medical treatment will drive the need for medical tourism in the forecast period.
The rise in healthcare costs is a primary driver propelling the expansion of the medical tourism market. Patients from developed nations like the United States, the United Kingdom, and various European countries opt to travel to developing nations for medical services primarily due to the significantly lower treatment expenses. For example, while the cost of Heart Bypass (CABG) surgery in the US ranges from USD 20,000 to USD 40,000, in India, it amounts to approximately USD 4000. Similarly, the cost of heart valve replacement surgery in the U.S. totals around USD 59,000, whereas in India, it's approximately USD 10,000. Such substantial cost disparities entice patients from overseas to seek medical care in developing countries.
Furthermore, the caliber of healthcare offered abroad is another driving force behind the growth of medical tourism. Many destinations catering to medical tourists, including South Korea, Japan, Germany, Norway, Sweden, and various European nations, boast high-quality healthcare services within their hospitals. According to OECD health data, Norway has the world's best healthcare system, followed by the Netherlands and Australia. These countries' healthcare facilities are affordable and deliver prompt and superior care processes, attracting patients seeking quality medical treatment at reasonable costs.
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Segmentation Overview:
The medical tourism market has been segmented into treatment type, service provider, and region.
Cosmetic treatment accounted for a large share in 2023.
- Based on treatment type, the medical tourism market has been segmented into medical treatment, cosmetic treatment, and alternative treatment. The cosmetic segment held the largest share of the medical tourism market in 2023. The cosmetic segment is further categorized into cosmetic procedures, rejuvenation procedures, and others.
Private providers accounted for a significant market share.
- Based on service providers, the medical tourism market has been segmented as public and private. Private providers accounted for the greater market share in 2023. Medical tourism destinations have many small clinical providers offering a full range of treatments and extremely large medical tourism facilities in Thailand or Raffles in Singapore with competent specialists.
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Medical Tourism Market Report Highlights:
- The medical tourism market growth is anticipated at a CAGR of 23.7% by 2032.
- Growing quality of treatment and affordable medical care are major factors driving the market growth.
- Asia Pacific will likely account for a significant market share in the forthcoming years. Major medical tourism destinations in this region include Singapore, Japan, India, South Korea, and Thailand.
- Some prominent players in the medical tourism market report include MOHW Hengchun Tourism Hospital, Bumrungrad International Hospital, Mount Elizabeth Hospitals, Apollo Hospitals Enterprise Ltd., Raffles Medical Group, Kasemrad Hospital International Rattanathibet, Dr. B. L. Kapur Memorial Hospital, Mission Hospital, Bangkok Hospital, Miot Hospital, and Penang Adventist Hospital.
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