Global Medical Tourism Market Trends, Applications, Analysis, Growth, and Forecast to 2027
Medical Tourism Market Overview:
The Medical Tourism Market was valued at $14.4 billion in 2021 & is projected to reach $79.2 billion by 2027. It is expected to grow at a 12.7% CAGR between 2021 and 2027.
The Medical Tourism Market Report offers insightful and detailed information regarding the various key players operating in the global market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global medical tourism market report has been segmented based on treatment and region.
Medical tourism or health tourism refers to patients traveling to other countries to avail of medical treatment for chronic diseases, mainly because medical treatment costs in their country of residence are relatively higher.
Medical tourism offers an attractive alternative to rising healthcare costs for people without insurance or those needing medical procedures that insurance won't cover. In addition, patients use the medical tourism option because of better quality, personalized care, and no waiting time.
Medical treatments may be medicinal or surgical, such as dental problems, cosmetic surgery, heart bypass, heart valve replacement, hip replacement, spinal fusion, tummy tuck, breast implant, angioplasty, and many other treatments.
Originally, medical tourism was referred to as the travel of patients from less-developed countries to developed nations in pursuit of the treatments not available in their homeland.
However, today we are experiencing both qualitative and quantitative shifts in inpatient mobility, as people travel from developed and rich countries to less-developed countries in order to access health services.
Globalization, communication revolution, and better logistic connectivity have allowed patients to reach any region of the world that offers necessary specialty services with excellence at low costs.
High treatment costs and long waiting times circumstances for medical procedures in home-land, increase in aging population, rising prevalence of chronic diseases in developed countries due to unhealthy lifestyle and over-consumption of alcohol and drugs, no insurance coverage or non-insured medical treatment, and advancements in technology and infrastructure development in emerging countries are major factors driving the market growth.
In addition, decreased disposable income in developed countries due to economic crisis, inexpensive flights, and increased medical tourism marketing are expected to fuel the growth of the global medical tourism market.
Stringent documentation forms, issues related to visa endorsement, and limited protection scope are restraining growth of the market.
Moreover, the threat of substitutes, the threat of new un-experienced entrants, competitive rivalry, and lack of follow-up care for post-treatment and post-operation complications are other major factors challenging the growth of the global medical tourism market.
Nonetheless, there are various opportunities for developing countries. Governments of many countries and various medical tourism associations are beginning to support medical tourism by increasing their funding for research and development and helping patients with medical tourism procedures.
Medical tourism has been simplified with changing government policies and support by associations.
Governments such as India, China, Singapore, and Thailand have formed separate medical tourism agencies to be a part of the growing global medical tourism market. Thus, these factors are anticipated to propel the global medical tourism market in many ways.
Medical tourism has become a form of outsourcing medical services to developing countries. This has led to various business opportunities for sectors such as policy agencies, associations, hotels, language translators to avoid miscommunication, etc.
Asia Pacific market is one of the most prominent markets for medical tourism, with countries such as India, Malaysia, Thailand, and Singapore leading the demand for healthcare services.
The medical tourism market in India has reported the fastest growth among all, owing to expert doctors and cost-efficient and effective treatment for various diseases and disorders.
Dental treatment has gained popularity as it is un-insured, and treatment cost is very high in developed countries. Moreover, many medical and surgical procedures are no longer covered by insurance. This has attracted the American population in large numbers for various treatments.
Global Medical Tourism Market Segmentation:
Global medical tourism market by treatment type:
- Dental Treatment
- Neurological Treatment
- Cardiovascular Treatment
- Cancer Treatment
- Orthopedic Treatment
- Fertility Treatment
- Cosmetic Treatment
Global medical tourism market by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Apollo Hospitals Enterprise Limited
- Aditya Birla Memorial Hospital
- Asian Heart Institute
- Bangkok Hospital Medical Center
- Barbados Fertility Centre
- Bumrungrad International Hospital
- Fortis Healthcare Limited
- Infectious Diseases Partners Pte Ltd
- KPJ Healthcare Berhad
- Min-Sheng General Hospital
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