Medical Tourism Market Growing at 12.7% CAGR to be Worth US$ 347.2 billion by 2032
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Patients in need of urgent care have a lot to gain from the idea of medical tourism because it delivers services that are unavailable in local institutions. This offers timely and effective treatment. The medical industry is seeing a rise in medical tourism, which has drawn the attention of many governments and scholars. This propelled market expansion to a new height.
Market Dynamics
The market share is increasing by the increased demand for medical tourism due to the obvious increase in its uses. These uses range widely and include fertility treatment, bariatric surgery, cosmetic surgery, dental surgery, oncology treatment, cardiovascular surgery, and orthopedic surgery. According to an estimate by the American Academy of Cardiology, there were more than 500 million prevalent instances of cardiovascular disease in 2019, and 18.6 million deaths were documented. This promotes the growth of the medical tourism industry. Moreover, the American Cancer Society reports that in the United States in 2019, there were 606,880 cancer deaths and 1,762,450 new cancer cases.
With expensive medical care in wealthy nations, the medical tourism business is expanding. Due to the low cost of medical care in India compared to several Southeast Asian nations, Western Europe, and North America, it has also become a center for this industry. India already owns a portion of the global market for medical tourism around 18%, and it is anticipated to increase to more than 20% in the future years, according to a report by FICCI and IMS Health. Like Thailand, Malaysia, Turkey, Singapore, and Germany, a number of other nations also provide high-quality medical treatment at reasonable costs.
High chances of health insurance, higher service quality, and greater adherence to international quality standards are a few other factors influencing the expansion of the medical tourism business. Moreover, government measures led to the transformation of numerous nations into centers for medical tourism. The UAE introduced websites for medical tourism that make it simple to pre-book medical procedures and give access to a variety of travel services, including connections with healthcare providers, appointments, visa issuance, and other activities. These factors, together with the accessibility and reasonable costs of the healthcare services provided by medical tourism, lead to lucrative market deals.
The efficiently operating medical tourism sector must deal with a variety of problems, such as ethical questions and disease outbreaks. Also, people frequently avoid this kind of treatment because of problems related to post-procedure care and hospital follow-up. Also, there are occasionally problems with transactions involving the transfer of medical records.
Segmentation Summary
By Application/Treatment Type
In 2020, the cosmetic surgery segment dominated the global medical tourism industry and will remain dominant from 2022 to 2030. Aesthetic plastic surgery operations are a component of the growing medical tourism sector because they are not covered by insurance. Compared to the US, these nations provide cosmetic surgery at significantly lower prices. For instance, a breast augmentation procedure in India can be performed for US$ 2,200 instead of US$ 6,000 in the United States.
Regional Insights
Modern medical facilities and technology made it possible for European nations to prosper in the field of medical tourism. Also, compared to the US, it is simpler to obtain permission for the introduction and commercialization of medical equipment in Europe. By offering high-quality care at a lesser price, the Asia Pacific region is likely to make significant profits during the projection period. Also, there is a chance to travel to this area on a budget. Also, the area offers a wealth of information about the accessibility of medical services through internet portals. Due to the abundance of qualified surgeons and other medical specialists, countries like Turkey and Poland have outstanding medical tourism facilities.
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Prominent Competitors
Some of the popular competitors in the global medical tourism market are:
Asian Heart Institute
Apollo Hospitals
BB Health Solutions
Barbados Fertility Center
Dar Al SCosmetichifa Hospital
Cosmedic Travel
Healthbase
Fortis Healthcare Limited
KPJ Healthcare Behard
Klinikum Medical Link
Raffles Medical Group
Medretreat
Wooridul Spine Hospital
Seoul National University Hospital
Other Prominent Players
Segmentation Outline
The global medical tourism market segmentation focuses on Type, Purpose, Application/Treatment Type, and Region.
By Type
Outbound Medical Tourism
Inbound Medical Tourism
Domestic Medical Tourism
By Purpose
Advanced Technology
Improved care quality
Quicker access
Lower cost
By Application/Treatment type
Cardiovascular Surgery
Orthopedic Surgery
Oncology Treatment
Bariatric Surgery
Cosmetic Surgery
Dental Surgery
Fertility Treatment
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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