The availability of high-quality healthcare services in developing nations and the increasing healthcare expenses in industrialized nations are major factors that are driving the revenue growth of the market.
Market Size – USD 5.3 Billion in 2022, Market Growth – at a CAGR of 32.51%, Expected Market Size – USD 66.76 Billion in 2032, Market Trends – Infrastructural and medical technology advancements in developing countries.
The global medical tourism market size was USD 5.3 Billion in 2022 and is expected to register a revenue CAGR of 32.51% over the forecast period, according to the latest report by Reports and Data.
Medical tourism is growing as a result of improvements in the healthcare business, such as the introduction of medical equipment and non-invasive surgery treatments. Patients can undergo medical treatments, surgeries, and operations overseas for less money than in their own countries due to the increasing rise of the medical tourism industry. In addition, higher disposable income and increased awareness of medical tourism are supporting market revenue growth.
As the prevalence of chronic diseases such as cancer, Cardiovascular Diseases (CVDs), and neurological disorders rises and healthcare prices in developed nations remain high, more individuals are preferring to seek medical care in poorer countries. Because of their high-quality medical facilities and highly experienced medical experts, countries such as India, Thailand, Malaysia, and Singapore are increasing appeal for medical tourism.
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Additionally, advancements in medical technology and infrastructure in developing countries are also expected to contribute to the growth of the medical tourism market. Many countries are making substantial investments in expanding their healthcare facilities to attract patients from abroad. For example, the Indian government has launched initiatives such as the National Medical and Wellness Tourism Board and e-Medical Visa to promote medical tourism. These efforts are expected to attract a significant number of international patients, thereby increasing the demand for medical tourism in the healthcare industry.
Some Key Highlights from the Report
- In 2022, the inpatient segment will account for the majority of revenue in the medical tourism industry. This is due to the growing demand for low-cost healthcare services and cutting-edge medical treatments, as well as the availability of high-quality medical facilities and skilled healthcare workers. Inpatients are patients who require hospitalization and therapy for a longer length of time, generally more than 24 hours. Furthermore, increased chronic illness prevalence, which usually necessitates substantial medical treatment, including procedures and hospital stays, is likely to boost revenue growth in this market.
- The medical tourism market is predicted to experience rapid revenue expansion, with the orthopedic sector expected to exhibit the swiftest growth rate during the forecast period. This is attributable to the aging populace and the surging incidence of orthopedic afflictions like osteoporosis, osteoarthritis, and rheumatoid arthritis. Additionally, the steep costs of orthopedic operations in developed countries have driven patients to search for more affordable medical options overseas, thereby further propelling the revenue expansion of this particular segment.
- In 2022, Thailand had the highest revenue share in the medical tourism sector. This is owing to the existence of known for its first-rate medical facilities and services, cost-effective treatment options, and qualified medical personnel, which has attracted many medical tourists from across the world. Moreover, proactive government policies and actions to encourage medical tourism are likely to fuel market revenue development.
- Some of the prominent players profiled in the global medical tourism market include Bumrungrad International Hospital, Asklepios Kliniken GmbH & Co. KGaA, Fortis Healthcare Limited, Apollo Hospitals Enterprise Limited, Prince Court Medical Centre, Samitivej Public Company Limited, Raffles Medical Group, Medanta The Medicity, Anadolu Medical Center, and Wooridul Spine Hospital.
- Apollo Hospitals Enterprise Ltd announced a cooperation with the Government of India on January 20, 2022, to establish a new medical tourism destination in India. This initiative is anticipated to draw people from all over the world and to offer world-class medical facilities and services.
- Bumrungrad International Hospital established a cooperation with Thailand’s Ministry of Public Health on August 5, 2021, to promote medical tourism in Thailand. This collaboration intends to improve Thailand’s medical tourism services and facilities while also attracting more overseas patients.
- Bumrungrad International Hospital introduced the Wellness Complete package, a comprehensive health screening bundle, in 2021. This package offers a broad variety of health screenings and diagnostic tests aimed to assist patients in identifying potential health concerns before they become serious.
- Asklepios Kliniken GmbH & Co. KGaA will open the Asklepios Proton Therapy Center in 2020, a novel cancer treatment program. This clinic provides sophisticated proton therapy treatments for cancer patients utilizing cutting-edge technology and equipment.
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For the purpose of this report, Reports and Data has segmented the global medical tourism market on the basis of Type of Treatment Outlook, Patient Type Outlook, and Regional Outlook:
Type of Treatment Outlook (Revenue, USD Billion; 2022 – 2032)
- Cosmetic
- Dental
- Cardiovascular
- Orthopaedic
- Others
Patient Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Impatient
- Outpatient
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key Advantages of Medical Tourism Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Medical Tourism industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Medical Tourism market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.