Medical Tourism Market Analysis, Size, Demand will grow with a CAGR of 21.2% by 2032
Research Reports
Oct 17, 2023
Medical Tourism Market by Treatment Type (Orthopedic/Spine Treatments, Oncology/Cancer Treatments, Cosmetic Treatments, Cardiovascular Treatments, Dental Treatments, Fertility/IVF Treatments, others), by Regions – Forecast Till 2032
The Medical tourism market Size was valued at USD 17.35 billion in 2021 and is projected to grow from USD 21.42 Billion in 2022 to USD 121.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.2% during the forecast period (2023 – 2032).
Patients traveling from their country to other locations for medical treatment is known as medical tourism. These services include high-tech procedures like heart surgery, neurological surgery, orthopedics, dental care and elective procedures like aesthetic surgeries or standard physical examinations. According to market research, medical tourism is a growing sector because of the growth in healthcare costs in industrialized nations and the accessibility of affordable treatments in underdeveloped nations. Additionally, the sector is being stimulated by the accessibility of medical tourism insurance. Patients frequently move to different locations due to the high healthcare expenses in wealthy nations. In developing nations like Thailand and Malaysia, high-quality care can be obtained cheaper than in developed countries. The Internet can significantly influence the decision regarding medical tourism by a patient.
Consumers increasingly participate in web-based healthcare forums to acquire accurate and current information on international healthcare infrastructure. Medical tourism marketers use Social media more frequently to connect with potential patients. People frequently travel abroad for medical procedures like liposuction and breast augmentation. Some people decide to get extra skin removed. Many people go for additional elective treatments not covered by insurance in the West and can be prohibitively costly in some nations, such as LASIK eye surgery or dental work. Therefore, it is probable that improvements in medical facilities and the availability of excellent medical care at reasonable prices will soon drive the worldwide market. Medical tourism is not a novel concept, but it is becoming increasingly popular online as a healthcare option available everywhere. From a marketing perspective, the Internet offers a flexible platform for healthcare suppliers and operators to spread knowledge about medical travel options.
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Market Segmentation
Oncology/cancer therapies, orthopedic/spine treatments, cosmetic surgery and treatments, fertility/IVF treatments, cardiovascular therapies, dental treatments, and other treatments are included in the market segmentation for medical tourism based on treatment type.
Market Competitive Landscape:
- Gleneagles Global Hospitals Group (India)
- Prince Court Medical Centre (Malaysia)
- Anadolu Medical Center (Turkey)
- Shouldice Hospital (Canada)
- Bumrungrad International Hospital (Thailand)
- CHRISTUS MUGUERZA (Mexico)
- Samitivej PCL (Thailand)
- Schön-Kliniken (Germany)
- Bangkok Hospital (Thailand)
- Fortis Healthcare (India)
- Clemenceau Medical Center (Lebanon)
- Asklepios Kliniken Verwaltungsgesellschaft GmbH (Germany)
Regional Insights
The medical tourism sector in North America holds the largest market share. More tourists than usual travel to the United States seeking medical procedures, such as orthopedic and heart surgery, which increases the income produced by those who perform and shapes the marketplace in the industry. One of the main reasons why patients choose to go to other healthcare facilities is the lengthy wait times in nations like Canada, the U.K., and France. Advantageous currency conversion rates and a growth in demand for cosmetic procedures are also driving the export medical tourism services market. Businesses employ new technology like medical tourism apps to entice a global clientele further.
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