Global Medical Tourism market is expected to reach ~USD 100 Bn by 2028F: Ken Research
What is the Size of Global Medical Tourism Industry?
Global Medical Tourism market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The medical tourism market is witnessing robust growth owing to the growing demand for low-cost medical treatment in developing countries and rising awareness about medical tourism among patients. The lack of healthcare insurance coverage and inadequate insurance benefits are anticipated to encourage patients to travel outside their country to seek high-quality and low-cost medical treatments, which is likely to boost the demand for the medical tourism market globally.
The availability of high-quality treatment in developing countries along with growing demand for non-covered procedures including dental
Reconstruction, reproductive therapy, gender reassignment surgery, aesthetic surgery, and others, are expected to aid the growth of the Global Medical Tourism Market. The Global Medical Tourism Market faces challenges due to difficulty with patient follow-up and post-surgery complications.
The difficulty in taking patient follow-up after treatment for any kind of infection, particularly antibiotic-resistant infections, or other safety risks is the most significant barrier to the growth of the Global Medical Tourism Industry.
The COVID-19 pandemic negatively impacted the Medical Tourism Market owing to significant travel restrictions due to which patients were unable to seek medical treatments.
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Global Medical Tourism market by treatment type
The Medical Tourism Market is segmented by treatment type on the basis of Cardiovascular Treatment, Orthopedic Treatment, Cosmetic Treatment, Bariatric Treatment, Dental Treatment, Oncology Treatment, Infertility Treatment, Neurological Treatment and Others.
The oncology treatment segment held the largest share of the Global Medical Tourism Market in 2022, owing to the rising incidences of cancer globally.
Medical tourism for the treatment of cancer is preferred due to expensive prolonged oncology treatments and the lack of advanced technologies in some countries, due to which patients choose to travel to other countries that offer advanced technology and low-cost treatment. The above-mentioned factor is expected to fuel the growth of the market.
Global Medical Tourism market by service provider
The global medical tourism market has been segmented on the basis of Service Provider into Public and Private Segments.
The private segment accounted for the largest share of the Global Medical Tourism Market in 2022, due to the availability of digital systems, advanced medical infrastructure, and value-based care at low cost.
The increasing demand for private medical service providers offering high-class medical service is anticipated to attract tourists and propel the growth of the segment in the Global Medical Tourism Market.
Global Medical Tourism market by geography
The global medical tourism market has been segmented on the basis of geography into North America, Europe, Asia-Pacific, LAMEA.
Asia-Pacific region accounted for the largest share of the Global Medical Tourism Market in 2022, due to the availability of inexpensive flights, low-cost treatment, and increasing marketing and availability of online information for medical services.
The increase in government initiatives and investment to improve healthcare infrastructure coupled with the availability of quality care at a relatively low cost of treatment is expected to augment the growth of the region in the Global Medical Tourism Market.
What is the Expected Future Outlook for the Overall Medical Tourism Market Across the globe?
The global medical tourism market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The global medical tourism market is driven by factors such as growing demand for low-cost medical treatment in developing countries and rising awareness about medical tourism among patients. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The lack of healthcare insurance coverage and inadequate insurance benefits, the availability of high-quality treatment in developing countries along with growing demand for non-covered procedures including dental reconstruction, reproductive therapy, gender reassignment surgery, aesthetic surgery, and others are fueling the growth of the Global Medical Tourism Market.
Due to the COVID-19, global healthcare spending is also expected to face headwinds during the forecast period as several countries have increased their focus on the upgradation of existing healthcare infrastructure. The increase in healthcare spending is expected to be more prominent in countries in the Middle East and Africa region, Asia-Pacific, and Latin America. Increased government expenditure in healthcare is also impacting the growth of global medical tourism market.
The Global Medical Tourism Market is forecasted to continue a rapid growth, primarily driven by the surging demand for high-quality treatment at affordable prices. The increasing initiatives by governmental bodies to improve the healthcare infrastructure and offer cutting-edge technology, better healthcare, breakthrough medicines, and improved hospitality is further fueling the growth of the market. Though the market is highly competitive with ~500 participants, country-niche players control the dominant market share.
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Key Topics Covered in the Report
- Snapshot of the Global Medical Tourism Market
- Industry Value Chain and Ecosystem Analysis of the Medical Tourism Market
- Market size and Segmentation of the Global Medical Tourism Market
- Historic Growth of the Overall Global Medical Tourism Market and Segments
- Competition Scenario of the Medical Tourism Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Medical Tourism Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Medical Tourism Market
- Future Market Forecast and Growth Rates of the Global Medical Tourism Market and by Segments
- Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
- Analysis of the Medical Tourism Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Production/Supply and Consumption/Demand Hubs in Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Medical Tourism Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Profiled in the Report
- Aditya Birla Health Services Ltd.
- Apollo Hospitals Enterprise Ltd.
- Fortis Healthcare
- Asian Heart Institute
- KPJ Healthcare Berhad
- Nippon Telegraph and Telephone East Corporation
- Samitivej PCL
- Wooridul Spine Hospital
- Seoul National University Hospital
- Prince Court Medical Centre
Notable Emerging Companies Mentioned in the Report
- Bangkok Hospital Group
- Bumrungrad International Hospital
- Livonta Global
- Max Healthcare
- Klinikum Medical Link
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Private Hospitals Chains
- Medical Tourism Service Providers
- Medical Associations
- Governmental Regulatory Bodies
- Financial Institutions
- Investors for Hospitals
- Tourism Service Providers
- Medical Equipment Manufacturers
- Medical Researchers
- Pharmaceutical Products Manufacturers
- Hotel Chains Focused on Medical Tourists
- Health-tech Companies
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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