Transparency Market Research Inc. – The global medical tourism market is expected to grow at a CAGR of 13.0% from 2022 to 2031. Medical tourism can be defined as the travel of patients from their home countries to other countries for medical treatment. These services include advanced treatments such as neurosurgery, cardiac surgery, orthodontics, and dental care. Medical tourism also includes elective treatments such as routine health checkups and cosmetic surgeries. According to market outlook, rise in medical costs in developed countries coupled with the availability of affordable treatments in emerging countries has resulted in expansion of the medical tourism sector, making it an emerging industry.
Rise in prevalence of various chronic and acute diseases have increased medical costs in advanced nations. The availability of affordable treatments in emerging regions contributes to the national economy on the one side and creates revenue to the medical tourism market on the other. Such factors are projected to help the medical tourism industry flourish remarkably in the next few years.
Furthermore, existence of medical tourism health coverage and insurance is projected to create new business opportunities in the medical tourism market. High treatment cost in developed countries is a major factor augmenting the medical tourism industry in developing countries that offer reasonable and affordable healthcare facilities. The rise in practices of patients to travel is likely to help bolster medical tourism market growth during the forecast period.
According to TMR report, the global medical tourism market was valued at US$ 10.4 Bn in 2021 and is anticipated to reach US$ 72.8 Bn by the end of 2031. Favorable foreign currency exchange offered by governments of various nations offering medical tourism is anticipated to propel industry growth in the next few years.
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Key Findings of Study
- Low Healthcare Costs and High Quality Medical Treatment Options Offered by Emerging Economies: High quality diagnosis is more affordable in developing countries such as Malaysia and Thailand compared to developed countries. The procedure’s quality is not compromised due to the availability of resources at a lower cost. This results in an influx of people seeking healthcare services in emerging economies. Revenue generated from medical tourism helps improve the overall economic growth rate of these countries. These advantages offered by the medical tourism sector are anticipated to present significant opportunities in the market in the near future.
- Increase in Popularity of Liposuction Surgery: Beauty treatments have gained significant popularity in the last few decades. Botox, breast implants, and liposuction are considered the most popular beauty treatments among them. The rise in beauty standards is expected to augment medical tourism market expansion during the forecast period.
- Long wait times for visit to specialists for consultation or treatment are a major concern among patients and are projected to accelerate medical tourism market growth
- Rise in cardiovascular disease cases is expected to drive market progress during the forecast period
- Increase in popularity of cosmetic surgeries is anticipated to create business opportunities in the medical tourism market in the next few years
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Regional Growth Dynamics
- Asia Pacific accounted for the largest market share in 2021. This can be ascribed to the rapidly growing medical industry and availability of affordable advanced treatment.
- Increase in adoption and rise in popularity of minimally invasive surgeries are likely to propel the market in the region in the near future
Prominent players in the global medical tourism market are Raffles Medical Group, KPJ Healthcare Berhad, Hamad Medical Corporation, Apollo Hospitals Enterprise Ltd., Jordan Hospital, Manipal Health Enterprises Pvt. Ltd., and Bumrungrad International Hospital.
Medical Tourism Market Segmentation
- Neurological & Spinal
- Cosmetic Surgery
- Dental Treatment
- Asia Pacific
- Europe, Middle East & Africa
- Latin America
- South Korea
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