Medical Tourism Market Size
As per the report published, the size of the global medical tourism market is forecasted to worth USD 65.79 billion by 2025, showcasing a CAGR of 18.8% from 2020 to 2025.
Key Market Drivers:
An increasing number of people with various health disorders due to the adoption of sedentary lifestyles is majorly driving the demand of the market. Improvement in healthcare services in every country is escalating the market’s growth rate. Rising awareness for the proper treatment of fertility in developed countries is greatly influencing the demand of the market. Also, increasing incidences of chronic illnesses such as cancer, diabetes, and cardiovascular problems are factors for the market to grow enormously. Favorable insurance policies for the customers and benefits included in traveling to other countries are additionally propelling the demand of the market. Besides, fewer treatment costs with higher quality elevate the demand for offshore medical tourism, which is leveling up the demand of the market.
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However, the high cost of traveling where common people cannot afford is slowly degrading the demand of the medical tourism market. The dearth of labor in the medical sector is also a factor limiting the growth rate of the market.
Impact of COVID-19 on the global medical tourism market:
The medical tourism market growth curve is flattened during the COVID-19 period. Lockdown restrictions and ban on international flights are the main causes of the downfall of the market shares. However, emergency services are continued in every part of the world. Slowly the lockdown restrictions are coming to an end by taking proper precautions to fight against coronavirus. Hence, the demand for medical tourism gets sustained in the coming days. The market players in medical tourism have seen the darkest future today. But many researchers state that the medical tourism market will be back into its position once the lockdown restrictions are completely out. This is an energy booster for the players in medical tourism.
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This research report on the global medical tourism market has been segmented and sub-segmented based on the product type, application, end-user, and region.
By Treatment Type:
- Orthopaedic Treatment
- Cardiovascular Treatment
- Dental Treatment
- Fertility Treatment
- Cosmetic Treatment
- Neurological Treatment
- Cancer Treatment
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Regionally, North America is holding with the highest shares of the Market, By owing to the adoption of the latest technologies in healthcare. The launch of innovative products with advanced techniques is greatly influencing the demand of the market. The US is the one with the dominant shares of the market in this region. In the US, the hospitals are well equipped with the latest technologies, and also the easy availability of professionals is elevating the demand of the market.
Following North America, Europe is ruling with the significant shares of the market. Increasing the economy and rise in the prevalence to provide quality treatment services are ascribed to set up growth opportunities in this region. Germany and Italy are two contributing countries for market growth. Highly advanced healthcare sectors in urban areas are prompting the demand of the market.
Asia Pacific was growing at a higher rate from the past few years and is deemed to show the highest CAGR in the coming years. The launch of favorable policies by the government for medical tourism is to expand the business portfolio of the market players, which in turn propels the growth rate of the market. Besides, the rise in the geriatric population and creating awareness over the traveling procedures across the world are escalating the growth rate of the market.
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TOP COMPANIES IN THIS MARKET
Key market participants that are dominating the global medical tourism market analyzed in this report are Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd, Asian Heart Institute, Prince Court Medical Center, Bangkok Hospital Medical Center, KPJ Healthcare Berhad, Raffles Medical Group and Bumrungrad International Hospital.
List of Tables and Figures of the report:
- Global Medical Tourism Market, By Region, From 2020 to 2025 (USD Billion)
- Global Medical Tourism Market, By Treatment Type, From 2020 to 2025 (USD Billion)
- Global Orthopaedic Market, By Region, From 2020 to 2025 (USD Billion)
- Global Neurological Market, By Region, From 2020 to 2025 (USD Billion)
- Global Cardiovascular Market, By Region, From 2020 to 2025 (USD Billion)
- Global Fertility Market, By Region, From 2020 to 2025 (USD Billion)
- Global Cancer Treatment Market, By Region, From 2020 to 2025 (USD Billion)
- 40+ More
Browse Regional Reports:
- North America Medical Tourism Market
- Europe Medical Tourism Market
- Asia Pacific Medical Tourism Market
- Latin America Medical Tourism Market
- MEA Medical Tourism Market
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