As per the Polaris Market Research report, the global medical tourism market size will increase from USD 44.6 billion in 2019 to reach USD 125.8 Billion by 2026, growing at a CAGR of 16.3% during the forecast period.
What is Medical Tourism? How Big is Medical Tourism Market?
Medical tourism is a form of tourism that focuses on the needs of patients traveling to another country for medical treatments. In the past, the patients were those traveling from less-developed countries to highly developed countries to obtain treatments. However, in recent years, this may also include those from developed countries who travel to developing countries for treatment unavailable at low cost. Medical tourism comprises medical tourism, wellness tourism, and spa tourism.
It is most often for surgeries and other related treatments. People also travel for dental surgeries, neurological treatments, cardiovascular treatments, and fertility treatments. There are low-cost services and medical treatments available in different tourism departments, driving the growth of the medical tourism market. Also, the growing older population is another factor fueling the demand for various treatment procedures across the globe.
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Highlights of The Report:
- The report provides industry demand trends in this global medical tourism market
- Individual circumstances of the market segments are discussed in the report.
- The report contains forward-looking information on risks and uncertainties.
- The report studies the consumer-focused sectors of the market.
- The trade scenarios of the products and services in particular segments are detailed in the report
- The trends that have been impacting the medical tourism market for the past few years are discussed in the report.
Some of the Top Market Players Covered in the Medical Tourism Market Report Are:
- Bumrungrad International hospital
- Apollo Hospitals Enterprise Limited
- KPJ Healthcare Berhad
- Prince Court Medical Center
- Raffles Medical Group
- Fortis Healthcare
- Samitivej Hospital
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Key Market Growth Drivers
Benefits of medical tourism, including enhanced healthcare, breakthrough medicines, superior hospitality, cutting-edge technologies, and breakthrough medicines, are majorly propelling the growth of the market. Accessibility to high-quality healthcare services and support from local governments is boosting the growth of the medical tourism market. The high cost of healthcare services in home countries is also one of the prominent factors augmenting the market expansion. Technological developments in the medical tourism domain are further expected to boost industry growth during the forecast period.
Long waiting time for a medical procedure in the countries like France, the U.K, and Canada is anticipated to promote the growth of the medical tourism industry. Furthermore, the growing disposable income of people in developing nations is also expected to accelerate market growth. In addition, rising infertility-related problems among couples have led to increasing demand for fertility treatments globally, thus driving the market’s growth.
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Orthopedic segment witnessed the largest market share
On the basis of treatment type, the global medical tourism market is categorized into orthopedic treatment, cardiovascular treatment, neurological treatment, cosmetic treatment, dental treatment, and other treatments. The orthopedic segment accounted for the largest revenue share. The increasing prevalence of various orthopedic diseases and the growing geriatric population are the key factors driving the growth of the segment.
Medical Tourism Market Report Scope
|Market Outlook for 2026||USD 125.8 Billion|
|Market Size 2019 Value||USD 44.6 Billion|
|Expected CAGR Growth||16.3% from 2020 – 2026|
|Forecast Year||2020 – 2026|
|Top Market Players||Bumrungrad International hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Prince Court Medical Center, Raffles Medical Group, Fortis Healthcare, Samitivej Hospital|
|Segments Covered||By Treatment Type, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
Based on geography, the medical tourism market is segmented across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market is expected to show faster growth due to the increasing awareness of the quality of healthcare. Mexico is expected to hold the largest revenue share in the medical tourism market. This growth can be attributed to the lower cost of healthcare and increasing government initiatives. Also, Canada is likely to show the fastest growth owing to a rise in government initiatives for developing healthcare infrastructure.
Browse the Detail Report “Medical Tourism Market Share, Size, Trends, Industry Analysis Report By Treatment Type (Orthopedic Treatment, Cardiovascular Treatment, Neurological Treatment, Cosmetic Treatment, Dentistry Treatment, Other Treatments); By Regions, Segment Forecast, 2020 – 2026” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/medical-tourism-market
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- In July 2021, the Ministry of Tourism, India, established the “National Medical and Wellness Tourism Board” to promote medical and wellness tourism in India.
- In March 2021, Athina Global Health partnered with Liberty International Tourism Group and launched its global medical value travel service.
Medical Tourism Market: By Region Outlook
- North America (U.S., Canada)
- Europe (Germany, UK, France, Italy, Spain, Belgium, Russia, Netherlands)
- Asia-Pacific (China, Japan, India, Australia, Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines)
- Latin America (Brazil, Mexico, Argentina)
- Middle East and Africa (UAE, Saudi Arabia, South Africa)
Key Questions Answered in The Report:
- Which are the top players in the global medical tourism market?
- How will the market change in the upcoming years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- How have the market players or the leading global market firms addressed the challenges faced during the pandemic?
- What growth opportunities does the market offer?
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