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 2030
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 93.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 23.5% during the forecast period (2022 – 2030). The availability of the newest medical technologies and the cheaper cost of treatment in emerging nations are the key market drivers enhancing market growth.
Medical tourism can be well-defined as organized travel across international borders to avail medical treatment of some form, which may or may not be obtainable in the travelers’ home country. Medical tourists travel across international borders for the maintenance, improvement, or restoration of their health through affordable healthcare facilities & treatments obtainable in other countries, which are comparatively expensive in their own country. Medical tourists travel to obtain medical treatments such as dental treatment, neurological treatment, and cardiovascular treatment. COVID-19 had an unprecedented impact on the market owing to lockdowns all over the globe coupled with the disruption of the supply chain, manufacturing, and others. The medical tourism industry has been hit badly by the COVID-19 epidemic that has swept the globe. The COVID-19 epidemic has had a major impact on major medical tourism markets, including popular medical tourism destinations such as India, China, and other emerging nations. Thus, COVID-19 had a marked impact on the growth of the market. However, with the upliftment of restrictions, the market is projected to grow at a speedy pace.
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The Global Medical Tourism Market has been segmented into Service, and Service provider Based on Service, The Global Medical Tourism Market has been segmented into medical treatment, cosmetic treatment, and alternative treatment. The medical treatment segment dominated the global market in terms of value share. Augmented demand for medical procedures such as dental, orthopedic and spine, cardiology, etc. are attributable to the growth of the segment. Accessibility of advanced facilities & services in developing countries such as India, Singapore, and Thailand among others, at an inferior cost, is facilitating the tourist from high-income countries to select medical visas.
Based on the service provider, The Global Medical Tourism Market has been segmented into public and private. The private segment held the maximum share of the market. The rising number of private providers globally delivering world-class medical services has attracted tourists. Accessibility of advanced medical infrastructure, digital systems, and value-based care at an inferior cost is attributable to the dominance of private providers in the market.
Europe accounted for the leading position in the market due to the rising medical infrastructure and facilities for medical tourists in the countries such as Spain, the U.K., France, Belgium, etc
The market in Asia Pacific is expected to register a higher CAGR during the forecast period due to the high number of patients traveling to Asian countries for medical treatment owing to the obtainability of lower-cost facilities.
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Some of the key market players are Anadolu Medical Center (Turkey), Shouldice Hospital (Canada), Bangkok Hospital (Thailand), Fortis Healthcare (India), Clemenceau Medical Center (Lebanon), Bumrungrad International Hospital (Thailand), CHRISTUS MUGUERZA (Mexico), Samitivej PCL (Thailand), Schön-Kliniken (Germany), Gleneagles Global Hospitals Group (India), Prince Court Medical Centre (Malaysia), and Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany)
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