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 is a term used to describe the practice of traveling to another country to receive medical treatment. This phenomenon has become increasingly popular in recent years due to advancements in medical technology, lower costs of medical procedures in certain countries and improved access to healthcare information.
Patients seeking medical treatment abroad can choose from a wide range of medical procedures, including cosmetic surgery, dental work, and complex medical treatments such as organ transplantation. Medical tourists can benefit from high-quality medical care, access to the latest medical technologies, and a more relaxed, vacation-like atmosphere in which to recuperate from their procedures. The medical tourism market is comprised of all of the businesses, services, and individuals involved in facilitating medical travel for patients, including medical facilities.
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The COVID-19 pandemic has travel restrictions and border closures implemented in many countries to control the spread of the virus, international medical travel has become more challenging and riskier. The fear of infection and uncertainty around travel arrangements have deterred many patients from seeking medical treatment abroad, leading to a significant decline in demand for medical tourism services. the pandemic has put a strain on healthcare systems around the world, causing many medical facilities to prioritize the care of local patients and limiting their ability to accommodate medical tourists Additionally, as more and more people become vaccinated, the risk of infection is expected to decrease, making medical travel more appealing to potential patients.
Medical Tourism Market Segmentation
The Global Medical Tourism Market has been segmented into Type
Based on the Type, the market has been segmented into Orthopedic/Spine Treatments, Oncology/Cancer Treatments, Cosmetic Treatments, Cardiovascular Treatments, Dental Treatments, Fertility/IVF Treatments, and Others.
Some of the key market players are
- Bumrungrad International Hospital
- Samitivej PCL
- Gleneagles Global Hospitals Group
- Prince Court Medical Centre
- Anadolu Medical Center.
Medical Tourism Market Regional Analysis
The Asia-Pacific region is a dominant player in the Medical Tourism market. The region accounts for a significant portion of the global Medical Tourism industry, and this trend is expected to continue in the coming years. Several factors contribute to the Asia-Pacific region’s dominance in the Medical Tourism market. One of the key factors is the region’s growing reputation for offering high-quality medical care at a lower cost than many Western countries.
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Many countries in the region have invested heavily in their healthcare systems, with state-of-the-art facilities and highly trained medical professionals. In addition, the Asia-Pacific region has become a popular destination for Medical Tourism due to its cultural and tourist attractions, making it an attractive destination for medical tourists who want to combine medical treatment with leisure travel. Countries such as Thailand, India, and Singapore are among the most popular Medical Tourism destinations in the Asia-Pacific region. These countries offer a range of medical treatments, including advanced procedures such as cardiac surgery and organ transplantation.
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