Medical Tourism Market is expected to grow from USD 14 billion in 2022 to USD 68.70 billion by 2030, at a CAGR of 22% during the forecast period 2023-2030 : GreyViews
Pune India, Jan. 21, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the medical tourism market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the medical tourism market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, service provider, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global medical tourism market are Apollo Hospitals Enterprise Limited, Bumrungrad International Hospital, Aditya Birla Memorial Hospital, Fortis Healthcare Limited, KPJ Healthcare Berhad, Asian Heart Institute, NTT Medical Center Tokyo, Prince Court Medical Centre, Barbados Fertility Center, Samitivej PCL, Seoul National University Hospital among others. To achieve a substantial market share in the worldwide medical tourism market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Medical tourism is defined as the process of travelling to another country for medical treatment from the patient's home country. These facilities provide many different types of services, including sophisticated procedures like cardio surgery, orthopedic surgery, neurosurgery, and dental care, as well as elective procedures like cosmetic surgery or regular health checks. It is the major source of revenue for developing economies, allowing them to expand their healthcare businesses. This has led to increased government involvement and the promotion of medical tourism. Patients are concerned about long waiting times for appointments with specialists for treatment or consultations, which is an important factor in the outsourcing process. The lack of medical equipment, the shortage of staff, or inefficient management compels patients to wait for health care services, creating more growth opportunities for the market. Delays in treatment can also result in serious health effects on the patient. It takes longer for visa information to be confirmed and approvals to be granted, so patients cannot get the correct treatment at the right time. A patient's travel procedures will be hampered by fraud, delays and expenses associated with visa management, is negatively impacting the growth of the market.
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Scope of Medical Tourism Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Service Provider, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Apollo Hospitals Enterprise Limited, Bumrungrad International Hospital, Aditya Birla Memorial Hospital, Fortis Healthcare Limited, KPJ Healthcare Berhad, Asian Heart Institute, NTT Medical Center Tokyo, Prince Court Medical Centre, Barbados Fertility Center, Samitivej PCL, Seoul National University Hospital among others |
Segmentation Analysis
Cosmetic treatment is expected to be the fastest-growing segment in 2022.
The treatment type segment is a cosmetic treatment, orthopedic treatment, oncology (cancer) treatment, fertility treatment, and others. The cosmetic treatment segment is expected to witness the highest growth rate during the forecast period. It is a phenomenon in which patients seek cosmetic surgery outside their native country in order to avoid waiting lists, access to, costs, or legal requirements. Cosmetic treatment tourism commonly involves breast augmentation, eyelid surgeries, liposuction, tummy tucks, facelifts, and nose reshaping procedures. It is expected that the market will grow due to the increased spending on cosmetic procedures and the willingness of patients to travel for cosmetic procedures.
Private is expected to be the fastest-growing segment in 2022.
The service provider segment includes public and private. The private segment is expected to witness the highest growth rate during the forecast period. The segment has grown as a result of advancements in technology, remote monitoring technologies incorporated into devices, greater accessibility, and growing awareness among patients.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the medical tourism market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Internationally recognized medical facilities in Thailand and India receive patients from all over the world, while Singapore is renowned for its healthcare infrastructure and primarily receives complex medical patients. The number of vehicles sold annually is increasing, as well as the digitalization of infrastructure related to medical treatment and healthcare, boosting the market growth.
Country Analysis
Germany's medical tourism market size was valued at USD 0.56 billion in 2022 and is expected to reach USD 2.10 billion by 2030, at a CAGR of 18% from 2023 to 2030.
As healthcare IT infrastructure advances and virtual care becomes more accessible, the medical tourism market is experiencing major trends and opportunities, in the country.
China's medical tourism market size was valued at USD 2.24 billion in 2022 and is expected to reach USD 9.63 billion by 2030, at a CAGR of 20% from 2023 to 2030.
There are numerous factors contributing to China's growth, such as its highly developed tourism sector, an increase in private healthcare providers, and competitive treatment costs.
India's medical tourism market size was valued at USD 1.7 billion in 2022 and is expected to reach USD 6.83 billion by 2030, at a CAGR of 19% from 2023 to 2030.
Indian medical tourism focuses mostly on transplants, orthopedics, cardiac surgeries, and other treatments, with a special visa category aimed at easing foreign patient visits. In addition, medical tourism has gained the attention of researchers, policymakers, media outlets, etc., as its popularity has soared.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising cases demand for the best and fast medical treatments, propelling the growth of the market across the countries.
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