Medical Tourism Market Statistics 2024, Industry Size, Share, Growth Rate (CAGR of 20.1%) and Outlook Report by 2032

Medical Tourism Market

The medical tourism market is rapidly growing as patients seek cost-effective healthcare abroad, driven by high treatment costs & advanced medical facilities.

SHERIDAN, WYOMING, UNITED STATES, June 17, 2024 /EINPresswire.com/ -- IMARC Group’s latest research report, titled “Medical Tourism Market Report by Treatment Type (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopaedic Treatment, Bariatric Surgery, Fertility Treatment, Ophthalmic Treatment, and Others), and Region 2024-2032,” offers a comprehensive analysis of the global medical tourism market statistics¹. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global medical tourism market size reached US$ 119.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 650.8 Billion by 2032, exhibiting a growth rate (CAGR) of 20.1% during 2024-2032.

Medical Tourism Market Trends:

The increasing availability and accessibility of advanced medical technologies in developing countries is driving the global. Additionally, the growing quality of healthcare services in these countries, often coupled with shorter waiting times, enhances their attractiveness to medical tourists. Furthermore, the expansion of international accreditation and certification of healthcare facilities assures patients of receiving high standards of care. The growth in cosmetic surgery and elective procedures, which are often not covered by insurance, further propels the market. Moreover, favorable exchange rates in certain countries make medical treatments more economically viable for international patients.

Besides, the burgeoning middle-class population in developing nations with disposable income is more inclined to travel for healthcare services. The increasing use of digital platforms and telemedicine facilitates the planning and coordination of medical tourism, making it easier for patients to connect with overseas providers.

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Top Medical Tourism Companies Worldwide:

• Aditya Birla Memorial Hospital
• Apollo Hospitals Enterprise Limited
• Asian Heart Institute
• Barbados Fertility Center
• BB Health Solutions.
• Fortis Healthcare
• Healthbase
• KPJ Healthcare Berhad
• Prince Court Medical Centre
• Samitivej
• Seoul National University Hospital
• UZ Leuven

Medical Tourism Market Growth Analysis:

The market scope is broadening due to strategic partnerships between hospitals and tourism companies, which enhance the overall patient experience by offering comprehensive medical travel packages. Additionally, government initiatives in many countries to promote medical tourism through policies and incentives further expand the market's reach. The rise of wellness tourism, which often overlaps with medical tourism, adds another layer of growth, as patients seek holistic treatments and recovery experiences. Technological advancements in medical procedures and telehealth are also pivotal in expanding the scope by improving the quality and accessibility of treatments. The emergence of specialized medical tourism hubs, particularly in Asia and Latin America, creates a competitive landscape that drives innovation and quality improvements.

Furthermore, the increasing global awareness and acceptance of alternative and complementary medicine contribute to the market's diversification. Besides, improvements in international travel infrastructure and the availability of low-cost flights make it easier for patients to travel for medical purposes. The growing trend of combining medical treatments with leisure travel experiences broadens the appeal of medical tourism, attracting a wider demographic of health-conscious travelers.

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Medical Tourism Market Report Segmentation:

Breakup by Treatment Type:

• Cosmetic Treatment
• Dental Treatment
• Cardiovascular Treatment
• Orthopaedic Treatment
• Bariatric Surgery
• Fertility Treatment
• Ophthalmic Treatment
• Others

Cosmetic treatment represents the largest segment in the medical tourism market due to the high demand for aesthetic procedures, which are often more affordable and available with advanced technologies in popular medical tourism destinations.

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific holds the position of the largest market in medical tourism, driven by the availability of high-quality medical care at lower costs, coupled with the presence of advanced healthcare infrastructure and skilled professionals in countries such as Thailand, India, and Singapore.

TOC for the Medical Tourism Market Research Report:

• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• Global Medical Tourism Market
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• Competitive Landscape

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¹ https://www.imarcgroup.com/medical-tourism-market