Global Medical Tourism Market - Wishtree Insight

Global Medical Tourism Market by Service (Accommodation, Hospitality, Transport, and Others), By Treatment (Cosmetic, Dental, Neurological, Orthopaedic, Cardiovascular, Fertility, Cancer, Ophthalmic, and Others), Service Provider (Private and Public), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global medical tourism market size was valued at USD 12.43 billion in 2021 and is expected to surpass USD 58.62 billion by 2031, expanding at a CAGR of 24.1% during the forecast period, 2021–2031. The growth of the market is attributed to the lower cost of surgeries, expansion of medical travel, and preference of consumers toward cosmetic procedures.

INTRODUCTION

Medical tourism is traveling across international borders to seek healthcare services. It includes leisure vacation tourism, forest tourism, convalescent tourism, sports health tourism, hot spring tourism, qigong special training tourism, and other forms. To cure chronic diseases and eliminate daily task fatigue, tourists opt for medical tourism activities and get a benefit for their physical and mental health. Medical tourism provides leisure time, higher income, strong desire to stay or get well. Middle-aged and elderly people are seen large amounts to take benefit from medical tourism. The rising demand for online medical agencies has created lucrative growth in the health tourism market. In collaboration with government bodies, the medical sector has increased many initiatives to grow the market. An increase in digital platforms and the penetration of telemedicine initiatives are expected to boost the market in the coming years. Many countries in the world are lacking healthcare infrastructure, and technological advancements and some are having high medical costs to medical centers in many developing countries this has led patients to travel to another country for treatment.

There are two types of medical tourism one is domestic other is international. Domestic medical tourism can be defined as travel within a state or country for treatment or procedure. And international tourism means traveling to another country for medical treatment. It may have many reasons like the high cost at the native place, lack of technological advancements and infrastructure, and many other things.

Market Trends, Drivers, Restraints, and Opportunities

• Good quality healthcare, availability of advanced medical technologies, different medical options, potential savings, and insurance incentives are the major driving factors of the Medical Tourism Market.
• Assistance from the tourism department and local governments, better hospitality, innovative medicines, and modern devices, are also major driving factors for the Medical Tourism Market.
• Growing technological advancements in the healthcare industry referring to medical devices, equipment, and procedures are providing value-based care hence anticipated to boost the market.
• The Covid-19 outbreak affected the whole world, and thus resulted in travel restrictions and hampered the growth of the market.
• Language barriers, VISA approval issues, reimbursement issues, availability of documents, and travel issues are some restraining factors in this Market.
• Growing preference for cosmetic surgeries has become the latest trend and is expected to propel the market in the forecast period.
• In developing countries cost-effective treatments and lower-cost surgeries are estimated to proliferate the market growth.

Scope of the Report

Market Segment Insights

The hospitality segment is expected to expand at a rapid pace

Based on the service segment the global medical tourism market is divided into accommodation, hospitality, transport, and others. The hospitality segment is expected to expand at a rapid pace during the forecast period. However, the transport segment is anticipated to hold a key share of the market in the coming years owing to ease of travel.

The cancer segment is projected to register a considerable CAGR

Based on treatment, the market is segregated into cosmetic, dental, neurological, orthopedic, cardiovascular, fertility, cancer, ophthalmic, and others. The cancer segment is projected to register a considerable CAGR during the forecast period. The increase in the number of travelers seeking quality treatment has propelled the market and the reduced cost of for this treatment in some countries has raised the medical tourism market growth. Furthermore, many countries do not have advanced treatment for cancer, and as a result, patients have to choose another country for their treatment. On the other hand, the neurological and cardiovascular segment is anticipated to account for a major market share during the forecast period.

The private segment holds the key share of the market

Based on the service provider, the global medical tourism market is bifurcated into private and public. The private segment is expected to hold a key share of the market in the forecast period. The rise in the number of private medical service providers, their hospitality, and hygiene maintenance, availability of advanced medical infrastructure, value-based care at lower cost, and the digital system has anticipated propelling the growth of the market. However, the public segment holds a steady share respective to the lack of funds in some countries.

The Asia Pacific region is anticipated to constitute a key market share

In terms of regions, the global medical tourism market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period. Due to the lesser stringent regulations, cost-effective treatments, considerable price differences in treatments, and hassle-free tourism nature of the countries, patients choose to treat themselves here. Key factors such as development in healthcare infrastructure, good quality healthcare at a lesser cost, technological advancements, and the economy are driving the market in the region. Furthermore, the rise in private hospitality services and advanced healthcare infrastructure facilities has steered the regional industry growth during the forecast timeline. Countries like Singapore, India, Thailand, Malaysia, and South Korea are famous medical tourism destinations in the Asia Pacific region. The government policies in countries like Malaysia and South Korea with low costs of medical treatment had propelled the expansion of the medical tourism industry in the sub-continent. However, the market of the North American region is anticipated to grow at a rapid pace during the forecast period.

Competitive Landscape

Key players competing in the global medical tourism market are Fortis Healthcare; Medanta; Spire Healthcare; IHH Healthcare Berhad; Bangkok Dusit Medical Services; Apollo Hospitals Enterprise Limited; Samitivej Sukhumvit; Bumrungrad Hospital Public Co.Ltd.; Min-Sheng General Hospital; Asian Heart Institute; Prince Court General Hospital; Raffles Medical Group.

FAQs

How much is the market worth?

The global medical tourism market size was valued at USD 12.43 billion in 2021 and is expected to surpass USD 58.62 billion by 2031

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 24.1%.

What are the key drivers of the market?

The growth of the market is attributed to the lower cost of surgeries, expansion of medical travel, and preference of consumers toward cosmetic procedures.

What are the key drivers of the market?

The market's growth is attributed to the rising demand for a luxurious lifestyle and high-class décor

What segments are covered in the Global Medical tourism report?

Service (Accommodation, Hospitality, Transport, and Others), By Treatment (Cosmetic, Dental, Neurological, Orthopedic, Cardiovascular, Fertility, Cancer, Ophthalmic, and Others), service provider (private and public)