USD 17.35 billion
Report ID: SQMIG35E2018 | Region: Global | Published Date: June, 2022 | Pages: 157 | Tables: 41 | Figures: 74
Medical Tourism Market size was valued at USD 17.35 billion in 2021 and is poised to grow from USD 21.42 billion in 2022 to USD 93.9 billion by 2030, growing at a CAGR of 23.5% in the forecast period (2023-2030).
Medical tourism is defined as organized travel across international borders to avail of advanced medical treatment options. Medical tourists travel across international borders to maintain, improve, or restore their health by using low-cost healthcare facilities and treatments accessible in other nations that are costly in their home country. Medical tourists travel to receive treatments such as dental care, neurological care, and cardiovascular care among many other treatment options.
Better healthcare, cutting-edge technology, breakthrough medicines, sophisticated devices, improved hospitality, and individualized care are some key features offered by medical tourism. Inadequate insurance benefits and a lack of healthcare insurance in the local market are two factors that are likely to encourage market growth. In addition, the rising demand for non-covered procedures such as gender reassignment surgery, reproductive therapy, dental reconstruction, and aesthetic surgery also encourages industry growth.
US Medical Tourism Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 17.35 billion
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The Global Medical Tourism Market is segmented on the basis of treatment types such as cosmetic treatment, oncology treatment, cardiovascular treatment, orthopedics treatment, bariatric treatment, fertility treatment, ophthalmic treatment, and other treatments. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Medical Tourism Market Analysis by Treatment Type
In 2021, the cardiovascular and oncology segments of the market are projected to hold lucrative shares in the market during the forecast period. The segmental growth of the market is attributed to the increased prevalence of various diseases across the globe. Increased prevalence of such chronic diseases is likely to demand more advanced diagnosis and treatment measures in economical costs; which is likely to encourage the segmental growth of the market during the forecast period. Furthermore, as cancer treatment is an expensive and lengthy process, the market's growth is fueled by lower treatment costs in various countries. Patients also prefer to travel to other nations that offer modern healthcare facilities as advanced treatment is not available in some countries. Hence, this will encourage the segmental growth of the market during the forecast period.
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The Global Medical Tourism Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial share of the market. This is attributed to the availability of advanced treatment options in the emerging economies of the region such as Thailand, India, Costa Rica, Mexico, Malaysia, and Singapore. Some other key aspects that contribute to the regional growth of the market include the increasing number of private hospitals, enhanced healthcare infrastructure, and availability of cost-effective treatment options in these countries.
Further, among these countries in the Asia-Pacific region, Thailand holds a specific share in the market. The country’s growth in the market is attributed to the presence of major hospitals along with the availability of more than 450 advanced care hospitals in the country. Thailand’s medical tourism industry is mostly preferred for cosmetic and bariatric treatment which includes procedures such as liposuction, laser tattoo removal, breast augmentation, and Botox among others.
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Medical Tourism Market Driver
Medical Tourism Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Medical Tourism Market Top Players Company Profiles
Medical Tourism Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, among the treatment type, the fertility treatment segment is projected to hold a significant share during the period. The segmental growth of the market is attributed to fertility treatment being one of the most common treatments among people. For fertility treatment medical tourists elect to travel across international borders; which contributes to the segmental growth of the market during the forecast period.
|Market size value in 2021||USD 17.35 billion|
|Market size value in 2030||USD 21.42 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Medical Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Tourism Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Tourism Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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