Medical Tourism Market Size to Reach USD 121.8 Billion by 2032 at 21.2% CAGR – Report by Market Research Future (MRFR)

New York, USA, July 20, 2023 (GLOBE NEWSWIRE) — Medical Tourism Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Tourism Market Information by Treatment Type and Regions – Forecast Till 2032”, the 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 121.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.2% during the forecast period (2022 – 2032).

Market Scope:

The rapidly expanding practice of traveling across borders to obtain medical care is known as medical tourism, sometimes known as medical travel, health tourism, or global healthcare.

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Report Scope:

Medical Tourism Market Competitive Outlooks:

Key Companies in the market of medical tourism includes.

• Bumrungrad International Hospital (Thailand)
• CHRISTUS MUGUERZA (Mexico)
• Samitivej PCL (Thailand)
• Schön-Kliniken (Germany)
• Gleneagles Global Hospitals Group (India)
• Prince Court Medical Centre (Malaysia)
• Anadolu Medical Center (Turkey)
• Shouldice Hospital (Canada)
• Bangkok Hospital (Thailand)
• Fortis Healthcare (India)
• Clemenceau Medical Center (Lebanon)
• Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany)

Medical Tourism Market Trends:

Market Drivers

The high cost of healthcare in developed countries is expected to be a major driver of market growth in developing countries. The rising cost of healthcare in wealthy countries is putting stress on both patients and their doctors. Government rules on the healthcare sector cause delays in the procedures in several nations. As a result, many people are opting to seek treatment in foreign countries. The globe is getting closer to adopting better medical facilities for value-based care as a result of the proliferation of technical breakthroughs in the healthcare business, such as medical equipment, surgical procedures, wearables, linked healthcare, etc. Telemedicine, telehealth, and other forms of distance medical consultation are making high-quality medical treatment accessible to people all over the world.

Market expansion is a result of the cheaper cost of healthcare in developing countries compared to developed countries. As a result of the aforementioned, the medical tourism market is expected to grow throughout the predicted period. Market growth over the forecast period is expected to be hampered, however, by issues related to patient follow-up, post-procedure complications, and the transfer of medical records. As a result, the global medical tourism market’s CAGR has increased in recent years due to these factors. However, the availability of low-cost treatment options and high-quality medical services in tourist destinations are also contributing to the expansion of the Medical Tourism business. As a result, the growing number of operations can be partially attributed to the rise in international medical tourism to destinations like India and Thailand. In addition, the declining price of sophisticated surgical procedures is a major contributor to the expansion of the market.

Market Restraints

Travel infrastructure between countries is the single most important factor in medical tourism. However, market expansion is hampered by pandemics and governments that set stringent rules on their citizens seeking medical treatment overseas.

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COVID-19 Analysis:

As a result of the 2019 COVID-19 pandemic, stricter measures have been implemented to prevent the spread of the contagious virus. As borders were sealed off, a dramatic decrease in medical tourists was seen. An unforeseen and astounding effect of the COVID-19 epidemic has been a worldwide drop in demand for medical tourism services. This market’s demand and growth are responsible for the unexpected increase in CAGR; once the pandemic is ended, the market will recover to pre-pandemic levels. Additionally, due to hospitals and service providers only allowing necessary and emergency procedures, all non-emergency procedures such as cosmetic dentistry and other elective procedures, were shut down. In March of 2020, for instance, the government of India decided that, in light of the pandemic, all elective procedures that were not deemed absolutely necessary would be put on hold. As a result, the number of people seeking medical care abroad has decreased as a direct result of the implementation of stringent measures all over the world.

Medical Tourism Market Segmentation:

by Treatment Type

In terms of total market value in 2020, the medical treatment subsector was far and by the leader. The expansion can be attributed to rising interest in several medical specialties, including dentistry, orthopedics, cardiology, etc. Medical tourists from high-income countries are increasingly choosing to travel to developing countries like India, Singapore, and Thailand because of the reduced cost of superior facilities and services there.

Medical Tourism Market Regional Analysis:

The Asia-Pacific medical tourism industry is projected to develop at a healthy CAGR during 2021-2026, from an estimated USD 0.88 billion in 2021. Because of state-sponsored initiatives, competitive prices, and widespread demand, medical tourism has become increasingly popular in the region’s emerging nations. When compared to healthcare costs in the West and the Middle East, India is a bargain. As a bonus, the price of medical care is decreased by 65%-90% compared to the United States. These statistics highlight the preeminence of Asia and the Pacific in the global medical tourism market. Furthermore, the market share for medical tourism in China was the greatest, and the market for medical tourism in India was the fastest expanding market in the Asia-Pacific region.

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The market for medical tourism in North America is second largest in the world. Compared to other countries, the United States attracts a larger-than-average proportion of foreign patients in need of expensive medical procedures like heart and knee replacements.

From 2022 to 2030, the market for medical tourism in Europe is projected to expand at a faster rate than any other region. This is because of factors including the growing popularity of medical tourism, the ever-increasing cost of healthcare, and the rising prevalence of conditions like osteoarthritis and degenerative disc disease. The market for medical tourism in Europe is increasing rapidly, with Germany being the region with the highest rate of expansion.

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