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Medical Tourism Market Overview
Medical tourism market size was valued USD 3.8 billion in 2021 and is expected to reach USD 93.9 Billion by 2030 at 23.5% CAGR during the forecast period 2022-2030. Medical tourism is known as a planned trip across international borders to receive medical care in any way that may or may not be available in the travelers’ home country. Medical tourists cross international borders to improve, maintain, or restore their health using reasonably priced medical supplies and procedures that are available in other nations but quite expensive. An innovative idea called “medical tourism” is gaining popularity online as a healthcare choice for people worldwide. From a marketing perspective, the internet is a dynamic platform for healthcare service providers and operators to spread knowledge about numerous choices for medical travel.
The key elements influencing the growth of the global medical tourism market include accessibility, affordability, and convenience of high-quality medical equipment, as well as assistance from local governments and tourism bureaus. Furthermore, the availability of the most advanced medical technology in medical tourism hotspots around the globe is anticipated to fuel market expansion. The key reason for the rise in popularity of offshore medical tourism is the availability of more affordable treatment choices with higher-quality care.
Additionally, the rising demand for non-insurance-covered procedures like cosmetic surgery, fertility therapy, dental reconstruction, and gender reassignment operations has been positively expected to boost the growth of the global medical tourism market. Several restrictions and reserves will limit the market’s total growth characteristics. Long wait times for payments from payers, partial payments, travel challenges, language obstacles, a lack of documentation, and problems with visa acceptance are just a few of the potential roadblocks to the total expansion of the global market.
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Medical Tourism Market Segmentation
The market is divided into different segments.
The market is divided into six applications: dental surgery, cosmetic surgery, organ transplantation, oncology treatment, and others. The cosmetic surgery category will hold the biggest market share during the anticipated period. The reasons driving demand for this market segment may be linked to the availability of technologically improved and minimally invasive surgical treatments for cosmetic purposes.
Medical Tourism Market Regional analysis
The Global medical tourism market is divided into North America, Europe, Asia Pacific, and the Rest of the World based on the regional analysis. The largest market share belongs to Europe. The European region’s market will grow due to continuing initiatives, availability of cutting-edge technologies, and medical equipment that is uncommon in emerging nations. The Asia Pacific is quickly becoming the center for accessible, high-quality healthcare. Additionally, putting more of a focus on hospitality and speeding up official processes has greatly aided market expansion. Expanding pharmaceutical companies and medical research institutions are boosting this region’s market.
The North American region holds the second-largest market share. The main drivers of growth in this area are the quick developments in medical technology for treating specific illnesses. Additionally, this region attracts tourists because of its improved friendliness and shorter wait times.
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Recent developments
The “National Medical & Wellness Tourism Board” was founded by the Ministry of Tourism in July 2021 to promote medical and wellness travel to India.
The global medical value travel service was introduced by Liberty International Tourism Group and Athina Global Health in March 2021.
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