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The availability of less expensive treatment options with higher quality care is the primary reason for the growing preference for offshore medical tourism. Furthermore, rising demand for non-covered procedures such as dental reconstruction, fertility treatment, gender reassignment surgery, and cosmetic surgery is expected to drive the growth of the global Medical Tourism Market. The affordability and convenience of high-quality healthcare aids and assistance from tourism departments and local governments are important factors driving the global Medical Tourism Market‘s growth. Furthermore, the availability of cutting-edge medical technologies in medical tourism hubs worldwide is expected to drive market growth. Continuous technological advancements, the growing influence of aesthetic and cosmetic surgical procedures among the growing geriatric population, and untapped potential in emerging markets provide favorable growth opportunities.
The medical tourism market is expected to reach USD 93.9 billion by 2030, with a CAGR of 23.5%.
The COVID-19 pandemic has significantly impacted major medical tourism markets, including popular destinations such as China, India, and other emerging countries. Furthermore, there was a shift in healthcare workers’ attention toward covid virus management, so other cases were shadowed for a time. During the pandemic, the closure of major transportation services such as airlines significantly decreased medical tourists in destination centers. COVID-19 thus had a significant impact on market growth. However, the market is expected to grow rapidly as restrictions are lifted.
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The medical tourism market is segmented into treatment types.
According to the treatment type:
The global medical tourism market is divided into Asia-Pacific, North America, Europe, and the rest of the world.
The Asia-Pacific region currently dominates the medical tourism market and will do so for the foreseeable future. This region’s market share is expected to grow in the future due to the region’s developing countries’ preference for medical tourism, government initiatives, and the high cost of medical treatment in developed countries. Healthcare in India is significantly cheaper than in the West and the Middle East. Furthermore, initiatives taken by governments in Asia-Pacific countries are expected to propel the region’s market growth.
North America has the second-largest market share. Rapid advances in medical technology for treating specific disorders are major growth drivers in this region. Furthermore, better hospitality and shorter wait times attract tourists to this region.
The European market is also expanding rapidly, with an annual growth rate of about 11% projected in 2020. Better hospitality facilities and the availability of advanced medical facilities are driving factors in the growth of this region’s medical tourism market.
Over the forecast period, the Middle East and African segment are expected to grow moderately.
The major global companies playing a key role in the medical tourism market are:
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)
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