The availability of high-quality healthcare services in
developing nations and the increasing healthcare expenses in industrialized
nations are major factors that are driving the revenue growth of the market.
Market Size – USD 5.3 Billion in 2022, Market Growth – at
a CAGR of 32.51%, Expected Market Size – USD 66.76 Billion in 2032, Market
Trends – Infrastructural and medical technology advancements in developing
countries.
The global medical
tourism market size was USD 5.3 Billion in 2022 and is expected to
register a revenue CAGR of 32.51% over the forecast period, according to the
latest report by Reports and Data.
Medical tourism is growing as a result of improvements in
the healthcare business, such as the introduction of medical equipment and
non-invasive surgery treatments. Patients can undergo medical treatments,
surgeries, and operations overseas for less money than in their own countries
due to the increasing rise of the medical tourism industry. In addition, higher
disposable income and increased awareness of medical tourism are supporting
market revenue growth.
As the prevalence of chronic diseases such as cancer,
Cardiovascular Diseases (CVDs), and neurological disorders rises and healthcare
prices in developed nations remain high, more individuals are preferring to
seek medical care in poorer countries. Because of their high-quality medical
facilities and highly experienced medical experts, countries such as India,
Thailand, Malaysia, and Singapore are increasing appeal for medical tourism.
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Additionally, advancements in medical technology and
infrastructure in developing countries are also expected to contribute to the
growth of the medical tourism market. Many countries are making substantial
investments in expanding their healthcare facilities to attract patients from
abroad. For example, the Indian government has launched initiatives such as the
National Medical and Wellness Tourism Board and e-Medical Visa to promote
medical tourism. These efforts are expected to attract a significant number of
international patients, thereby increasing the demand for medical tourism in
the healthcare industry.
Some Key Highlights from the Report
- In
2022, the inpatient segment will account for the majority of revenue in
the medical tourism industry. This is due to the growing demand for
low-cost healthcare services and cutting-edge medical treatments, as well
as the availability of high-quality medical facilities and skilled
healthcare workers. Inpatients are patients who require hospitalization
and therapy for a longer length of time, generally more than 24 hours.
Furthermore, increased chronic illness prevalence, which usually
necessitates substantial medical treatment, including procedures and
hospital stays, is likely to boost revenue growth in this market.
- The
medical tourism market is predicted to experience rapid revenue expansion,
with the orthopedic sector expected to exhibit the swiftest growth rate
during the forecast period. This is attributable to the aging populace and
the surging incidence of orthopedic afflictions like osteoporosis, osteoarthritis,
and rheumatoid arthritis. Additionally, the steep costs of orthopedic
operations in developed countries have driven patients to search for more
affordable medical options overseas, thereby further propelling the
revenue expansion of this particular segment.
- In
2022, Thailand had the highest revenue share in the medical tourism
sector. This is owing to the existence of known for its first-rate medical
facilities and services, cost-effective treatment options, and qualified
medical personnel, which has attracted many medical tourists from across
the world. Moreover, proactive government policies and actions to
encourage medical tourism are likely to fuel market revenue development.
- Some
of the prominent players profiled in the global medical tourism
market include Bumrungrad International Hospital, Asklepios Kliniken GmbH
& Co. KGaA, Fortis Healthcare Limited, Apollo Hospitals Enterprise
Limited, Prince Court Medical Centre, Samitivej Public Company Limited,
Raffles Medical Group, Medanta The Medicity, Anadolu Medical Center, and
Wooridul Spine Hospital.
- Apollo
Hospitals Enterprise Ltd announced a cooperation with the Government of
India on January 20, 2022, to establish a new medical tourism destination
in India. This initiative is anticipated to draw people from all over the
world and to offer world-class medical facilities and services.
- Bumrungrad
International Hospital established a cooperation with Thailand's Ministry
of Public Health on August 5, 2021, to promote medical tourism in
Thailand. This collaboration intends to improve Thailand's medical tourism
services and facilities while also attracting more overseas patients.
- Bumrungrad
International Hospital introduced the Wellness Complete package, a
comprehensive health screening bundle, in 2021. This package offers a
broad variety of health screenings and diagnostic tests aimed to assist
patients in identifying potential health concerns before they become
serious.
- Asklepios
Kliniken GmbH & Co. KGaA will open the Asklepios Proton Therapy Center
in 2020, a novel cancer treatment program. This clinic provides
sophisticated proton therapy treatments for cancer patients utilizing
cutting-edge technology and equipment.
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Summary
For the purpose of this report, Reports and Data has
segmented the global medical tourism market on the basis of Type of Treatment
Outlook, Patient Type Outlook, and Regional Outlook:
Type of Treatment Outlook (Revenue, USD Billion; 2022 -
2032)
- Cosmetic
- Dental
- Cardiovascular
- Orthopaedic
- Others
Patient Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Impatient
- Outpatient
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North
America
- Europe
- Asia-Pacific
- Latin
America
- Middle
East & Africa
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Key Advantages of Medical Tourism Report:
- Identification
and analysis of the market size and competition
- Qualitative
and quantitative analysis of the market data
- Data
validated by industry experts after extensive primary and secondary
research
- Extensive
regional analysis of the Medical Tourism industry
- Profiling
of key players along with their business overview, business strategies, deals and
partnerships, and product portfolio
- SWOT and
Porter’s Five Forces Analysis for in-depth understanding of the
competitive landscape
- Feasibility
analysis and investment analysis to enable strategic investment decisions
- Analysis
of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Medical Tourism market
are quantitatively as well qualitatively assessed to study the global as well
as regional market comparatively. This market study presents critical
information and factual data about the market providing an overall statistical
study of this market on the basis of market drivers, limitations and its future
prospects.
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