Acumen Research and Consulting recently published report titled “Medical Tourism Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
LOS ANGELES, Aug. 05, 2022 (GLOBE NEWSWIRE) — The Global Medical Tourism Market Size is valued at USD 11,395 million in 2021 and is estimated to achieve a market size of USD 88,595 million by 2030; growing at a CAGR of 27.4%.
Medical tourism is a new term, but it is not a new concept. Medical tourism is becoming more appealing as a result of domestic constraints and long waiting lists, as well as the ease of global travel. Globally, there has been massive growth in the healthcare sector, driven by insufficient national public health services, rising healthcare costs, and the availability of more affordable alternatives in developing economies. This has resulted in the globalization of health care, as evidenced by the increasing cross-border delivery of healthcare services.
COVID-19 Impact on the Global Medical Tourism Market Value
The COVID-19 virus outbreak had a significant impact on the market, particularly during the first half of 2020. The implementation of travel restrictions and the global withdrawal of elective procedures were the primary causes of this drop. During the pandemic, the closure of significant transportation services such as airlines resulted in a significant drop in medical tourists in destination centers. The COVID 19 pandemic has had a negative impact on major medical tourism markets, including prominent medical tourism destinations such as India, China, and other emerging countries. However, as the number of novel and active cases of COVID-19 infection declines, the industry will gradually gain traction.
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|Market||Medical Tourism Market|
|Medical Tourism Market Size 2021||USD 11,395 Million|
|Medical Tourism Market Forecast 2030||USD 88,595 Million|
|Medical Tourism Market CAGR||27.4% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Medical Treatment, And By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group,
Bangkok Hospital Medical Center, Samitivej Hospitals, Apollo Hospitals Enterprise Ltd.,
Fortis Hospitals, Aditya Birla Memorial Hospital, Asian Heart Institute, eoul National University Hospital,
and Wooridul Spine Hospital
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
India erupts as one of the prominent countries for medical tourism industry
India, along with Thailand and Singapore, is one of Asia’s top three medical tourism destinations, accounting for roughly 60% of Asian healthcare revenue in 2012. Indian medical tourism is becoming increasingly popular as patients seek better and less expensive treatment options in India. And, for the first time, India has established a firm presence in the medical tourism sector, which was previously occupied by developed countries such as the United States and Singapore, to name a few. Some of the most prevalent medical treatments in India are in the fields of cardiology, orthopedics, and neurology.
According to the Confederation of Indian Industries (CII), roughly 150,000 patients from around the world arrived in India for medical treatment in 2005, and this figure is expected to rise by 15% each year. In India, comparable treatment costs one-eighth to one-fifth of what it does in the West. A cardiac procedure that costs between USD 40,000 and USD 60,000 in the United States, for example, costs USD 30,000 in Singapore, USD 12,000 to15,000 in Thailand, and only USD 3000 to 6000 in India. In addition to that, an India Brand Equity Fund (IBEF) study found that India is more cost-competitive than other renowned medical tourism destinations such as Thailand. As a result, India’s medical tourism industry is thriving.
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Cosmetic treatments to flourish the medical tourism demand in emerging nations
Emerging countries sees a visible rise in demand for plastic surgery through medical tourism. The qualified group of medical expertise in plastic, cosmetic, and reconstructive surgery is driving this. Another important factor is the use of cutting-edge technology on par with the best around the world. People travel to India for cosmetic surgeries like breast augmentations, bariatric, and rhinoplasty procedures. Medical tourism is not only used for standard medical care or procedures; it is also a popular option for those seeking cosmetic surgery at a lower cost. Research has shown that it is possible to save up to 40 to 80% by having a cosmetic surgery procedure abroad. Insurers in western countries do not cover cosmetic procedures as a result it becomes easier for western travelers to travel abroad and save thousands of dollars. People frequently become medical tourists in search of procedures ranging from breast augmentation to liposuction. Others want things like excess skin removed. Many people travel to seek other elective treatments, such as LASIK eye surgery or dental procedures, which are not covered by many Western insurance plans but are extremely expensive in some Western countries.
Medical Tourism Market Segmentation
The global market is divided into four segments: medical treatment, and region.
Based on medical treatment, the market is segregated into cancer treatment, cardiovascular treatment, cosmetic treatment, dental treatment, fertility treatment, neurological treatment, orthopedic treatment, and other treatments. According to our medical tourism industry analysis, cancer treatment gathered a dominant market share between 2022 and 2030. Cancer is the second leading cause of death worldwide, accounting for nearly 10 million deaths in 2018 – one in every six deaths. Breast, cervical, colorectal, lung, and thyroid cancers are the most common in women, while colorectal, liver, lung prostate, and stomach cancers are the most common in men. Patients choose to travel to other countries due to the lower cost of treatment and the lack of availability of advanced treatment.
Medical Tourism Market Regional Outlook
The global medical tourism market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The Asia-Pacific region dominated the market with a majority share in 2021 and is expected to maintain this trend from 2022 to 2030. Factors such as the availability of low-cost flights, the low cost of treatments, the availability of quality care, and significant government investments are bolstering the Asia-Pacific medical tourism market.
Europe, on the other hand, is expected to experience the fastest growth between 2022 and 2030. The presence of advanced specialized treatments for neurological, cardiovascular, and cancer disorders is credited with the region’s rapid growth.
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Medical Tourism Market Players
Some prominent medical tourism companies covered in the industry are Aditya Birla Memorial Hospital, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bangkok Hospital Medical Center, Bumrungrad International Hospital, Fortis Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Seoul National University Hospital, Samitivej Hospitals, and Wooridul Spine Hospital.
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Acumen Research and Consulting