Medical Tourism Market Trends and Insights by Treatment Type (Orthopedic/Spine Treatments, Oncology/Cancer Treatments, Cosmetic Treatments, Cardiovascular Treatments, Dental Treatments, Fertility/IVF Treatments, others), by Regions, Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, March 01, 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 Region – Forecast till 2030“, 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 93.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 23.5% during the forecast period (2022 – 2030).
Medical tourism marketing and advertising are predicted to be the main drivers of market growth over the forecast period. To promote medical tourism in India, for instance, the MoHFW of the Indian Government introduced further efforts in September 2022. For instance, the creation of a feedback mechanism to collect testimonies from medical tourists, the ‘Heal in India’ initiative to promote India as a global hub for medical tourism, and the special arrangement of medical visas for tourists coming to India for medical treatment from 165 different countries are all examples of initiatives that support medical tourism.
A study released by the administration of Boao Lecheng, China, in December 2021 claims that the Hainan Boao Lecheng International Medical Tourism Pilot Zone also worked to advance research on stem cells, immune cells, gene therapy, and other cutting-edge biomedical methods. People from 15 different countries, including Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, and Vietnam, joined the RCEP and traveled to the medical pilot zone to receive treatment. With the help of this initiative, medical tourism is expected to grow.
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|Market Size in 2030||USD 93.9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Treatment Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growing Prevalence of spine degeneration to boost market growth|
|The availability of the newest medical technologies and the cheaper cost of treatment in emerging nations|
Leading market participants are spending a lot of money on R&D to diversify their product offerings, which will encourage the medical tourism industry to grow even more. Market participants are engaging in a range of strategic initiatives to improve their worldwide footprint in addition to important market changes such new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Businesses in the medical tourism sector must offer products at competitive prices if they want to expand and prosper in a market that is expanding and competition is fierce.
Manufacturing locally to cut operational costs is one of the main business methods used by manufacturers in the global medical tourism industry to benefit customers and increase the market sector. The medical tourism business has recently given medicine some of the most important advantages. Major players in the medical tourism sector including the Medical Tourism Association, BC Platforms, and others are attempting to increase market demand by funding R&D projects.
- 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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Medical Tourism Market Dynamics
The availability of the newest medical technologies and the cheaper cost of treatment in emerging nations are the key market drivers enhancing market growth. The high cost of healthcare in developed countries is also projected to have a substantial impact on market expansion in developing countries. For instance, the World Population Review 2022 reports that taxes, private insurance, or private group subsidies fund healthcare in the majority of developed countries. Only the US healthcare system makes use of these payment methods. A single-payer healthcare system is used in several developing countries, where necessary medical costs are funded by taxes collected by government programmes. Also, as compared to other countries, which range from USD 466 to USD 939, the United States spent $1,443 per person on pharmaceuticals in November 2022, according to AMA statistics.
Healthcare is less expensive in developing countries than it is in industrialized ones, which promotes market expansion. Due to the aforementioned causes, it is therefore projected that the medical tourism market will grow throughout the projection period. Yet, it is projected that issues with patient follow-up, post-procedure complications, and record transfer difficulties will obstruct market progress during the projection period. Because of this, the market Growth for medical tourism has increased recently all over the world.
Other reasons influencing the growth of the medical tourism market’s revenue, however, are the availability of affordable treatment options and high-quality healthcare in tourist destinations.
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Medical Tourism Market Segmentation
The orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular treatments, dental treatments, fertility/ivf therapies, and other treatments are included in the market segmentation for medical tourism based on kind of therapy. In 2021, the oncology/cancer treatments market sector maintained the lion’s share, accounting for almost 40% of the market’s overall revenue. The increasing prevalence of cancer worldwide provides an easy explanation for this.
Cardiovascular treatment is predicted to grow at the quickest rate during the projection period. The growth of this market is being driven by a rise in the incidence and mortality of cardiovascular disease. According to the World Health Organization, cardiovascular illnesses are thought to be the root cause of 17.9 million deaths worldwide each year, or roughly 32% of all fatalities.
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organized by region. The Asia-Pacific medical tourism market, which reached USD 0.88 billion in 2021, is anticipated to rise at a substantial CAGR throughout the research period. due to government initiatives, the affordable cost of healthcare in this region, and the preference for medical tourism in this region’s emerging countries. India provides Western and Middle Eastern countries with healthcare at a significant price. According to IJIRA’s estimation, in December 2021, the cost of medical care and treatment in India was almost 50% lower than it was in Europe. In addition, healthcare expenses in this country are 65% to 90% lower than they are in America.
Moreover, China Medical Tourism held the greatest market share, while the Asia-Pacific region’s Medical Tourism industry in India grew at the fastest rate.
The United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are additional significant nations covered in the market analysis.
The second-largest market share belongs to the medical tourism industry in North America. More than average numbers of tourists visit the United States for medical procedures including orthopedic and cardiac surgeries, which boosts the revenue made by the providers and defines the market in the sector.
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For instance, the World Travel & Tourism Council (WTTC) 2019 data shows that the United States reported spending USD 3,930 million on inbound medical tourism. Also, the US medical tourism market had the biggest market share, and the fastest-growing industry in North America was the medical tourism market in Canada.
From 2022 to 2030, the medical tourism market in Europe is anticipated to experience the fastest CAGR growth. The rapid expansion of the medical tourism business, rising healthcare expenses, and rising prevalence of osteoarthritis and degenerative disc disease are all contributing factors in this. Moreover, the UK medical tourism industry had the greatest market share, while Germany’s medical tourism sector had the quickest rate of expansion in the continent of Europe.
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