Medical Tourism Market Size, Share, Growth Report 2030

Global Medical Tourism Market Size

The global Medical Tourism market Size, which was estimated at $102.60 billion in 2019 and is predicted to accrue earnings worth $272.70 billion by 2027, is set to record a CAGR of nearly 12.7% over 2020-2027. The report offers a valuation and analysis of the Medical Tourism market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2027 based on value (USD Billion).

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Introduction

Medical tourism is referred to as individuals traveling abroad for acquiring medical therapy. Medical or healthcare treatment encompasses oncology treatment, elective surgery, neurological disease therapy, orthopedic therapy, and infertility treatment. Furthermore, medical tourists plan to travel to distant countries or locations for saving over thirty percent of the costs they would have to incur in the countries they reside in. Reportedly, patients with cardiovascular disorders based in the U.S. travel to Asian or Latin American countries for getting medical treatment, thereby saving nearly 30% to 50% of treatment costs.

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Medical Tourism Market: Growth Drivers

Easy access and affordability of high-quality healthcare services in the countries like India coupled with support from tourist departments & local authorities will propel the expansion of the market over the forthcoming years. Apart from this, easy access to upgraded medical systems at medical tourist locations across the globe and the use of cutting-edge technology in the healthcare sector along with the availability of enhanced healthcare amenities in medical tourist destinations will further promulgate the business growth. In addition to this, long queuing times and huge medical treatment costs have compelled patients to shift towards medical tourism, thereby contributing sizably to the market size in recent years. Nonetheless, lengthy procedures related to documentation issues along with language barriers as well as visa approval problems related to medical tourism events can prove detrimental to the growth of the medical tourism industry across the globe over the upcoming timespan.

Medical Tourism Market Report Scope:

Asia Pacific Market To Register Opulent Growth By 2026

The growth of the industry in the Asia Pacific zone over the forecast timeline is attributed to easy access to cost-efficient and high-quality medical treatment facilities in the countries like India and Thailand. In addition to this, the rise in private medical clinics and the availability of robust healthcare infrastructure facilities in these countries will steer the regional industry growth during the forecast timeline. Supportive government policies in countries like Malaysia and South Korea along with low costs of medical treatment in these countries will embellish the expansion of the medical tourism industry in the sub-continent over the forthcoming years.

Key participants leveraging the business growth and included in the study are 

• Medanta
• Spire Healthcare
• Fortis Healthcare
• Bangkok Dusit Medical Services
• IHH Healthcare Berhad
• Apollo Hospitals Enterprise Limited
• Bumrungrad Hospital Public Co. Ltd.
• Min-Sheng General Hospital
• KPJ Healthcare Berhad
• Asian Heart Institute
• Prince Court General Hospital
• Samitivej Sukhumvit
• Raffles Medical Group.

This report segments the global medical tourism market as follows:

Global Medical Tourism Market: Treatment Type Segment Analysis

• Cancer Treatment
• Orthopedic Treatment
• Fertility Treatment
• Cardiovascular Treatment
• Neurological Treatment
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa