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 | Industry Share By Treatment Type, And Region.
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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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.
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.
Report Attributes | Report Details |
---|---|
Report Name | Medical Tourism Market Research Report |
Market Size in 2019 | USD 102.60 Billion |
Market Forecast in 2027 | USD 272.70 Billion |
Compound Annual Growth Rate | CAGR of 12.7% |
Number of Pages | 110 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | 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, and Raffles Medical Group. |
Segments Covered | By Treatment Type, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Countries Covered | North America: U.S and Canada Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile The Middle East And Africa: South Africa, GCC, Rest of MEA |
Base Year | 2021 |
Historical Year | 2016 to 2020 |
Forecast Year | 2022 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
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.
Global Medical Tourism Market: Treatment Type Segment Analysis
FrequentlyAsked Questions
Easy access and affordability of high quality healthcare services in the countries like India coupled with the 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 the medical tourist locations across the globe and use of cutting edge technology in healthcare sector along with availability of enhanced healthcare amenities in medical tourist destinations will further promulgate the business growth. In addition to this, long queuing time and huge medical treatment costs has compelled the patients shift towards medical tourism, thereby contributing sizably towards the market size in the recent years.
Global Medical Tourism Market size accounted for $102.60 billion in 2019, and is projected to reach $272.70 billion by 2027, registering a CAGR of 12.7% from 2020 to 2027.
Asia Pacific is likely to make noteworthy contributions towards overall market revenue. The regional market growth over 2020-2026 can be credited to easy access to cost-efficient and high quality medical treatment facilities in the countries like India and Thailand. In addition to this, rise in the private medical clinics and availability of robust healthcare infrastructure facility 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 medical tourism industry in the sub-continent over the forth coming years.
The key players profiled in the report include 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, and Raffles Medical Group.
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