Pune, India, Dec. 13, 2022 (GLOBE NEWSWIRE) — The global medical tourism market size was valued at USD 11.56 billion in 2020. The market is expected to grow from USD 13.98 billion in 2021 to USD 53.51 billion by 2028, exhibiting a CAGR of 21.1% during the forecast period 2021-2028. Dramatic advances in the healthcare sector fueled by the introduction of novel medical devices and non-invasive procedures are fueling the rise of medical tourism globally.
Fortune Business Insights™ mentions this information in its report titled “Medical Tourism Market Forecast, 2021-2028.”
Industry Development
April 2021 – HexTransforma Healthcare unveiled Brit-Med – a novel medical tourism platform – to allow patients worldwide to search, compare, and avail the desired treatment.
November 2021 – Egypt announced the launch of a program intending to provide advanced medical and therapeutic services to foreign patients.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 21.1% |
| 2028 Value Projection | USD 53.51 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 13.98 Billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 155 |
Rise in Inbound Medical Travel owing to Low-cost Care to Augment Market Growth
Medical tourism market growth will be accelerated by the expansion of inbound medical travel. Continuous developments in healthcare in terms of medical devices, wearables, surgical procedures, and connected technologies have enabled better healthcare delivery. Telemedicine, telehealth, and other technologies are allowing patients to book appointments, consult doctors, and avail quality care from anywhere in the world. These factors have led to increased inbound medical travel in developing nations such as India and Thailand.
The lower cost of treatments in developing countries compared to developed countries will sustain the growth of medical tourism in the forthcoming years. The Medical and Health Tourism Congress (MHTC) reports that medical treatment in Asian countries is much cheaper than private hospitals in developed countries such as the U.S. For instance, a heart bypass surgery would cost USD 13,000 in Thailand, compared to USD 113,000 in the U.S.
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Despite rapid developments in the field, the COVID-19 pandemic has affected medical tourism market growth. Considering the highly uncertain nature of the pandemic, with new COVID-19 variants emerging in different countries, the market could experience some roadblocks during 2021-2028.
Market Segments:
On the basis of healthcare services, the market is classified into wellness treatment, medical treatment, and alternative treatment. The wellness treatment segment is further broken down into rejuvenation procedures, cosmetic procedures, and others. The medical treatment segment is divided into cardiac procedures, dental procedures, orthopedic & spine procedures, oncology procedures, and others.
By service provider, the market is bifurcated into private and public.
In terms of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
| Segmentation | By Service
|
| By Service Provider | |
By Geography
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Rising number of Medical Tourists in North America to Foster Market Growth
North America is anticipated to have a substantial chunk of the medical tourism market share over the projected timeframe. In 2020, the regional market generated USD 3.00 billion in terms of annual revenue. Growth is attributable to the high rate of medical tourists in the U.S. to receive cardiac, orthopedic, and other forms of medical care.
The market in Europe is expanding owing to the presence of well-established healthcare infrastructure and the availability of advanced medical facilities. France, Spain, Belgium, and the U.K. are expected to witness a rising number of medical tourists in the coming years.
Meanwhile, in the Asia Pacific region, the market is driven by the availability of lower-cost medical care.
List of Key Players in the Market:
- Bumrungrad International Hospital (Bangkok, Thailand)
- Apollo Hospitals (Chennai, India)
- Bangkok Chain Hospital (Nonthaburi, Thailand)
- Fortis Healthcare (Delhi, India)
- Asian Heart Institute (Mumbai, India)
- KPJ Healthcare Berhad (Kuala Lumpur, Malaysia)
- Livonta Global (Ahmedabad, India)
- Gleneagles Hospital (Mumbai, India)
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TABLE OF CONTENT:
- Introduction
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –New Product Launches, Mergers, and Acquisitions
- Impact of COVID-19 on Global Medical Tourism Market
- Healthcare Expenditure, by Key Countries
- Prevalence of Chronic Disease, by key Diseases, by Key Countries
- Global Medical Tourism Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Medical Treatment
- Cardiac Procedures
- Oncology Procedures
- Orthopedic & Spine Procedures
- Dental Procedures
- Others
- Wellness Treatment
- Cosmetic Procedures
- Rejuvenation Procedures
- Others
- Alternative Treatment
- Medical Treatment
- Market Analysis, Insights and Forecast – By Service Provider
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Medical Tourism Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Medical Treatment
- Cardiac Procedures
- Oncology Procedures
- Orthopedic & Spine Procedures
- Dental Procedures
- Others
- Wellness Treatment
- Cosmetic Procedures
- Rejuvenation Procedures
- Others
- Alternative Treatment
- Medical Treatment
- Market Analysis, Insights and Forecast – By Service Provider
- Market Analysis, Insights and Forecast – By Country
- Europe Medical Tourism Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Medical Treatment
- Cardiac Procedures
- Oncology Procedures
- Orthopedic & Spine Procedures
- Dental Procedures
- Others
- Wellness Treatment
- Cosmetic Procedures
- Rejuvenation Procedures
- Others
- Alternative Treatment
- Medical Treatment
- Market Analysis, Insights and Forecast – By Service Provider
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
TOC Continued…..
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