The global medical tourism market is expected to reach

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NEWARK, Del: , Sept. 14, 2022 (GLOBE NEWSWIRE) — The global medical tourism market is expected to be valued at US$5.2 billion in 2022. Cost savings and additional benefits for visitors such as treatments Improved healthcare, innovative technologies, breakthrough medicines, sophisticated devices, superior hospitality and individualized care are some of the major market drivers, the global demand for medical tourism is expected to grow at a CAGR of 30.5 % between 2022 and 2032, for a total of approximately $75 billion by 2032.

Medical tourism, although not a new concept, is gaining popularity on the internet as a health care option available to people around the world. From a marketing perspective, the Internet offers a dynamic medium for health service providers and operators to publicize the various medical travel options. The internet can also play a crucial role in influencing a patient’s decision regarding medical tourism.

An increasing number of medical tourism operators are using the Internet to advertise the services offered worldwide. The transfer of information relating to health services via electronic media has become widespread. As a result, the number of people accessing required health information has increased.

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Key insights from market research

  • From 2017 to 2021, market demand grew at a CAGR of 28%
  • By type of treatment, cancer treatment will accumulate a market share of 42% in 2022
  • By booking channel, the online segment dominates the market with a 65% share
  • The United States will emerge as a promising market, capturing nearly 2/5e of global market turnover in 2022
  • Malaysia will be an opportunistic market, expected to capture nearly 28% of revenue
  • The UK is a significant contributor to the medical tourism market revenue landscape, accounting for over 25% of sales

A large population of foreigners seek surgeries such as facial aesthetic procedures, dental implants, breast implants, facelifts, and liposuction in these countries. Improved health infrastructure and availability of high quality health services at affordable prices driving the growth of the global marketnotes an IMF analyst.

Competitive landscape

Players in the global medical tourism market are focusing on expanding their global reach through various strategies, such as; partnerships, collaborations and partnerships. The players are also investing significantly in R&D to add innovations to their products that would help them strengthen their position in the global market. Some of the recent developments among the major players are:

  • In October 2021, BC Platforms (BCP), a global leader in healthcare data management and analytics, announced an expanded partnership with Bumrungrad International Hospital (Bangkok, Thailand), one of the largest private hospitals in Southeast Asia and a global leader in healthcare delivery. and pioneering clinical research.
  • In October 2020, Indian Railway Catering and Tourism Corporation (IRCTC) partnered with Apollo Hospitals Chennai to provide a hassle-free journey for people traveling for medical care. IRCTC is also looking to expand the service to neighboring countries such as Sri Lanka and Bangladesh in collaboration with air services and other travel facilitators in those countries.

In May 2021, Fortis Healthcare announced the split of its Fortis Hospitals hospital business into Manipal Hospitals and the sale of its 20% stake in diagnostics company SRL

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Key Segments Covered By the Medical Tourism Industry Analysis

Medical Tourism Market by Type of Treatment:

  • dental treatment
  • Cosmetic Treatment
  • Cardiovascular treatment
  • orthopedic treatment
  • Neurological treatment
  • Cancer treatment
  • Fertility treatment
  • Other treatments

Medical tourism market by type of service:

  • Wellness service
  • Therapeutic service

Medical Tourism Market by Type of Tourist:

Medical Tourism Market by Tour Type:

  • Independent Traveler
  • Excursion group
  • Package traveler

Medical Tourism Market by Customer Orientation:

Medical Tourism Market by Age Group:

  • 15-25 years old
  • 26-35 years old
  • 36-45 years old
  • 46-55 years old
  • 66-75 years old

Medical Tourism Market by Booking Channel:

  • Reservation by phone
  • Online booking
  • Reservation in person

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Learn more about what the Medical Tourism Market report covers

Future Market Insights offers an unbiased analysis of the global medical tourism market, providing historical data for 2017-2021 and forecast statistics for 2022-2032.

To understand the opportunities in the medical tourism market, the market is segmented on the basis of treatment type, service type, tourist type, customer orientation, tour type, age group, and channel reservations in seven major regions of the world.

Contents

1. Summary

1.1. Global Market Outlook

1.2. Analysis of the evolution of tourism

1.3. MFI analysis and recommendations

2. Presentation of the market

2.1. Total expenditure (millions of US dollars) and forecast (2022-2032)

2.2. Number of medical tourists (Mn) and forecast (2022-2032)

2.3. Projected annual growth in total expenditure (2022-2032)

2.4. Projections of annual growth in the number of medical tourists

3. Global Tourism Industry Analysis

3.1. Overview of the tourism industry

3.1.2. Contribution of the travel sector to overall global employment

3.1.3. Travel and tourism growth rate

3.1.4. Foreign visitor exports as a percentage of total exports

Read more Table of contents…

View Related Research Reports on Travel & Tourism Market Outlook

Outbound Medical Tourism Market Size: The outbound medical tourism market is expected to reach US$197.5 billion in 2022. According to the report, the outbound medical tourism demand is expected to grow at a staggering CAGR of 14.6% from 2022 to 2032.

Turkey Medical Tourism Market Sales: The Turkey Medical Tourism Market, which is valued at around US$3.5 billion in 2022, is expected to grow at a CAGR of 5% and is expected to be valued at nearly 7.6 billion US dollars in 2032.

Intrabound Medical Tourism Market Trend: The global inbound medical tourism market is expected to reach US$8.7 billion in 2022. According to the report, demand is expected to increase at a robust CAGR of 23.6%.

India Medical Tourism Market Demand: The India medical tourism market is expected to reach US$7,417 million in 2022. According to the report, the demand is expected to grow at a robust CAGR of 19%.

Thailand Medical Tourism Market Forecast: The Thailand medical tourism market is expected to reach US$5,687 million in 2022. According to the report, Thailand medical tourism market sales are expected to grow at a robust CAGR of 18.4 %.

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