The medical tourism market size is expected to reach USD 77.30 billion at a CAGR of 20.5% CAGR, predicted by Market Research Future

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Medical Tourism Market Analysis by Treatment Type (Orthopedic/Spinal Treatments, Oncology/Cancer Treatments, Cosmetic Treatments, Cardiovascular Treatments, Dental Treatments, Fertility/IVF Treatments), by Regions – Forecast to 2027

Scope of the medical tourism market

Market Research Future (MRFR) assumes that the medical tourism market is expected to reach USD 77.30 billion with a CAGR of 20.5% during the forecast period. Growing unmet medical needs are forcing people to opt for regions that offer cost-effective treatment options. Developments in hospital management are also facilitating advancements in the field of medical tourism, while the allure of comfortable and luxurious stays in medical facilities is also driving the market share of medical tourism. The thriving geriatric patient base combined with the growing purchasing power of the middle class population will further improve the position of the medical tourism industry in the coming years.

Medical tourism offers a host of benefits such as latest medical technologies, cost effectiveness, better healthcare, modern devices, better hospitality, innovative medicines and personalized care. The medical tourism industry is expected to grow exponentially in the coming years, given the dramatic increase in the number of surgeries not covered by insurance, such as sex reassignment operations, fertility treatments, dental reconstruction and cosmetic surgery. .

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Asia-Pacific is a popular emerging market for medical tourism, with Singapore, Thailand, Taiwan, Malaysia, South Korea, Japan and India leading the preferences of global tourists. Private medical institutions and hospitals and international investors see Asia-Pacific as an extremely attractive business opportunity, paving the way for significant funding for infrastructure, equipment, personnel and services. The medical tourism market in the Middle East has become a major power in recent years, with the demand for low-cost medical services soaring among patients and almost non-existent queues, as well as English-speaking medical staff who adds to the appeal of the area. .

Impact of COVID-19 on the medical tourism market

COVID-19 has nearly crippled the medical tourism sector, to say the least, as governments across countries have imposed rigid lockdown rules while suspending transportation of goods and people. Moreover, with the focus on dealing with the novel coronavirus, the focus on other medical cases has dropped sharply, leaving the medical tourism market to grapple with the consequences. The shutdown of major airlines across the world has also halted the movement of medical tourists, which is another challenge for the global market.

With the overburdened healthcare industry and the sharp decline in the medical workforce, the growth rate of the medical tourism market has dropped sharply. The decline in the pharmaceutical production rate also hurt the market.

Segmentation of the medical tourism market

The medical tourism market has been segregated into treatment type.

The types of treatment discussed in the review report include fertility/IVF treatments, oncology/cancer treatments, orthopedic/spinal treatments, neurology/neurosurgery treatments, dentistry treatments, cardiovascular/cardiological treatments and cosmetic treatments.

Regional overview of the medical tourism market

The Asia-Pacific medical tourism market is gaining the most, driven by rapidly developing countries with improving healthcare infrastructure. APAC accounts for the largest share of 43.7% of the global industry, in response to huge spending on technological advancements and the development of advanced medical machinery and equipment. South Korea is a booming market for medical tourism in the region, with cosmetic procedures enjoying the highest demand among tourists. Thailand’s promising growth is also noteworthy as the country offers medical tourists cheaper cosmetic treatment options.

The growing number of private hospitals and advancements in healthcare infrastructure add to the value of the APAC market. However, MRFR also recognizes India as an attractive destination, with a horde of medical tourists from developed economies coming here for Ayurvedic massages and aromatherapy procedures. The availability of high-level and highly qualified medical expertise at reasonable prices in the country attracts patients from abroad. The greatest demand is for high-end surgeries in India including hip/knee replacement, heart bypass surgery, etc.

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Medical Tourism Market Competitive Outlook

Some of the biggest companies in the medical tourism industry include Schoen-Kliniken, Samitivej PCL, CHRISTUS MUGUERZA, Anadolu Medical Center, Prince Court Medical Center, Bangkok Hospital, Fortis Healthcare, Gleneagles Global Hospitals Group, Clemenceau Medical Center, Shouldice Hospital, Bumrungrad International Hospital, Asklepios Kliniken Verwaltungsgesellschaft mbH, to name a few.

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About Market Research Future:

At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR) and Advisory Services. The MRFR team has the overriding goal of providing our clients with the highest quality market research and intelligence services.

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