Acumen Research and Consulting recently published a report titled “Medical Tourism Market Size, Share, Regional Analysis and Forecast Report, 2022-2030”
LOS ANGELES, Aug. 05, 2022 (GLOBE NEWSWIRE) — The Global Medical tourism market The size is valued at USD 11,395 million in 2021 and is expected to reach a market size of USD 88,595 million by 2030; with a CAGR of 27.4%.
Medical tourism is a new term, but it is not a new concept. Medical tourism is becoming more attractive due to domestic constraints and long waiting lists, as well as the ease of international travel. Globally, the healthcare sector has seen massive growth, spurred by insufficient national public health services, rising healthcare costs and the availability of more affordable alternatives in developing economies. . This has led to the globalization of health care, as evidenced by the increase in cross-border provision of health services.
Impact of COVID-19 on Global Medical Tourism Market Value
The outbreak of the COVID-19 virus had a significant impact on the market, especially during the first half of 2020. The implementation of travel restrictions and the global withdrawal of elective procedures were the main causes for this decline. During the pandemic, the closure of major transport services such as airlines has led to a significant drop in the number of medical tourists in destination centres. The COVID 19 pandemic has negatively impacted major medical tourism markets, including major medical tourism destinations such as India, China and other emerging countries. However, as the number of new and active cases of COVID-19 infection decreases, the industry will gradually gain popularity.
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|Market||Medical tourism market|
|Medical tourism market size 2021||$11,395 million|
|Medical Tourism Market Forecast 2030||$88,595 million|
|Medical Tourism Market CAGR||27.4% from 2022 to 2030|
|Analysis period||2018 – 2030|
|Year of reference||2021|
|Forecast data||2022 – 2030|
|Segments Covered||By medical treatment and by region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group,
Bangkok Hospital Medical Center, Samitivej Hospitals, Apollo Hospitals Enterprise Ltd.,
Fortis Hospitals, Aditya Birla Memorial Hospital, Asian Heart Institute, Seoul National University Hospital,
and Wooridul Spine Hospital
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
India is becoming one of the leading countries in the medical tourism industry
India, along with Thailand and Singapore, is one of the top three medical tourism destinations in Asia, accounting for around 60% of healthcare revenue in Asia in 2012. Indian medical tourism is becoming increasingly popular as patients are looking for better and cheaper treatment options in India. And, for the first time, India has established a strong presence in the medical tourism sector, which was previously occupied by developed countries such as the United States and Singapore, to name a few. Some of the most prevalent medical treatments in India are in the fields of cardiology, orthopedics, and neurology.
According to the Confederation of Indian Industry (CII), about 150,000 patients from all over the world arrived in India for medical treatment in 2005, and this figure is expected to increase by 15% every year. In India, a comparable treatment costs between an eighth and a fifth of what it costs in the West. A cardiac procedure that costs between 40,000 and 60,000 USD in the United States costs, for example, 30,000 USD in Singapore, 12,000 and 15,000 USD in Thailand and only 3,000 and 6,000 USD in India. In addition to this, a study by India Brand Equity Fund (IBEF) found that India is more cost competitive than other renowned medical tourism destinations such as Thailand. As a result, the medical tourism industry in India is thriving.
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Cosmetic treatments to boost demand for medical tourism in emerging countries
Emerging countries are seeing a visible increase in demand for plastic surgery through medical tourism. The qualified group of medical expertise in plastic, aesthetic and reconstructive surgery is the driving force. Another important factor is the use of state-of-the-art technology on par with the best in the world. People travel to India for cosmetic surgeries such as breast augmentations, bariatric procedures, and rhinoplasties. Medical tourism is not only used for standard medical care or procedures; it is also a popular option for those looking for cosmetic surgery at a lower cost. Research has shown that it is possible to save up to 40-80% by having a cosmetic surgery procedure abroad. Insurers in Western countries do not cover cosmetic procedures, so it becomes easier for Western travelers to travel abroad and save thousands of dollars. People often become medical tourists seeking procedures ranging from breast augmentation to liposuction. Others want things like excess skin removed. Many people travel to seek other elective treatments, such as LASIK eye surgery or dental procedures, which are not covered by many Western insurance plans but are extremely expensive in some Western countries.
Segmentation of the medical tourism market
The global market is divided into four segments: medical treatment and region.
Based on medical treatment, the market is divided into cancer treatment, cardiovascular treatment, cosmetic treatment, dental treatment, fertility treatment, neurological treatment, orthopedic treatment and other treatments. According to our analysis of the medical tourism industry, cancer treatment has captured a dominant market share between 2022 and 2030. Cancer is the second leading cause of death globally, accounting for nearly 10 million deaths in 2018, i.e. one in six deaths. Breast, cervical, colorectal, lung and thyroid cancers are most common among women, while colorectal, liver, lung, prostate and stomach cancers are the most common. more common in men. Patients choose to travel to other countries due to the lower cost of treatment and lack of availability of advanced treatments.
Regional Outlook of the Medical Tourism Market
The global medical tourism market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. Asia-Pacific region dominated the market with majority share in 2021 and is expected to maintain this trend from 2022 to 2030. Factors such as availability of cheap flights, low cost of treatment, availability of quality care and large government investments are strengthening the medical tourism market in Asia-Pacific.
Europe, on the other hand, is expected to experience the fastest growth between 2022 and 2030. The presence of advanced specialized treatments for neurological, cardiovascular and cancer disorders is driving the rapid growth of the region.
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Players in the medical tourism market
Some of the major medical tourism companies covered in the industry include Aditya Birla Memorial Hospital, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bangkok Hospital Medical Center, Bumrungrad International Hospital, Fortis Hospitals, Min-Sheng General Hospital, Raffles Medical Group , Seoul National University Hospital, Samitivej Hospitals and Wooridul Spine Hospital.
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Mr. Richard Johnson
Acumen Research and Consulting
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