With a CAGR of 21.1%, the medical tourism market size is worth USD

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Pune, India, April 14, 2022 (GLOBE NEWSWIRE) — Worldwide medical tourism market the size reached USD 11.56 billion in 2020. The market value is expected to increase from USD 13.98 billion in 2021 to USD 53.51 billion in 2028 with a CAGR of 21.1% between 2021 and 2028. Dramatic advances in healthcare industry fueled by the introduction of new medical devices and non-invasive procedures is fueling the boom in medical tourism globally, says Fortune Business Insights™ in its report titled “Medical Tourism Market, 2021-2028” .

Medical tourism has gained immense popularity around the world, especially in developed regions. The Medical Tourism Association (MTA) reports that more than 14 million people worldwide travel to other countries each year for treatment. Moreover, according to a report by McKinsey & Company, 40% of people travel to countries to seek medical care from highly trained professionals and through advanced health technologies. The availability of lower cost treatments in many countries for various conditions will support the growth of the medical tourism market over the forecast period.

industry development

April 2021 – HexTransforma Healthcare has unveiled Brit-Med – a new medical tourism platform – to enable patients around the world to search, compare and benefit from the treatment they want.

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Report scope and segmentation

Report cover Details
Forecast period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 21.1%
2028 value projection $53.51 billion
base year 2020
Market size in 2020 $11.56 billion
Historical data for 2017 to 2019
Number of pages 115
Segments Covered Product, end user
Growth engines Lower cost care for surgeries to accelerate market growth
Expansion of inbound medical travel to increase market potential
Active consumer preference towards cosmetic procedures to increase market potential

Impact of COVID-19

Travel Restrictions Hampered Medical Tourism Market Outlook in 2020

The outbreak and rapid spread of the COVID-19 pandemic has led to strict containment measures in most countries. In the Asia-Pacific region, for example, the number of tourists fell by 84% in 2020 compared to 2019, according to the World Tourism Organization. Social and travel restrictions imposed to limit the spread of the coronavirus epidemic have strongly affected the medical tourism market. Market momentum was also affected by the postponement of non-essential and elective surgeries amid rising COVID-19 cases. However, the market is poised to recover as the COVID-19 situation improves and the country’s borders reopen.

Market segments

On the basis of healthcare services, the market is categorized into wellness treatment, medical treatment, and alternative treatment. Wellness treatment segment is further divided into rejuvenation procedures, cosmetic procedures and others. The medical treatment segment is divided into cardiac procedures, dental procedures, orthopedic and spinal procedures, oncology procedures and others.

By service provider, the market is split into private and public.

Geographically, the market is segmented into North America, Latin America, Asia-Pacific, Europe, Middle East and Africa.

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Report cover

The report offers:

  • Major growth drivers, restraints, opportunities and potential challenges for the market.
  • A comprehensive overview of global and regional developments.
  • List of major industry players.
  • Key strategies adopted by market players.
  • Latest industry developments include product launches, partnerships, mergers and acquisitions.

Drivers and Constraints

Increase in inbound medical travel due to low cost care to increase market growth

The growth of the medical tourism market 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 delivery of healthcare. Telemedicine, telehealth, and other technologies allow patients to book appointments, see doctors, and receive quality care anywhere in the world. These factors have led to an increase in inbound medical travel to developing countries like India and Thailand.

The lower cost of treatment in developing countries compared to developed countries will support the growth of medical tourism in the years to come. The Medical and Health Tourism Congress (MHTC) reports that medical treatment in Asian countries is much cheaper than private hospitals in developed countries like the United States. For example, a heart bypass would cost $13,000 in Thailand, compared to $113,000 in the United States.

Despite the rapid developments in the field, the COVID-19 pandemic has affected the growth of the medical tourism market. Considering the highly uncertain nature of the pandemic, with the emergence of new variants of COVID-19 in different countries, the market may encounter obstacles during the period 2021-2028.

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Regional outlook

Increasing Number of Medical Tourists in North America to Drive Market Growth

North America is expected to hold a substantial portion of the medical tourism market share over the forecast period. In 2020, the regional market generated USD 3.00 billion in annual revenue. The growth is attributable to the high rate of medical tourists to the United States to receive cardiac, orthopedic and other care.

The market in Europe is expanding due to the presence of well-established healthcare infrastructure and the availability of advanced medical facilities. France, Spain, Belgium and the UK are expected to see an increase in the number of medical tourists in the coming years.

Meanwhile, in the Asia-Pacific region, the market is driven by the availability of cheaper medical care.

List of key players present 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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Contents :

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Key Industry Developments – New Product Launches, Mergers & Acquisitions
    • Impact of COVID-19 on the Global Medical Tourism Market
    • Health expenditure, by key countries
    • Prevalence of chronic diseases, by key diseases, by key countries
  • Global Medical Tourism Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market Analysis, Outlook and Forecast – By Service
      • Medical treatment
        • Cardiac procedures
        • Oncology procedures
        • Orthopedic and spinal procedures
        • Dental procedures
        • Others
      • wellness treatment
        • Cosmetic procedures
        • Rejuvenation procedures
        • Others
      • Alternative treatment
    • Market Analysis, Outlook and Forecast – By Service Provider
    • Market Analysis, Outlook and Forecast – By Geography
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa

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