Acumen Research and Consulting recently published a report titled “Medical Tourism Market Size, Share, Analysis Report and Forecast by Region, 2022 – 2030.”
LOS ANGELES, Aug. 5, 2022 (GLOBE NEWSWIRE) — The Global Medical tourism market The size is estimated at 11,395 million USD in 2021 and is expected to reach a market size of 88,595 million USD by 2030; growing at a CAGR of 27.4%.
Medical tourism is a new term, but it is not a new concept. Medical tourism is becoming increasingly attractive as a result of domestic restrictions and long waiting lists, as well as the ease of global travel. Globally, there has been tremendous growth in the healthcare sector, driven by inadequate 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 increasing cross-border provision of health services.
Impact of COVID-19 on the market value of global medical tourism
The outbreak of the COVID-19 virus had a significant impact on the market, especially in the first half of 2020. The implementation of travel restrictions and the global withdrawal of elective procedures were the main reasons for this decline. During the pandemic, the closure of major transportation services such as airlines led to a significant drop in medical tourists to destination hubs. The COVID 19 pandemic has had a negative impact on major medical tourism markets, including prominent medical tourism destinations such as India, China and other developing countries. However, as the number of new and active cases of COVID-19 infection decreases, the industry will gradually gain strength.
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|market||Medical tourism market|
|Medical Tourism Market Size 2021||11,395 million US dollars|
|Medical Tourism Market Forecast 2030||88,595 million US dollars|
|Medical Tourism Market CAGR||27.4% In 2022 – 2030|
|Analysis period||2018 – 2030|
|Estimated data||2022 – 2030|
|Covered segments||By treatment and by region|
|Regional scope||North America, Europe, Asia Pacific, Latin America and the Middle East and Africa|
|Key companies profiled||Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group,
Bangkok Hospital Medical Center, Samitivej Hospitals, Apollo Enterprise Ltd. Hospitals,
Fortis Hospitals, Aditya Birla Memorial Hospital, Asian Heart Institute, eoul National University Hospital,
and Wooridul Spine Hospital
|Report coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
India is emerging as one of the prominent countries for the medical tourism industry
India, along with Thailand and Singapore, is one of the top three medical tourism destinations in Asia, accounting for approximately 60% of Asian healthcare revenue in 2012. Indian medical tourism is growing in popularity as patients seek more -good and cheaper treatment options in India. And for the first time, India has established a solid presence in the medical tourism sector, which was previously occupied by developed countries like the United States and Singapore, to name a few. Some of the most common medical treatments in India are in cardiology, orthopedics and neurology.
According to the Confederation of Indian Industry (CII), approximately 150,000 patients from around the world arrived in India for medical treatment in 2005, and this figure is expected to grow by 15% every year. In India, such treatment costs one-eighth to one-fifth of what it costs in the West. A heart procedure that costs between US$40,000 and US$60,000 in the United States, for example, costs US$30,000 in Singapore, US$12,000 to US$15,000 in Thailand, and only US$3,000 to US$6,000 in India. In addition to this, a study by the India Brand Equity Fund (IBEF) found that India is more competitive compared to other prominent medical tourism destinations such as Thailand. As a result, the medical tourism industry in India is booming.
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Cosmetic procedures to boost demand for medical tourism in developing nations
Developing countries are seeing a visible increase in the demand for plastic surgery through medical tourism. The qualified group of medical specialists in the field of plastic, cosmetic and reconstructive surgery lead this. Another important factor is the use of cutting-edge technology at par with the best in the world. People travel to India for cosmetic surgeries like breast augmentation, bariatric procedures and rhinoplasty. 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. Studies show that it is possible to save 40 to 80% by undergoing a cosmetic surgery procedure abroad. Insurers in Western countries do not cover cosmetic procedures, making it easier for Western travelers to travel abroad and save thousands of dollars. People often become medical tourists in search of procedures ranging from breast augmentation to liposuction. Others want things like removing excess skin. 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 prohibitively expensive in some Western countries.
Medical tourism market segmentation
The global market is divided into four segments: treatment and region.
On the basis of medical treatment, the market is segmented into cancer treatment, cardiovascular treatment, cosmetic treatment, dental treatment, infertility treatment, neurological treatment, orthopedic treatment, and other treatments. According to our analysis of the medical tourism industry, cancer treatment will gain a dominant market share between 2022 and 2030. Cancer is the second leading cause of death worldwide, accounting for nearly 10 million deaths in 2018 – one in every six deaths. Breast, cervical, colorectal, lung, and thyroid cancers are most common in women, while colorectal, liver, lung, prostate, and stomach cancers are most common in men. Patients choose to travel to other countries because of the lower cost of treatment and lack of modern treatment.
Regional Outlook of the Medical Tourism Market
The global medical tourism market is segmented into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Asia Pacific dominated the market with a majority share in 2021 and is expected to maintain this trend from 2022 to 2030. Factors such as availability of low-cost flights, low cost of treatment, availability of quality care, and significant government investment support the market of medical tourism in the Asia-Pacific region.
Europe, on the other hand, is expected to experience the fastest growth between 2022 and 2030. Availability of advanced specialized treatments for neurological, cardiovascular, and cancer diseases is attributed to the rapid growth of the region.
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Players in the Medical Tourism Market
Some famous medical tourism companies involved in the industry are 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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