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IMARC Group's report titled” South Korea Medical Tourism: industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “. The South Korea medical tourism market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.
Factors Affecting the Growth of the South Korea Medical Tourism Industry: High-Quality Healthcare Services:
South Korea's medical tourism industry is primarily driven by its reputation for providing high-quality healthcare services. The country boasts world-class hospitals and clinics equipped with cutting-edge medical technology and staffed by skilled and experienced medical professionals. Patients from around the world seek South Korea for specialized medical treatments, diagnostics, and surgeries. The healthcare sector's commitment to excellence, continuous research and development, and adherence to international standards ensure that patients receive top-notch care, making South Korea a trusted destination for medical tourism.
Availability of Cost-Effective Medical Procedures:
South Korea offers a compelling cost advantage for medical tourists compared to many Western countries. The affordability of medical procedures, including elective surgeries, dental treatments, and wellness services, appeals to individuals seeking quality care without the hefty price tag, thereby fueling market growth. This cost-effectiveness extends to various aspects of medical tourism, including hospital fees, accommodation, and transportation. As a result, South Korea stands out as an attractive destination for patients looking to receive world-class medical care while keeping their expenses reasonable.
Wellness and Cosmetic Tourism:
South Korea has emerged as a global leader in wellness tourism . The country's expertise in cosmetic surgery, non-invasive procedures, and beauty treatments has made it a sought-after destination for those seeking aesthetic enhancements. South Korea's reputation for innovative skincare products and beauty regimens further solidifies its status as a beauty and wellness hub. Medical tourists benefit from cosmetic procedures and immerse themselves in wellness experiences, making their journeys to South Korea holistic and transformative, with a focus on both health and beauty. This unique offering attracts individuals looking for comprehensive healthcare and rejuvenation solutions.
Leading Companies Operating in the South Korea Medical Tourism Industry: Ajou University Medical Center Banobagi Plastic Surgery CHA Fertility Center Injeuniversity Haeundae Hospital JK Plastic Surgery Center Keimyung University Dongsan Hospital Korea Medical Hub Nasaret International Hospital Sun Medical Center Wonkwang University Hospital
South Korea Medical Tourism Market Report Segmentation: By Type:
Outbound Inbound Intrabound
Outbound represented the leading segment due to the significant number of South Korean patients seeking medical treatment abroad.
By Treatment Type:
Cosmetic Treatment Dental Treatment Cardiovascular Treatment Orthopaedic Treatment Bariatric Surgery Fertility Treatment Ophthalmic Treatment Others
Cosmetic treatment accounted for the largest market share owing to the country's reputation as a global hub for cosmetic procedures and aesthetic enhancements.
South Korea Medical Tourism Market Trends: The South Korea medical tourism market is primarily driven by South Korea's reputation for high-quality healthcare services, state-of-the-art medical facilities, and skilled medical professionals that attracts a steady influx of international patients seeking top-notch medical treatment. Apart from this, the cost-effectiveness of medical procedures in South Korea, compared to many Western countries that makes it an appealing destination for those looking to receive quality care at a fraction of the cost, is another major growth-inducing factor. Furthermore, the country's prominence in wellness and cosmetic tourism, with a focus on cosmetic surgeries and non-invasive treatments that draw patients seeking aesthetic enhancements in a trusted and innovative environment, is contributing to market growth.
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