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Medical tourism Market
Growing healthcare costs and the rising number of individuals seeking medical care abroad have resulted in increased demand for medical tourism.
The high treatment costs for dental treatments, especially for complex procedures, have prompted medical tourists to seek dental care abroad for substantial savings.” - Polaris
market ResearchNEW YORK CITY, NY, UNITED STATES, October 2, 2024 /EINPresswire / -- Our comprehensive research report on medical tourism offers an in-depth analysis of the market trends, drivers, recent developments, and competitive landscape.
According to our latest analysis, the medical tourism market is poised to grow at a robust CAGR of 24.7% from 2024 to 2032. The market was valued at USD 11.20 billion in 2023 and is anticipated to grow to USD 80.07 billion by 2032.
What Is Medical Tourism?
Medical tourism is the process of traveling outside the home country to receive medical care. Originally, the term referred to the travel of patients from less-developed countries to developed nations to seek treatments not available in their homeland. With time, there has been a quantitative and qualitative shift in patient travel, with patients from developed nations now visiting less-developed countries to seek health services. This is because treatment costs in developing nations may be less as compared to developed nations.
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Medical tourists undergo a wide range of procedures and treatments, with the most common ones being cosmetic surgery, fertility treatments, cosmetic surgery, and organ and tissue transplantation. Depending on the condition type, treatment plan, and visiting country, the treatment may be offered by a private or public service provider. With advancements in healthcare technology and the rising need for specialized treatments, the medical tourism market demand is anticipated to rise.
What Are Key Report Highlights?
.The medical tourism market size was valued at USD 11.20 billion in 2023 and is projected to grow to USD 80.07 billion by 2032.
.The availability of privately owned, internationally recognized providers has resulted in a rising number of people seeking medical treatments abroad.
.The market segmentation is primarily based on treatment type, service provider, and region.
.The key regions covered in the research report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Who Is Market Key Players?
.Apollo Hospitals Enterprise Ltd.
.Bangkok Hospital
.Bumrungrad International Hospital
.Dr. B. L. Kapur Memorial Hospital
.Kasemrad Hospital International Rattanathibet
.Miot Hospital
.Mission Hospital
.MOHW Hengchun Tourism Hospital
.Mount Elizabeth Hospitals
.Penang Adventist Hospital
.Raffles Medical Group
are some of the medical tourism market key players. These industry players are constantly upgrading their technologies to stay ahead of the competition.
Also, they are focusing on strategic developments to garner a larger market share.
Some of the top market developments are:
.In February 2023, Penang announced its plans to enhance its medical tourism sector through a strategic partnership between Penang Adventist Hospital and Firefly Airlines.
.In January 2023, the India Tourism Development Corporation signed a Memorandum of Understanding (MOU) with the Ministry of Ayush to boost medical tourism in Ayurveda and other traditional medical systems.
What's Driving Market Forward?
Elevated Medical Expenses: In developing nations, individuals can get access to medical care at comparatively lower costs than in developed countries. Along with being affordable, these medical tourism services are of high quality as resources are available at comparatively lower prices. As such, more people relocate to developing nations to seek healthcare services, impacting the medical tourism market demand favorably.
Absence of Insurance Coverage: Insurance providers in several nations like the US typically exclude coverage for several elective surgeries such as cosmetic, weight loss, and certain dental procedures. The lack of coverage or limited availability prompts individuals to seek treatments in nations where they are affordably priced.
Government Support: Several governments worldwide are using diverse strategies to promote health and wellness tourism within their borders. The presence of robust government support is anticipated to foster the expansion of the medical tourism market.
Which Region Leads Market Demand?
Asia Pacific: Asia Pacific accounted for the largest medical tourism market share in 2023. This is primarily because medical care in Asia Pacific is more than 90% cheaper as compared to the US. Also, Asia Pacific has the presence of some of the most favored tourist destinations distributed across several countries in the region.
North America: North America is anticipated to account for a significant revenue share from 2024 to 2032. Countries such as the US and Canada are widely known for their stringent healthcare standards. Also, numerous facilities in North America hold international accreditation, resulting in increased patient trust in medical procedures.
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How Is Market Segmentation Done?
By Treatment Type Outlook
.Cosmetic Treatment
.Bariatric Treatment
.Dental Treatment
.Cardiovascular Treatment
.Orthopedic Treatment
.Ophthalmology Treatment
.Infertility Treatment
.Alternative Medicine
.Others
By Service Provider Outlook
.Private
.Public
By Region Outlook
.North America (US, Canada)
.Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
.Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
.Latin America (Brazil, Mexico, Argentina)
.Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Medical Tourism Market Report Coverage from Different Publications:
Medical Tourism Market Size is Projected to be US$ 80.07 Billion by 2032, at a CAGR of 24.7% from 2024 to 2032 | Polaris Market Research (PMR)
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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Polaris Market Research and Consulting
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