Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global medical tourism market reached a value of US$ 81.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 273.7 Billion by 2027, exhibiting a CAGR of 22.98% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Medical tourism refers to organized travel across countries to receive medical treatment. It usually involves traveling abroad for maintenance, enhancement or restoration of health through advanced healthcare facilities and treatment methods. The services are often availed for elective surgeries and the treatment of various dental, cosmetic, cardiovascular, orthopaedic and neurological diseases, along with other critical ailments, such as cancer. They also enable the patients to receive high-quality treatment and other healthcare facilities at affordable costs.
The thriving medical industry across the globe is one of the key factors driving the growth of the market. Patients are increasingly adopting medical migration, owing to high treatment expenditures for chronic ailments in several developed nations. Furthermore, the availability of state-of-the-art medical facilities at affordable costs in various developing countries is attracting patients from all over the world. Healthcare centers are focusing on providing improved healthcare, innovative medicines, modern devices and personalized care to patients, thereby providing a boost to the market. Additionally, healthcare organizations and centers are also offering comprehensive medical tourism packages to patients, which include all travel-related services ranging from ticket booking to accommodation and medical insurance. Moreover, growing consumer awareness regarding the availability of advanced medical facilities is another factor favoring the market growth. Other factors, including the implementation of favourable government policies promoting the growth of the medical infrastructure and extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical tourism market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on treatment type.
Breakup by Treatment Type:
Among these, cosmetic treatment represents the dominant market segment, accounting for the majority of the total market share. Since cosmetic treatments are considered to be elective procedures, their costs are not covered by medical insurance plans. The cost of cosmetic procedures, however, are considerably lower in numerous developing countries, which has impelled individuals to opt for medical tourism in order to access better quality healthcare services at affordable prices.
Breakup by Region:
Middle East and Africa
At present, Asia Pacific holds the leading position in the market.
The competitive landscape of the industry has also been examined with some of the medical tourism compaines being Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, BB Healthcare Solutions., Fortis Healthcare, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre, Samitivej, Seoul National University Hospital, UZ Leuven, etc.
Key Questions Answered in This Report
1. What is the global medical tourism market growth?
2. What are the global medical tourism market drivers?
3. What are the key industry trends in the global medical tourism market?
4. What is the impact of COVID-19 on the global medical tourism market?
5. What is the global medical tourism market breakup by treatment type?
6. What are the major regions in the global medical tourism market?
7. Who are the key companies/players in the global medical tourism market?
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