Global Medical Tourism Market to Reach US$ 337.0 Billion by 2028, Impelled by Emerging Healthcare Sector

March 06, 2023 | Healthcare

According to the latest report by IMARC Group, titled "Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global medical tourism market size reached US$ 97.3 Billion in 2022. Medical tourism is an industry that involves traveling across the globe for medical care and treatments. This includes patients from one country to the other in pursuit of the treatments not available in their homeland. It provides enhancement, maintenance and restoration of health through advanced treatment methods and healthcare facilities. It is gaining widespread prominence among the masses as it also enables patients to seek advanced medical procedures that are easily available in other countries without the inconvenience and the delay of being placed on a waiting list at a relatively low cost. Some of the commonly offered treatments in medical tourism include cancer, cosmetic surgeries, and cardiovascular, orthopedic, and neurological diseases.

Global Medical Tourism Market Trends:

The global market is primarily driven by significant growth in the healthcare industry. Along with this, the escalating investments by private and public agencies to upgrade the overall tourism sector are providing a boost to the market. Moreover, continual technological advancements and the widespread deployment of artificial intelligence (AI), machine learning (ML) and cloud computing in the manufacturing of advanced medical devices are creating a positive market outlook. Apart from this, the growing awareness due to the penetration of high-speed internet connectivity and smartphones is significantly supporting the overall medical tourism market across the globe. Furthermore, numerous leading players are offering comprehensive medical tourism packages in an attempt to strengthen their market position and build loyal consumer bases, which is gaining widespread prominence among individuals. Other factors, including the increasing prevalence of chronic illnesses, inflating disposable income levels of the masses and extensive research and development (R&D) activities, are projected to drive the market further. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 337.0 Billion by 2028, exhibiting a CAGR of 23.6% during 2023-2028.

Market Summary:

On the basis of the treatment type, the market has been segmented into cosmetic treatment, dental treatment, cardiovascular treatment, orthopaedic treatment, bariatric surgery, fertility treatment, ophthalmic treatment and others. Among these, cosmetic treatment accounts for the majority of the total market share.
Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (India, China, Indonesia, Thailand, Singapore, Malaysia, South Korea and Taiwan), Europe (Germany, Italy, the United Kingdom, Spain, France, Russia and the Czech Republic), Latin America (Mexico, Brazil, Costa Rica and Columbia) and the Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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 PCL, Seoul National University Hospital, and UZ Leuven.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Treatment Type, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Czech Republic, Russia, China, Thailand, India, South Korea, Singapore, Malaysia, Taiwan, Indonesia, Brazil, Mexico, Costa Rica, Colombia
Companies Covered	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 and UZ Leuven
Customization Scope	10% Free Customization
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Global Medical Tourism Market to Reach US$ 337.0 Billion by 2028, Impelled by Emerging Healthcare Sector

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