Global Medical Tourism Market to Grow at 23.6% During 2023-2028, Supported by Inflating Healthcare Costs

March 12, 2020 | 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 refers to a planned trip across international borders to avail particular medical treatments. These treatments range from cardiac, cosmetic, ophthalmologic, dental, and psychiatric services to various procedures, such as stem-cell transplant and gender-reassignment operations. Some of the common considerations undertaken while selecting the destination include treatment costs, the availability of skilled medical professionals and advanced healthcare facilities, and distance. Apart from improving the quality of life, medical tourism offers several economic benefits, such as generating healthcare jobs, provision of the latest medical technologies, setting global healthcare standards, enhanced knowledge exchange, and increasing foreign revenues.

Global Medical Tourism Market Trends:

The increasing healthcare costs in developed regions are majorly driving the global medical tourism market growth. In line with this, the availability of state-of-the-art medical facilities and high-quality patient care at affordable costs, particularly in emerging economies, are contributing to the market growth. The escalating demand for the latest healthcare technologies, innovative medicines, and modern medical devices, are other factors responsible for the emerging shift toward medical tourism. Apart from this, the increasing need for elective procedures, which are not covered by medical insurance, such as fertility treatments, bariatric surgeries, and dentistry, are also catalyzing the market growth. Additionally, the healthcare industry, in collaboration with the tourism sector, is adopting aggressive marketing strategies to spread awareness about the availability of different medical services across the globe. Along with this, they are offering comprehensive medical tourism packages to patients, which is acting as another growth-inducing factor. Furthermore, governments of various nations are instituting novel policies to incorporate foreign patients and promote the advancement of the medical infrastructure, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 23.6% during 2023-2028.

Market Summary:

  • Based on the type of treatment, the market has been classified into bariatric surgery, cosmetic, dental, cardiovascular, orthopaedic, fertility, ophthalmic treatment, and others. Among these, cosmetic treatment represents the dominant market segment.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Czech Republic and Russia), Asia Pacific (China, Thailand, India, South Korea, Singapore, Malaysia, Taiwan and Indonesia), Latin America (Brazil, Mexico, Costa Rica and Colombia), and 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 key players 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2027
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
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Medical Tourism Market to Grow at 23.6% During 2023-2028, Supported by Inflating Healthcare Costs
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