South Korea Medical Tourism Market to Reach US$ 3.0 Billion by 2032, Impelled by Strong Cultural and Tourism Appeal

July 06, 2023 | Healthcare

According to the latest report by IMARC Group, titled "South Korea Medical Tourism Market Report by Type (Outbound, Inbound, Intrabound), Treatment Type (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopaedic Treatment, Bariatric Surgery, Fertility Treatment, Ophthalmic Treatment, and Others) 2024-2032," the South Korea medical tourism market size reached US$ 1.9 Billion in 2023. Medical tourism involves the practice of traveling to another country in order to receive healthcare or medical treatment services. It involves individuals opting for medical care outside their home country for a variety of reasons, including cost savings, access to specialized treatments, shorter wait times, or the desire for a combination of medical treatment and vacation. It encompasses a wide range of treatments and procedures, such as elective surgeries, organ transplants, and specialized treatments, including stem cell therapy or cancer treatments. The availability of treatments may vary by destination and healthcare facility. There has been a significant rise in the popularity of medical tourism among the masses due to the availability of modern technologies across South Korea.

South Korea Medical Tourism Market Trends:

The market in South Korea is majorly driven by the growing awareness about medical tourism, coupled with inflating disposable income levels of individuals and shifting lifestyle preferences of the masses. Moreover, the government has actively promoted medical tourism and implemented policies to support the growth of the market. This includes simplifying visa processes for medical tourists, establishing dedicated medical tourism centers, and enhancing infrastructure and services at major hospitals and clinics. These efforts are helping to attract international patients and improve the overall medical tourism experience, which is acting as a growth-inducing factor. Also, numerous medical institutions have gained international recognition for their high standards of quality and safety, which provide assurance to international patients about the quality and reliability of healthcare services, this is creating a positive market outlook. Other factors, including the presence of strong cultural and tourism appeal and significant investments in areas, such as robotic surgery, regenerative medicine, cosmetic and plastic surgery, stem cell therapy, and precision medicine, are also positively influencing the market across South Korea. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.0 Billion by 2032, exhibiting a CAGR of 5.13% during 2024-2032.

Market Summary:

  • Based on the type, the market has been categorized into outbound, inbound and intrabound.
  • On the basis of the treatment type, the market has been divided into cosmetic, dental, cardiovascular, orthopaedic treatment, bariatric surgery, fertility, ophthalmic and other treatments.
  • 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 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 and Wonkwang University Hospital.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Treatment Type
Companies Covered 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 and Wonkwang University Hospital
Customization Scope 10% Free Customization
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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)

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South Korea Medical Tourism Market to Reach US$ 3.0 Billion by 2032, Impelled by Strong Cultural and Tourism Appeal
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