South Korea Medical Tourism Market

Market Overview:

The South Korea medical tourism market size reached US$ 1.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.13% during 2024-2032.

Medical tourism refers to a planned excursion across international borders to avail certain medical treatments. These treatments range from cosmetic, ophthalmic, dental, cardiovascular, and orthopedic services to various complex procedures, such as stem-cell transplants. Some of the common considerations undertaken while selecting the location include treatment costs, the availability of skilled medical personnel and advanced healthcare facilities, distance, etc. Besides enhancing the quality of life, medical tourism offers numerous economic benefits, including generating healthcare jobs, setting global healthcare standards, exchanging knowledge, increasing foreign revenues, etc.

South Korea Medical Tourism Market Trends:

The growing inbound medical travel owing to the availability of state-of-the-art healthcare facilities, highly-trained practitioners, and cost-effective treatments is primarily driving the South Korea medical tourism market. Besides this, the increasing adoption of elective medical procedures that are not covered by medical insurance, such as fertility treatments, gender reassignment surgeries, reproductive therapy, dental reconstruction, cosmetic surgeries, etc., is acting as another significant growth-inducing factor. Furthermore, several initiatives undertaken by the government of South Korea to create awareness and promote medical tourism are also catalyzing the market growth. For instance, the Ministry of Health and Welfare (MOHW) improved the safety of international patients by introducing mandatory registration of medical institutions serving foreign patients and compulsory medical malpractice liability insurance. Additionally, numerous healthcare organizations and centers are also offering comprehensive medical tourism packages to patients, which include all travel-related services ranging from ticket bookings to accommodation and healthcare coverage. This, in turn, is creating a positive outlook for the market. Apart from this, the emerging trend of combining wellness practices with traditional Korean medicinal therapies is expected to drive the growth of the South Korea medical tourism market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the South Korea medical tourism market report, along with forecasts for the period 2024-2032. Our report has categorized the market based on type and treatment type.

Breakup by Type:

• Outbound
• Inbound
• Intrabound
   

Breakup by Treatment Type:

• Cosmetic Treatment
• Dental Treatment
• Cardiovascular Treatment
• Orthopaedic Treatment
• Bariatric Surgery
• Fertility Treatment
• Ophthalmic Treatment
• Others
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 Coverage:

Key Questions Answered in This Report:

• How has the south korea medical tourism market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the south korea medical tourism market?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the treatment type?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the south korea medical tourism market and who are the key players?
• What is the degree of competition in the industry?