The global medical tourism market is expanding rapidly due to factors such as availability of advanced medical technologies, increasing awareness about medical tourism, and lower cost of medical treatment in developing countries.
PORTLAND, Ore., Oct. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Tourism Market, By Product (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Other Treatments): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global medical tourism market was valued at $97.3 billion in 2022 and is projected to reach $273.7 billion by 2032, registering a CAGR of 10.1% from 2023 to 2032.
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Medical tourism involves the act of traveling primarily to obtain medical treatment. Those participating in medical tourism may journey for a wide range of procedures, including innovative or experimental treatments, and they may opt to visit either developing or developed countries to receive these services. In addition to the usual travel health advice, medical tourists have distinct health needs that call for specialized guidance. These include ensuring the stability of their pre-existing medical conditions for travel and the vital importance of arranging for suitable post-procedure care.
Prime determinants of growth
Lower cost of medical treatment in developing countries, availability of advanced medical technologies is a hallmark of high-quality treatment and increasing awareness about medical tourism are expected to drive the growth of the medical tourism market. However, limited coverage and lengthy partial reimbursement by payers are hampering the medical tourism market growth. On the contrary, growing opportunities in emerging markets are expected to offer remunerative opportunity for expansion of the medical tourism market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $97.3 billion |
Market Size in 2032 | $273.7 billion |
CAGR | 10.1 % |
No. of Pages in Report | 284 |
Segments covered | Treatment Type and Region |
Drivers | Lower cost of medical treatment in developing countries Availability of advanced medical technologies Increasing awareness about medical tourism |
Opportunity | Growing opportunities in emerging markets |
Restraint | Limited coverage and lengthy partial reimbursement by payers |
Economic Downturn Analysis: Impact of Recession in 2023 on the Medical Tourism Market
- During a recession, people tend to cut back on discretionary spending, including elective medical procedures and cosmetic surgeries. This has led to a decline in the demand for non-essential medical tourism services.
- In addition, economic downturns result in changes to health insurance coverage, with some individuals losing their insurance altogether or opting for plans with fewer benefits.
- However, individuals are more inclined to seek cost-effective healthcare options. Medical tourism destinations known for providing high-quality care at lower prices become more attractive to patients looking forward to saving on medical expenses.
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The cancer treatment segment to maintain its leadership status throughout the forecast period
Based on treatment type, the cancer treatment segment held the highest market share in 2022, accounting for nearly one-fifth of the medical tourism market revenue, owing to a rise in prevalence of cancer across the globe, the escalating costs of cancer care in many countries, search for specialized & advanced treatment options, reduced waiting times, and the willingness of patients to travel for potentially life-saving treatments.
However, the orthopedic treatment segment is expected to register the highest CAGR of 11.7% during the forecast period. This is attributed to factors such as a rise in global prevalence of orthopedic conditions, aging population, the need for specialized surgeries such as joint replacements & spinal procedures, high costs & long waiting times for such treatments in many countries, and the availability of world-class orthopedic facilities in medical tourism destinations.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the medical tourism market revenue, owing to factors such as cost-effective healthcare solutions, strong healthcare infrastructure with advanced facilities and highly skilled medical professionals. In addition, the availability of specialized medical procedures, shorter waiting times, and government support for medical tourism contribute to the region's growth. The same segment would cite the fastest CAGR of 10.8% during the forecast period.
Leading Market Players:
- Bumrungrad International Hospital
- Asian Heart Institute
- Clemenceau Medical Center
- Bangkok Dusit Medical Services
- Apollo Hospitals Group
- KPJ Healthcare Berhad
- Asklepios Kliniken GmbH & Co. KGaA
- IHH Healthcare
- Specialty Hospital
- Anadolu Medical Center
The report provides a detailed analysis of these key players of the medical tourism market. These players have adopted strategies such as collaboration, product launch, agreement, clinical trial approval, acquisition, and product approval to increase their market share and maintain dominance across the globe. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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