Medical Tourism

Medical Tourism

Global Medical Tourism Market to Reach US$264.4 Billion by 2030

The global market for Medical Tourism estimated at US$108.1 Billion in the year 2023, is expected to reach US$264.4 Billion by 2030, growing at a CAGR of 13.6% over the analysis period 2023-2030. Cardiovascular Treatment, one of the segments analyzed in the report, is expected to record a 10.3% CAGR and reach US$45.6 Billion by the end of the analysis period. Growth in the Cancer Treatment segment is estimated at 13.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$30.5 Billion While China is Forecast to Grow at 18.7% CAGR

The Medical Tourism market in the U.S. is estimated at US$30.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$46.7 Billion by the year 2030 trailing a CAGR of 18.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 9.5% and 11.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.9% CAGR.

Global Medical Tourism Market - Key Trends & Drivers Summarized

Medical tourism involves traveling across international borders to obtain healthcare services, encompassing a wide range of treatments from elective procedures like cosmetic surgery to essential medical interventions such as cardiac surgery and cancer treatment. Patients opt for medical tourism primarily due to cost savings, the availability of advanced treatments, or shorter waiting times compared to their home countries. Popular destinations for medical tourism include countries like Thailand, India, Mexico, and Turkey, which are known for their high-quality healthcare facilities and skilled medical professionals. These countries often provide comprehensive packages that include medical procedures, accommodations, and even post-operative care, making the overall experience more convenient and attractive to international patients. The treatments range from a complete health check, to elective procedures including liposuction, rhinoplasty, breast augmentation and orthodontics and life-saving procedures including bone marrow transplants, joint replacements and bypass surgery.

Technological advancements and improvements in global healthcare standards have significantly contributed to the rise of medical tourism. Enhanced medical equipment, innovative surgical techniques, and improved patient care protocols have boosted the reputation of healthcare facilities in medical tourism hotspots. The integration of telemedicine and digital health records has further facilitated pre-treatment consultations and follow-up care, allowing for seamless communication between patients and healthcare providers across borders. Further, many medical tourism destinations are accredited by international healthcare organizations, ensuring that the facilities meet rigorous quality and safety standards. This assurance of quality, combined with the allure of receiving treatment while exploring new cultures and locations, has fueled the growth of the medical tourism industry.

The growth in the medical tourism market is driven by several factors. Rising healthcare costs in developed countries have pushed patients to seek more affordable options abroad, where they can receive equivalent or even superior care at a fraction of the price. The increasing availability of affordable international travel and the growth of low-cost airlines have made it easier for patients to access global healthcare services. Additionally, long waiting times for certain procedures in public healthcare systems have led patients to look for quicker alternatives overseas. The expansion of insurance coverage that includes international medical treatment and the growing acceptance of alternative and holistic treatments available in other countries have also played a significant role. Furthermore, the concerted efforts of governments and private sectors in medical tourism destinations to promote their healthcare services through marketing and partnerships have bolstered the industry`s growth. These factors, along with the continuous improvement in medical technologies and global healthcare standards, are driving the robust expansion of the medical tourism market, making it a significant segment of the global healthcare landscape.

Select Competitors (Total 160 Featured) -

• Apollo Hospitals Enterprise Ltd.
• Asklepios Medical Group
• Bangkok Dusit Medical Services PLC
• Bumrungrad International Hospital
• Klinikum Medical Link
• KPJ Healthcare Behard.
• Manipal Health Enterprises Pvt. Ltd.
• Medretreat, LLC
• MIOT International
• Prince Court Medical Centre

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