Medical Tourism Industry Overview
The global medical tourism market size was valued at USD 4.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.51% from 2022 to 2030. Cost savings and additional benefits to visitors such as improved healthcare, cutting-edge technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care are some of the market's major drivers.
During the forecast period, the market is projected to advance at a breakneck pace. The high cost of health services in home countries is the primary factor propelling the market growth. Additionally, the industry is being driven by rising demand for procedures that are not covered by insurance, such as gender reassignment surgeries, reproductive therapy, dental reconstruction, and aesthetic surgery.
Gather more insights about the market drivers, restraints, and growth of the Global Medical Tourism market
In developing countries such as Thailand and Malaysia, a high-quality treatment can be availed at a lower cost, than in developed countries. Even though the cost of treatments in developing countries is minimal, the quality of the procedure is not compromised due to the availability of resources at relatively lower costs. This factor results in the influx of people to avail of health services in these countries.
Medical tourism has offered a method for people who cannot afford to wait for treatment in their native country, to avoid long queues by traveling overseas for treatment. Thus, to save time and avoid the aggravation of their medical issues, many patients rely on medical tourism and travel overseas to countries that offer procedures immediately. Furthermore, governments of many countries are focusing on promoting health and wellness tourism in their countries through various strategies. Strong government support is thus anticipated to favor market growth.
Browse through Grand View Research's Medical Devices Industry Research Reports.
Wellness Tourism Market - The global wellness tourism market size was valued at USD 814.6 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.42% from 2023 to 2030.
Fertility Tourism Market - The global fertility tourism market was valued at USD 417.5 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.33% from 2022 to 2030.
Medical Tourism Market Segmentation
Grand View Research has segmented the global medical tourism market based on service provider, treatment type and country:
Medical Tourism Treatment Type Outlook (Revenue, USD Million, 2016 - 2030)
- Cardiovascular treatment
- Orthopedic treatment
- Cosmetic treatment
- Bariatric treatment
- Dental treatment
- Ophthalmology treatment
- Infertility treatment
- Alternative medicine
- Others
Medical Tourism Service Provider Outlook (Revenue, USD Million, 2016 - 2030)
- Public
- Private
Medical Tourism Country Outlook (Revenue, USD Million, 2016 - 2030)
- Thailand
- India
- Costa Rica
- Mexico
- Malaysia
- Singapore
- Brazil
- Colombia
- Turkey
- Taiwan
- South Korea
- Czech Republic
- Spain
- China
- Australia
- Indonesia
Some prominent players in the global orthopedic devices market include:
- Apollo Hospitals Enterprise Ltd.
- Fortis Hospital
- Bumrungrad International Hospital
- Asklepios Kliniken GmbH & Co. KGaA
- Mount Elizabeth Hospitals
- Raffles Medical Group
- B. L. Kapur Memorial Hospital
- Kasemrad Hospital International Rattanathibet
Order a free sample PDF of the Medical Tourism Market Intelligence Study, published by Grand View Research.
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