Medical Tourism Market Size Expected to Garner USD 88,595 Million by 2030 growing at 27.4% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Medical Tourism Market Size is expected to grow at a CAGR of 27.4% between 2022 and 2030, from USD 11,395 Million in 2021 to USD 88,595 Million by 2030, as per the Acumen Research and Consulting
Medical tourism refers to people traveling to another country to receive medical treatment. The medical tourism market has evolved rapidly over the past few years and is expected to continue growing in the future.
There are several factors driving the medical tourism market growth, including the increasing cost of healthcare, long waiting periods for certain procedures in some countries, and the availability of high-quality medical treatments at lower costs in other countries. In addition, advancements in medical technology and the increasing availability of information about medical facilities and procedures have made it easier for people to make informed decisions about their medical care.
Countries such as India, Thailand, and Costa Rica have become popular destinations for medical tourism due to their reputation for providing high-quality medical treatments at lower costs. These countries have invested heavily in the development of their medical infrastructure, including the establishment of world-class hospitals, the training of highly skilled medical professionals, and the implementation of cutting-edge technologies.
Medical Tourism Market Statistics
- Global medical tourism market revenue collected USD 11,395 Million in 2021, with a 27.4% CAGR between 2022 and 2030
- According to research, estimated 25-30 million people traveling abroad for medical treatment in 2020
- India is among Asia's top three most popular medical tourism destinations
- The most common procedures sought by medical tourists include cosmetic surgery, dental procedures, and fertility treatments
- According to the American Journal of Medicine, the overall number of medical tourists to all countries in 2017 was predicted to reach 14-16 million
- Availability of affordable medical services, fuels the medical tourism market size
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Medical Tourism Market Trends
As the medical tourism market continues to evolve, governments and healthcare organizations are taking steps to improve the safety and quality of medical tourism. For example, many countries are implementing accreditation systems for medical facilities, which help to ensure that they meet certain standards for safety and quality. In addition, some countries are forming partnerships with healthcare providers in other countries to provide medical tourism services to their citizens, which can help to reduce some of the risks associated with medical tourism.
Another trend in the medical tourism market is the increasing focus on wellness and preventive care. Many people are traveling abroad to receive treatments and procedures that focus on maintaining their health and well-being, such as fitness programs, nutrition and weight-loss treatments, and stress management services. This trend is driven by the growing recognition of the importance of preventive care in maintaining overall health and reducing the risk of chronic diseases.
Growing Demand for Quality Medical Services Drives the Market Growth
The growing demand for quality medical services is a major driver of the medical tourism market because patients are seeking treatments that are not available or affordable in their home countries. This has led to an increase in the number of medical tourists seeking quality medical services abroad. Patients are willing to travel to other countries to access high-quality medical services and treatments that are not available or too expensive in their home countries. This growing demand for quality medical services is driving the expansion of the medical tourism market revenue as countries are investing in their healthcare infrastructure and services to meet the increasing demand from medical tourists.
Furthermore, the increasing awareness of medical tourism among patients has made it easier for them to access information about the quality of medical services in different countries. This has enabled them to make informed decisions about their medical treatments and procedures, leading to a rise in medical tourism.
Medical Tourism Market Segmentation
Acumen Research and Consulting has segmented the global medical tourism market by medical treatment, and region.
- By medical treatment, the market is divided into neurological treatment, dental treatment, fertility treatment, cosmetic treatment, orthopedic treatment, cardiovascular treatment, cancer treatment, and other treatments.
- By region, the market is classified into Latin America, Asia-Pacific, North America, Europe, and the MEA.
Medical Tourism Market Regional Overview
In terms of region, Asia-Pacific leads the medical tourism market. This growth is due to a combination of factors including the growth of healthcare infrastructure, the availability of affordable medical services, and the region's focus on providing high-quality medical treatments. The region has seen significant investment in its healthcare infrastructure, making it one of the most attractive destinations for medical tourists seeking affordable and high-quality medical treatments. Many governments in the region have also actively supported the growth of medical tourism, providing incentives and support to healthcare providers and medical tourists. This has created a favorable environment for the growth of medical tourism, attracting more and more medical tourists to the region.
Medical Tourism Market Players
Some of the major medical tourism market participates are Wooridul Spine Hospital, Aditya Birla Memorial Hospital, Bumrungrad International Hospital, Bangkok Hospital Medical Center, Fortis Hospitals, Raffles Medical Group, Min-Sheng General Hospital, Seoul National University Hospital, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., and Samitivej Hospitals.
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