Medical Tourism Market Will Reach $92.0 billion, Globally, at 21.0% CAGR by 2030 with Market Players Like - Apollo Hospitals, Fortis Healthcare, Seoul National University Hospital, UZ Leuven

Market Insights

The global medical tourism market is expected to reach $92.0 billion by 2030 at a CAGR of around 21.0%. This can be attributed to rising awareness about medical tourism among patients, availability of high-quality treatment in developing nations, growing compliance towards an international standard for surgical procedures, and ease and affordability of international travel. Further, government policies to ease medical travel, strategic marketing initiatives by medical tourism industries, and the growing influence of unrealistic beauty standards boost cosmetic surgery medical tourism

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Major Market Players Covered in The Medical Tourism Market Are:

A few of the major competitors currently working in the global Medical Tourism market are American Medical Care, Medicine Park United Kingdom, Allen Medical International, and Med Tourism Co, LLC, Asian heart institute, Prince Court Medical Centre, Costa Rica Medical Travel, Careful Trip, Aionia Medical Travel, Jet Companion, Medical Travel, Metta Health, Ribau & Garner, Alam Medical Tourism, World Health Network, and Other Companies.

Key Drivers of the Medical Tourism Market

1. Low medical treatment costs in developing countries

The cost of healthcare services is relatively high in developed countries such as the U.S. and UK. In comparison, the overall medical treatment expenditure in developing countries is lesser on account of low labor costs, availability of affordable pharmaceuticals, and inclusive low travel, and accommodation expenses. The following list shows the most recent percentages and is calculated compared to US costs.

Exhibit 1- Cost savings for medical treatments compared to the US in Brazil, Singapore, South Korea, Spain, Taiwan, Mexico, Costa Rica, Turkey, Thailand, Malaysia, and India.

Country and Cost savings compared to the US in % (2021)
Brazil - 20-30%
Singapore - 25-40%
South Korea - 30-45%
Spain - 30 -70%
Taiwan - 40-55%
Mexico - 40-65%
Costa Rica - 45-65%
Turkey - 50-65%
Thailand - 50-75%
Malaysia - 65-80%
India - 65-90%

Source-Renew Bariatrics

Thus, the low cost of treatment in developing countries is the leading factor encouraging many tourists to visit the country to seek medical help and this will drive medical tourism market growth.

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Medical Tourism Market Opportunity

The Integration of Telemedicine into Medical Tourism

In 2019-2020 the patients were unable to travel between countries, which resulted in a massive pent-up demand for health tourism. For instance, according to the Ministry of Tourism website (India), foreign tourist arrivals for medical treatment in India in the calendar year ending December 2020 fell by 73%to 1.82 lakh as compared with 6.97 lakh in 2019. Where Asia-Pacific has reportedly lost 33 million medical tourists in 2019-2020. More, according to the National Library of Medicine (NLM)-US report, 40% of Americans have delayed or avoided care due to the COVID‐19 pandemic.

This challenge was being solved using telemedicine technology. This technology helped clear pre-, mid-, and post-treatment backlogs of surgical and post-medical patients in developed and developing countries.

Further, it also supports patients financially by reducing the required number of travel turns for physical visits. Such, telemedicine services are already being made available to patients in Uzbekistan, Dubai, and Myanmar by Indian medical tourism companies.

Thus, the successful integration of telemedicine into medical tourism may turn into a great opportunity for the medical tourism market payer's growth.

Global Medical Tourism Market Scope and Segments

Type of Medical Tourism - International Medical Tourism, Inbound Medical Tourism, Outbound Medical Tourism, Domestic Medical Tourism

By Type Of Service Provider - Hospital, Agency, Single Person Operations, Destination Focused Agencies, Global Agencies

Based on regions, the Medical Tourism Market is classified into North America, Europe, Asia- Pacific, Middle East & Africa, and Latin America
Middle East and Africa (GCC Countries and Egypt)
North America (United States, Mexico, and Canada)
South America (Brazil, Argentina, etc.)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

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This release was published on openPR.