Medical Tourism Market to reach USD 88,595 Million - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Medical Tourism Market Size is valued at USD 11,395 million in 2021 and is estimated to achieve a market size of USD 88,595 million by 2030; growing at a CAGR of 27.4%.

Medical tourism is a new term, but it is not a new concept. Medical tourism is becoming more appealing as a result of domestic constraints and long waiting lists, as well as the ease of global travel. Globally, there has been massive growth in the healthcare sector, driven by insufficient national public health services, rising healthcare costs, and the availability of more affordable alternatives in developing economies. This has resulted in the globalization of health care, as evidenced by the increasing cross-border delivery of healthcare services.

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India erupts as one of the prominent countries for medical tourism industry

India, along with Thailand and Singapore, is one of Asia's top three medical tourism destinations, accounting for roughly 60% of Asian healthcare revenue in 2012. Indian medical tourism is becoming increasingly popular as patients seek better and less expensive treatment options in India. And, for the first time, India has established a firm presence in the medical tourism sector, which was previously occupied by developed countries such as the United States and Singapore, to name a few. Some of the most prevalent medical treatments in India are in the fields of cardiology, orthopedics, and neurology.

Medical Tourism Market Regional Outlook

The global medical tourism market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The Asia-Pacific region dominated the market with a majority share in 2021 and is expected to maintain this trend from 2022 to 2030. Factors such as the availability of low-cost flights, the low cost of treatments, the availability of quality care, and significant government investments are bolstering the Asia-Pacific medical tourism market.

Europe, on the other hand, is expected to experience the fastest growth between 2022 and 2030. The presence of advanced specialized treatments for neurological, cardiovascular, and cancer disorders is credited with the region's rapid growth.

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Cosmetic treatments to flourish the medical tourism demand in emerging nations

Emerging countries sees a visible rise in demand for plastic surgery through medical tourism. The qualified group of medical expertise in plastic, cosmetic, and reconstructive surgery is driving this. Another important factor is the use of cutting-edge technology on par with the best around the world. People travel to India for cosmetic surgeries like breast augmentations, bariatric, and rhinoplasty procedures. Medical tourism is not only used for standard medical care or procedures; it is also a popular option for those seeking cosmetic surgery at a lower cost. Research has shown that it is possible to save up to 40 to 80% by having a cosmetic surgery procedure abroad. Insurers in western countries do not cover cosmetic procedures as a result it becomes easier for western travelers to travel abroad and save thousands of dollars. People frequently become medical tourists in search of procedures ranging from breast augmentation to liposuction. Others want things like excess skin removed. Many people travel to seek other elective treatments, such as LASIK eye surgery or dental procedures, which are not covered by many Western insurance plans but are extremely expensive in some Western countries.

Medical Tourism Market Segmentation

The global market is divided into four segments: medical treatment, and region.

Based on medical treatment, the market is segregated into cancer treatment, cardiovascular treatment, cosmetic treatment, dental treatment, fertility treatment, neurological treatment, orthopedic treatment, and other treatments. According to our medical tourism industry analysis, cancer treatment gathered a dominant market share between 2022 and 2030. Cancer is the second leading cause of death worldwide, accounting for nearly 10 million deaths in 2018 - one in every six deaths. Breast, cervical, colorectal, lung, and thyroid cancers are the most common in women, while colorectal, liver, lung prostate, and stomach cancers are the most common in men. Patients choose to travel to other countries due to the lower cost of treatment and the lack of availability of advanced treatment.

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Medical Tourism Market Players

Some prominent medical tourism companies covered in the industry are Aditya Birla Memorial Hospital, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bangkok Hospital Medical Center, Bumrungrad International Hospital, Fortis Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Seoul National University Hospital, Samitivej Hospitals, and Wooridul Spine Hospital.

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This release was published on openPR.