Global Medical Tourism Market Poised for Remarkable Growth, Projected to Reach US$ 72.8 Billion by 2031

The Global Medical Tourism Market, valued at US$ 10.4 billion in 2021, is set to witness a robust growth trajectory, projecting a Compound Annual Growth Rate (CAGR) of 13.0% from 2022 to 2031. The market is anticipated to reach an unprecedented US$ 72.8 billion by the end of 2031, driven by factors such as the surge in the geriatric population, technological advancements, and economic challenges in developed countries.

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Geriatric Population and Technological Adoption Driving Medical Tourism
The increase in the aging population globally, particularly in the U.S., is a key driver for the growth of the medical tourism industry. With the population aged 65 or above expected to double by 2050 in the U.S., the demand for advanced and affordable healthcare is on the rise. Furthermore, the economic crisis in developed countries has led to a reduction in healthcare expenditures, prompting patients, insurers, and employers to explore medical services abroad.

Long Waiting Times and Favorable Exchange Rates Fueling Global Demand
In countries like Canada, the U.K., and France, long waiting times for medical services have prompted patients to seek healthcare in other destinations. The advent of favorable foreign currency exchange rates and an increasing demand for cosmetic surgeries have propelled the outbound medical tourism services market. To attract a global clientele, companies are introducing innovative technologies such as medical tourism apps.

Impact of Long Waiting Time on Global Medical Tourism Business
The challenge of long waiting times for medical appointments in developed countries, such as the U.K., France, Norway, Sweden, and Canada, is a significant driver for medical outsourcing. Patients facing prolonged waiting periods for surgeries or routine health check-ups are opting to travel abroad for timely and efficient medical services. This trend is expected to further boost the global medical tourism market.

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Dominance of the Cardiac Segment and Surge in Cosmetic Surgeries
In 2021, the cardiac segment dominated the global medical tourism market, driven by the increasing incidence of cardiovascular diseases worldwide. The cosmetic surgery segment is projected to grow rapidly, fueled by a societal emphasis on aesthetics, influenced by media depictions of beauty standards. Technical advancements in cosmetic surgery procedures are also contributing to the segment's growth.

Regional Analysis: Asia Pacific Leads, EMEA and Latin America Showing Promise
Asia Pacific held over 75% of the global medical tourism market share in 2021. Countries like Thailand, India, and Singapore are recognized for their advanced medical specialties and attractive locations. In Europe, the Middle East, and Africa (EMEA), a CAGR of 12.2% is anticipated from 2022 to 2031, driven by economic growth and increased government expenditure on healthcare facilities. Turkey has emerged as a competitive healthcare destination, strategically located between Europe and the U.S. In Latin America, countries like Brazil and Mexico attract a significant number of patients from the U.S. due to geographic proximity and cultural similarities.

Analysis of Key Players in the Global Medical Tourism Market
• Apollo Hospitals Enterprise Ltd.
• Fortis Healthcare
• Bangkok Chain Hospital Public Company Limited
• Hamad Medical Corporation
• Bumrungrad International Hospital
• KPJ Healthcare Berhad
• Manipal Health Enterprises Pvt. Ltd.
• Raffles Medical Group
• Jordan Hospital

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