The medical tourism market size has been estimated at ,395

The medical tourism market size has been estimated at $11,395

Acumen Research and Consulting recently published a report titled Medical Tourism Market Size, Share, Analysis Report and Region Forecast, 2022-2030.

LOS ANGELES, Aug. 05, 2022 (GLOBE NEWSWIRE) – The Global medical tourism market The size is estimated at USD 11,395 million in 2021 and is projected to reach a market size of USD 88,595 million by 2030; is growing at a CAGR of 27.4%.

Medical tourism is a new term, but not a new concept. Medical tourism is becoming increasingly attractive due to domestic restrictions and long waiting lists, as well as the ease of global travel. Globally, the healthcare sector has experienced massive growth, driven by inadequate national public healthcare services, rising healthcare costs and the availability of more affordable alternatives in developing countries. This has led to a globalization of healthcare, as evidenced by the increasing cross-border delivery of healthcare.

Impact of COVID-19 on Global Medical Tourism Market Value

The outbreak of the COVID-19 virus had a significant impact on the market, especially in the first half of 2020. The imposition of travel restrictions and the suspension of electoral processes worldwide were the main causes of this decline. During the pandemic, the closure of major transportation services such as airlines led to a significant drop in medical tourists to destination centers. The COVID-19 pandemic has negatively impacted major medical tourism markets, including prominent medical tourism destinations such as India, China and other emerging economies. However, as the number of novel and active cases of COVID-19 infection decreases, the industry will gradually gain momentum.

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Report Coverage:

market medical tourism market
Medical Tourism Market Size 2021 $11,395 million
Medical Tourism Market Forecast 2030 $88,595 million
Medical Tourism Market CAGR 27.4% in the period 2022-2030
analysis period 2018 – 2030
base year 2021
forecast data 2022 – 2030
Covered Segments By medical treatment and by region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Important companies in profile Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group,
Bangkok Hospital Medical Center, Samitivej Hospitals, Apollo Hospitals Enterprise Ltd.,
Fortis Hospitals, Aditya Birla Memorial Hospital, Asian Heart Institute, Eoul National University Hospital,
and Woodidul Spine Hospital
report coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis

India is breaking out as one of the leading countries for medical tourism industry

India is one of the top three medical tourism destinations in Asia along with Thailand and Singapore, accounting for around 60% of Asia’s healthcare revenue in 2012. Indian medical tourism is gaining popularity as patients seek better and cheaper treatment options in India. And for the first time, India has established a firm presence in the medical tourism sector, previously occupied by developed countries like the United States and Singapore, to name a few. Some of the most widespread medical treatments in India are in the fields of cardiology, orthopedics and neurology.

According to the Confederation of Indian Industries (CII), around 150,000 patients from around the world came to India for medical treatment in 2005 and this number is expected to increase by 15% each year. In India, a comparable treatment costs one-eighth to one-fifth of what it costs in the West. For example, a heart procedure that costs between $40,000 and $60,000 in the United States costs $30,000 in Singapore, $12,000 to $15,000 in Thailand and just $3,000 to $6,000 in India. In addition, a study by the India Brand Equity Fund (IBEF) found that India is more price competitive than other renowned medical tourism destinations such as Thailand. As a result, India’s medical tourism industry is thriving.

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Cosmetic treatments to increase medical tourism demand in emerging markets

Emerging markets are seeing a visible increase in demand for cosmetic surgery from medical tourism. The driver for this is the qualified medical competence network for plastic, aesthetic and reconstructive surgery. Another important factor is the use of the latest technology on a par with the best in the world. People travel to India for cosmetic surgeries like breast augmentation, bariatric and rhinoplasty. Medical tourism is not only used for standard medical treatments or procedures; It’s also a popular option for those who want cosmetic surgery at a lower cost. Research has shown that it is possible to save up to 40-80% by having cosmetic surgery abroad. Insurers in western countries do not cover cosmetic procedures, making it easier for western travelers to travel abroad and save thousands of dollars. People often become medical tourists in search of procedures ranging from breast augmentation to liposuction. Others want to remove things like excess skin. Many people travel to have 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 segmented into cancer treatment, cardiovascular treatment, cosmetic treatment, dental treatment, fertility treatment, neurological treatment, orthopedic treatment and other treatments. According to our analysis of the medical tourism industry, cancer treatment will gain a dominant market share between 2022 and 2030. Cancer is the second leading cause of death worldwide, responsible for almost 10 million deaths in 2018 – one in six deaths. Breast, cervical, colon, lung, and thyroid cancers are the most common in women, while colon, liver, lung, prostate, and stomach cancers are the most common in men. Patients choose to travel to other countries due to lower treatment costs and lack of availability of advanced treatments.

Regional outlook for the medical tourism market

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

Europe, on the other hand, is expected to see the fastest growth between 2022 and 2030. The region’s rapid growth is attributed to the presence of advanced specialized treatments for neurological, cardiovascular and cancer diseases.

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Medical Tourism Market Players

Some well-known medical tourism companies operating 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 and Seoul National University Hospital, Samitivej Hospitals and Woodidul Spine Hospital.

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