Medical Tourism Market Size to Surpass USD 93.38 Billion by 2030, at a CAGR of 21.3%
As per the report by Fortune Business Insights, the global Medical Tourism Market size is projected to reach USD 93.38 billion in 2030, at a CAGR of 21.3% during the forecast period, 2023-2030
Medical Tourism Market
Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) — Global Medical Tourism Market Size was valued at USD 19.28 billion in 2022 and is projected to grow from USD 93.38 billion by 2030, exhibiting a CAGR of 21.3% during the forecast period. The concept of medical tourism has gained immense traction in recent years due to the rising cost of medical treatments.
Many patients are finding it difficult to get access to low-cost and high-quality treatments in their own countries, which has compelled them to travel to other nations to receive the same. Medical tourism has played a key role in boosting the economic growth of several developing countries as several foreign patients visit these nations to receive medical treatments at affordable costs. These factors are set to boost the medical tourism market growth.
This information is provided by Fortune Business Insights™ in its research report titled Medical Tourism Market, 2023-2030.
Key Industry Development-
- April 2021 – HexTransforma Healthcare announced the launch of Brit-Med, a medical travel platform, which would help patients globally research, compare, and book the desired treatment.
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Key Takeaways –
- Medical Tourism Market size in North America was USD 4.98 billion in 2022
- Low-Cost Care for Surgeries to Boost Market Progress
- Increase Inbound Medical Travel to Augment Market Growth
- The medical treatment segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- Bumrungrad International Hospital (Thailand)
- Apollo Hospitals (India)
- Bangkok Chain Hospital (Thailand)
- Fortis Healthcare (India)
- Asian Heart Institute (India)
- KPJ Healthcare Berhad (Malaysia)
- Livonta Global (India)
- Gleneagles Hospital (India)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.3% |
| 2030 Value Projection | USD 93.38 Billion |
| Base Year | 2022 |
| Medical Tourism Market Size in 2022 | USD 19.28 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 115 |
| Segments covered | Service, Service Provider and Geography |
Browse Complete Report Details- https://www.fortunebusinessinsights.com/industry-reports/medical-tourism-market-100681
Drivers & Restraints:
Affordable Care Offered for Surgeries to Boost Market Expansion
The average healthcare costs are rising in developed economies, which is creating a burden for medical service providers as well as patients. Moreover, strict government regulations on medical systems can often cause several delays before patients can get access to their desired medical treatments. These factors have compelled people to look for affordable and high-quality medical care in other countries, thereby driving the medical tourism market growth.
However, travel restrictions imposed during the COVID-19 pandemic period decelerated the market growth.
Segmentation:
By Service
Medical Treatment
- Cardiac Procedures
- Oncology Procedures
- Orthopedic & Spine Procedures
- Dental Procedures
- Others
Cosmetic Treatment
- Cosmetic Procedures
- Rejuvenation Procedures
- Others
- Alternative Treatment
By Service Provider
- Public
- Private
Regional Insights:
North America to Dominate Market due to Growing Patient Visits for Medical Treatments
North America captured a dominant medical tourism market share as a rising number of patients are visiting the region, especially the U.S., to receive medical treatments such as orthopedic and cardiac procedures. The availability of high-quality medical infrastructure is another factor fueling the regional market growth.
Asia Pacific is expected to record a notable CAGR in the global market during the forecast period as a high percentage of patients are visiting Asia countries to receive medical treatments due to their low cost.
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Competitive Landscape:
Diverse and Low-Cost Service Portfolio of Healthcare Companies to Boost their Market Presence
The global market is highly fragmented and competitive as a vast majority of medical service providers are based in Asia Pacific and Middle Eastern countries. These service providers are trying to create a diverse and affordable service portfolio to attract more foreign patients and retain their market dominance and expand their customer base.
FAQs
How big is the Medical Tourism Market?
Medical Tourism Market size was USD 19.28 billion in 2022. It is expected to reach USD 93.38 billion in 2030.
How fast is the Medical Tourism Market growing?
The Medical Tourism Market will exhibit a CAGR of 21.3% during the forecast period, 2023-2030.
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