April 20, 2024

Medical Tourism Market Growth: Market Expansion Forecast

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Medical tourism refers to the practice of traveling across international borders to obtain private or public medical care. Such treatments include complex surgical procedures, dental care and cosmetic surgeries. Medical tourism offers significant cost savings for procedures like organ transplantation, cancer therapy and cardiac bypass surgery as compared to the United States and other developed countries. The emerging markets offer high-quality treatments by internationally trained and certified medical professionals but at a fraction of the cost in developed nations.

The Global Medical Tourism Market is estimated to be valued at US$ 32,733.7 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Medical Tourism are Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre and Wooridul Spine Hospital. These players are focusing on expanding their global footprint through strategic partnerships and acquisitions.

The key opportunities in the market include the increasing demand for cost-effective medical treatments and availability of sophisticated technologies at lower costs. Countries like India, Thailand, Singapore and Malaysia are emerging as popular medical tourism destinations owing to their high-quality infrastructure and skill pool of doctors.

The medical tourism industry is witnessing strong growth across regions due to promotion initiatives undertaken by various countries. Governments are investing heavily in the healthcare sector to promote their nations as a medical tourism hub. This is resulting in the global expansion of the market with increasing patient flows from developed nations like the United States, United Kingdom and Germany.

Market drivers
The emergence of high-quality low-cost medical treatments is one of the key drivers of the medical tourism market. Conditions treated effectively at a lower cost coupled with no waiting lists for certain procedures and qualified multilingual medical staff are attracting patients globally.

PEST Analysis
Political: The rules and regulations set by the government regarding medical tourism impact this market. Regulations around healthcare policies and medical insurances affect the cross border travel of patients.

Economic: Growing healthcare costs in the home country and affordable treatment options available in other countries drive the medical tourism market. Economic factors such as currency fluctuations also influence this market.

Social: Increased awareness about distant healthcare and medial travel, willingness to explore new options, and the impact of social media are some key social drivers of this market.

Technological: Advanced communication technologies facilitate virtual consultation and digital health promotion. Telemedicine is improving long-distance doctor-patient relationships. Use of big data and AI is optimizing patient experience and enhancing service quality.

Geographical Regions: Currently, Asia Pacific region accounts for the major share of the global medical tourism market value owing to popular destinations like India, Thailand, Singapore, and South Korea offering quality treatment at affordable costs. India receives the highest number of foreign patients.

Fastest Growing Region: The Middle East and Africa region is anticipated to grow at the fastest pace during the forecast period. This growth can be attributed to rising healthcare infrastructure and international standard of medical facilities in countries like Dubai, Turkey, and South Africa which are becoming new hotspots for medical travelers from within and outside the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it