Medical Tourism Market Size to Reach US$ 72.8 billion by
Wilmington, Delaware, United States, Oct. 06, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. -TMR predicted the market for medical tourism to reach US$ 72.8 billion by 2031. The medical tourism market is expected to increase at a CAGR of 13% from 2022 to 2031.
In order to boost the medical tourism industry, it is imperative to develop marketing strategies that target both domestic and international patients. To make healthcare more accessible to medical tourists, governments can simplify visa processes and travel logistics.
Medical tourism has the potential to make a significant contribution to the nation’s economy, however, maintaining a high standard of care and ensuring patient safety is critical. Medical tourists can be attracted by providing them with tailored healthcare packages based on their specific needs and preferences.
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AAFPRS surgeons report an increase in facelift and eyelift appointments, among other procedures, despite the COVID-19 outbreak in July 2021. Other factors that contribute to the preference of individuals to perform these procedures abroad include the availability of trained professionals and high-quality care.
Global Medical Tourism Market: Key Players
Strategic initiatives and collaborations are allowing medical tourism companies to improve healthcare services.
- 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
Key Findings of Market Report
- A medical tourism market forecast for Europe, the Middle East, and Africa estimates a 12.2% CAGR between 2022 and 2031.
- Dental implant tourism is becoming more popular in developing countries like India and Thailand.
- With the increasing demand for cosmetic surgeries, the medical tourism market is expected to grow in the coming years.
- The market for medical tourism is expected to grow in the Asia Pacific region in the future.
- A number of government initiatives and programs are being implemented to increase demand for medical tourism.
Global Medical Tourism Market: Growth Drivers
Healthcare services offered at many medical tourism destinations are of high quality.
Patients seeking the latest treatments and procedures flock to medical tourism destinations that invest in cutting-edge technology and facilities.
By offering remote consultations and follow-up care, telemedicine services can allow medical tourism providers to improve the convenience and ease of access for patients, allowing for a more convenient and cost-effective process. Achieving international accreditation and certification can boost medical tourism providers’ reputations and boost their trustworthiness.
The demand for affordable and premium healthcare services will fuel medical tourism. With the growing demand for quick weight loss methods as well as the improvement of technology, will further expand the market over time. The market is expected to grow due to the increasing demand for advanced treatments with well-equipped devices. In the coming years, it is expected that the medical tourism industry will witness significant growth. As healthcare technology advances, healthcare costs continue to drop, and people increasingly seek treatment abroad, demand for foreign specialized treatments is on the rise.
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Global Medical Tourism Market: Regional Landscape
Medical tourism is expected to dominate the Asia-Pacific region owing to the low cost of medical treatment, government initiatives, and preference for medical tourism among developing countries. Medical tourism in India is expected to be boosted by expanding economies and government funds.
Aimed at promoting India in the global market as a medical and wellness hub, ‘Heal in India’ aims to promote the country internationally. The ‘one step’ online portal will provide foreigners as well as those seeking medical care with access to information on hospitals that offer their preferred treatment.
For instance, in April 2022, an AYUSH visa category was planned to be launched for tourists visiting India to undergo medical treatment or participate in traditional medicine tourism. Medical tourism in India is being promoted through the “Heal In India” campaign by the government.
Medical tourism is the second most popular activity in Mexico. As well as offering affordable healthcare services, the industry offers lucrative economic opportunities. By 2024, the Mexican Social Security Institute (IMSS) plans to build 111 new hospitals at an estimated cost of $677.2 million. Hospitals and clinics are expected to benefit from the investment in infrastructure development.
- In April 2023, the Union Minister of State for Tourism Shripad Naik estimated that 1.4 million patients visited India for medical treatment in the past year due to the country’s positioning as a global health destination. Naik called for a collaborative and sustainable global health strategy at the second G20 Health Working Group Conference in Goa.
- In October 2023, Tijuana’s medical tourism industry is expected to generate new hospitals and surgery centres. The United States, Canada, Australia, and the United Kingdom find Tijuana to be an appealing healthcare destination. This technology can save between 35% and 85% on surgical procedures, particularly over time. The alignment of medical care and tourism is critical for becoming a medical tourism hub.
Global Medical Tourism Market: Segmentation
By Procedure Type
- Neurological & Spinal
- Cosmetic Surgery
- Dental Treatment
- Asia Pacific
- Latin America
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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