Medical Tourism Market | Exclusive report on revenue and growth factors to 2031
The Global medical tourism market was valued at US$10.4 billion in 2021 and is expected to grow at a CAGR of 13.0% from 2022 to 2031. The global medical tourism market is expected to reach over US$72.8 billion by the end of 2031.
Presentation of the medical tourism market
Medical tourism is defined as the travel of patients from their home country to different destinations for medical treatment. These services include sophisticated treatments such as cardiac surgery, orthopedics, neurosurgery and dental care or elective treatments such as cosmetic surgeries or even routine health checkups. According to a medical tourism market study, the increase in healthcare expenditure in developed countries and the availability of cost-effective treatments in developing countries has made medical tourism an emerging industry. Additionally, the availability of medical tourism insurance is also driving the market. The high cost of treatment in developed countries is a major factor in the migration of patients to other destinations.
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High quality low cost treatment increasing global medical tourism market
High quality treatment can be used more cheaply in developing countries like Thailand and Malaysia than in developed countries. Despite the low cost of treatment in developing countries, the quality of the procedure is not compromised due to the availability of resources at relatively lower cost. This results in an influx of people to benefit from health services in these countries. For example, an angioplasty procedure costs around US$55,000-57,000 for an individual in the United States, compared to around US$2,500-3,500 in Malaysia. People travel from the United States to Thailand, Singapore, India, and Malaysia for medical treatment, saving 55% to 70% on their treatment expenses. The cost of dental treatment is 60% to 80% lower in India than in the US and UK. while it costs only US$45 in Thailand, US$40 in Turkey and US$20 in India. Thus, dental implant tourism is gaining prominence in developing countries like India and Thailand.
People often go to other countries for medical operations such as breast augmentation and liposuction. Others choose to have the extra skin removed. Many people seek out additional elective treatments, such as LASIK eye surgery or dental procedures, which are not covered by insurance policies in the West and can be prohibitively expensive in some countries. Thus, improved healthcare infrastructure and access to high quality healthcare services at affordable prices are expected to boost the global market in the near future.
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Long Wait Times Drive Global Medical Tourism Market
Long waiting times for an appointment with specialists for treatment or consultation is a major concern among patients and is considered a significant driver of outsourcing. Patients are forced to wait for health services for reasons such as lack of medical equipment, lack of staff or ineffective management. In addition, excessive waiting time could have adverse health effects. Patients in developed countries like UK, France, Norway, Sweden and Canada do not have timely access to medical services. Therefore, they may choose to travel to other destinations for medical services.
The average waiting period in Canada for patients undergoing cataract surgery, joint replacement surgery and coronary artery bypass grafting (CABG) is 112 days, 182 days and 71 days, respectively. If a person needs a routine medical examination, the minimum waiting period is 32 days. The long wait period presents a significant challenge for patients; hence, they prefer to travel abroad for timely surgery.
Increased incidence of cardiovascular diseases feeding the cardiac segment
In terms of procedure type, the cardiac segment held the largest share of the global medical tourism market in 2021. This can be attributed to the rising incidence of cardiovascular diseases globally. According to the World Health Organization (WHO), cardiovascular disease (CVD) is the leading cause of death, with an estimated 17.9 billion people worldwide suffering from cardiovascular disease. According to data released by the Centers for Disease Control and Prevention (CDC), hypertension caused more than half a million deaths in the United States in 2019.
The cosmetic surgery segment is expected to grow at a rapid rate during the forecast period. A large percentage of the population opts for cosmetic surgery to improve appearance and increase confidence. The rise in the impact of aesthetics, influenced by media portrayals of unattainable beauty standards, is expected to be one of the major drivers for the cosmetic surgery segment. Additionally, technical improvements in the segment have led to an increase in the demand for cosmetic procedures.
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Regional Analysis of the Medical Tourism Market
Asia-Pacific dominated the global medical tourism market, with more than 75% share in 2021. The market in the region is highly competitive due to the presence of technologically advanced medical specialties, less stringent government regulations, and high standards. attractive locations. Thailand and India are internationally recognized for their high-end medical services and receive patients from all over the world. Singapore is renowned for its healthcare infrastructure and receives patients mainly for complex medical procedures.
According to the medical tourism market forecast, the market in Europe, Middle East and Africa (EMEA) is expected to grow at a CAGR of 12.2% from 2022 to 2031. Economic growth in EMEA countries and Increasing government spending in advanced healthcare facilities are expected to drive the market in EMEA in the near future. Turkey has emerged as a potential provider of medical services and is recognized as a competitive healthcare destination. The global health care economic crisis has played a key role in strengthening Turkey’s health and medical tourism industry. The country’s strategic geographical location gives it the added advantage of being able to treat patients from all over the world. Turkey is located between Europe and the United States; hence, medical tourists find it convenient to travel to the country. Additionally, increasing demand for cosmetic surgery is propelling the medical tourism market in Turkey.
Latin American countries like Brazil and Mexico attract maximum patients from the United States due to geographic proximity and cultural similarities.
Analysis of key players in the global medical tourism market
Fortis Healthcare, Apollo Hospitals Enterprise Ltd., Bangkok Chain Hospital Public Company Limited, Hamad Medical Corporation, Bumrungrad International Hospital, KPJ Healthcare Berhad, Manipal Health Enterprises Pvt. Ltd., Raffles Medical Group and Jordan Hospital are the major healthcare service providers operating in the global medical tourism market. Medical tourism companies are taking advantage of new technologies and providing improved healthcare services through strategic initiatives and collaborations.
Transparency Market Research, a global market research company registered in Wilmington, Delaware, USA, provides personalized research and consulting services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine market growth over the next decade.
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