Medical Tourism Market Expected to Reach $250.2 Billion by 2032, Grow at a CAGR of 12.9% from 2022 to 2032

The total medical tourism market was valued at USD 65.5 billion in 2021 and it is expected to reach USD 250.2 billion at a CAGR of 12.9% during the forecast period.

MILWAUKEE, WISCONSIN, USA, April 18, 2022 /EINPresswire.com/ — According to a market report published by Sheer Analytics and Insights, the total medical tourism market was valued at $65.5 billion in 2021 and it is expected to reach $250.2 billion at a CAGR of 12.9% during the forecast period. There are several advantages such as healthcare, innovative medicines, modern technologies and devices, better hospitality and personalized care that are driving the growth of the global medical tourism market and it is also expected to witness rapid growth over the course of the forecast period. Moreover, the growing demand for certain methods, which are not covered by insurance, such as fertility treatments, dental reconstruction and cosmetic surgery, is also expected to boost the market. Most methods of cosmetic surgery are not covered by medical insurance and medical aid plans; hence, it is paid out of an individual’s pocket as the lower costs of medical treatments attract foreign patients. They spend their money to get to their destination and get treatment at a cheaper price. In this way, the patient can indulge in leisure activities in the country of destination.

However, cheaper treatment options along with better hospitality are major factors responsible for the growth of the medical tourism market across the globe. Therefore, patients can save 35-80% of the total treatment cost. Additionally, lower costs and better availability of manpower is the major factor behind the cheaper cost of the medical tourism market. Moreover, the advanced hospital management has turned the industry into a positive atmosphere that further helps medical tourism to grow profitably. However, among other Asian countries, Thailand was the most popular and best destination for medical tourism in 2019 due to the status of the country which made it one of the best tourist destinations in the Asia-Pacific region.

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In several developing countries such as China, Myanmar, Laos, Cambodia, and Vietnam, the government is trying to provide a new potential market to increase the demand for the best professional healthcare services in these countries. The promotion of medical tourism and advertisement to attract the attention of people from other regions is expected to drive the market in the coming years. Based on the type of treatment, the cancer treatment segment was considered to have the largest medical tourism market in 2019 owing to the rising incidence of cancer treatment. Online services are most prominent among other facilities as people can easily obtain medical information through online applications which is also driving the growth of the market. According to the World Tourism Organization, 84% of tourists declined in the Asia-Pacific region in the 2nd half of 2020 due to the emergence of the COVID-19 pandemic. This was done for the specific purpose of preventing the spread of the infectious virus. Major country borders have been closed and the rate of tourists visiting for their medical care has declined.

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Key players such as Bumrungrad International Hospital (Thailand), Samitivej Hospitals (Bangkok), Bangkok Hospital Group (Bangkok), Apollo Hospitals Enterprise Limited (Chennai, India), Fortis Hospitals (Gurugram, India), Aditya Birla Memorial Hospital (Maharashtra, India ) ), Asian Heart Institute (Mumbai, India), Barbados Fertility Center (Caribbean), KPJ Healthcare Berhad (Malaysia), NTT Medical Center Tokyo (Japan), Prince Court Medical Center (Malaysia), Seoul National University Hospital (South Korea ), Wooridul Spine Hospital (South Korea) dominates the global medical tourism market.

The global medical tourism market has been segmented into:

The Global Medical Tourism Market – By Treatment Services:

Cosmetic Treatment
dental treatment
orthopedic treatment
Neurological treatment
Cardiovascular treatment
Cancer treatment
Fertility treatment
And other treatments

The Global Medical Tourism Market – By End User Services:

Personal
Private

The global medical tourism market – by type of region:

North America

WE
Canada
Mexico

Europe

Germany
France
Italy
UK
Russia
Rest of Europe countries

Asia Pacific

India
China
Japan
South Korea
North Korea
Rest of Asian countries

Latin America, Middle East and Africa (LAMEA)

Brazil
Saudi Arabia
Rest of LAMEA

Click on the full report at https://www.sheeranalyticsandinsights.com/market-report-research/medical-tourism-market-21

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