High Costs of Treatment in Developed Economies to Bolster the Medical Tourism Market

Pune, India, October, 2022 /press release/- Market Research Future Published a Half-Cooked Research Report on Medical Tourism Market Research Report

Market Overview

The Medical tourism market Size is projected to grow from USD 21.42 Billion in 2022 to USD 121.8 billion by 2032, exhibiting a CAGR of 21.2% during the forecast period (2022 - 2032).

Market Dynamics

The primary market drivers boosting market expansion are the availability of cutting-edge medical technologies and the lower cost of treatment in developing countries. The high cost of healthcare in developed countries is expected to be a major driver of market growth in developing countries.  The American healthcare system is the only one that uses these particular payment methods. In other developing countries, citizens contribute to a single-payer healthcare system where all medical costs are paid for by the government. Market expansion is a result of the cheaper cost of healthcare in developing countries compared to developed countries. As a result of the aforementioned, the medical tourism market is expected to grow throughout the predicted period.

Market growth during the forecast period, however, is expected to be hampered by issues related to patient follow-up, post-procedure complications, and the transfer of medical records. As a result, the worldwide medical tourism market's CAGR has slowed due to these factors in recent years.

Market Segmentation

Orthopedic/spine treatments, oncology/cancer treatments, cosmetic surgery/treatments, cardiovascular/heart treatments, dentistry therapies, fertility/ivf treatments, and others comprise a portion of the medical tourism market's treatment type segmentation.

In 2021, oncology/cancer treatments accounted for the largest share of the medical tourism business, providing over 40% of total revenue. The rising global incidence of cancer provides a simple explanation for this.

During the forecast horizon, cardiovascular treatment is expected to grow at the quickest rate. Rising rates of cardiovascular illness and mortality are fueling the industry's expansion.

Explore In-depth Details: Medical Tourism Market Research Report

Regional Analysis

The Asia-Pacific medical tourism industry is projected to develop at a healthy CAGR during 2021-2026, from an estimated USD 0.88 billion in 2021. Because of state-sponsored initiatives, competitive prices, and widespread demand, medical tourism has become increasingly popular in the region's emerging nations. When compared to healthcare costs in the West and the Middle East, India is a bargain. In addition, the price of medical care is lowered by 65%-90% compared to the United States. These statistics highlight the preeminence of Asia and the Pacific in the global medical tourism market. Additionally, the market share for medical tourism was highest in China, but the quickest growth was seen in the Indian market.

The market for medical tourism in North America is second largest in the world. Compared to other countries, the United States attracts a larger-than-average proportion of foreign patients in need of expensive medical procedures like heart and knee replacements. In addition, the United States dominated the market for medical tourism, but Canada's market was the most dynamic in North America.

From 2022 to 2030, the market for medical tourism in Europe is projected to expand at a faster rate than any other region. Rising healthcare expenses, an expanding medical tourism business, and a rise in the prevalence of degenerative disc disease and osteoarthritis are all contributing factors. The market for medical tourism in Europe is increasing rapidly, with Germany being the region with the highest rate of expansion.

Competitive Analysis

Medical tourism is expected to continue growing as a result of heavy investment in research and development by major market participants. Market participants are engaging in a wide range of strategic initiatives to enhance their worldwide footprint in response to recent events such as the introduction of new products, the formation of contractual agreements, the completion of mergers and acquisitions, the increase in investment levels, and the increased collaboration with other organizations. 

The major players of the market are Bumrungrad International Hospital (Thailand), CHRISTUS MUGUERZA (Mexico),Samitivej PCL (Thailand), Schön-Kliniken (Germany), Gleneagles Global Hospitals Group (India), Prince Court Medical Centre (Malaysia), Anadolu Medical Center (Turkey)