The global medical tourism market was estimated at USD 105 billion in 2021 and expected to reach USD 286.1 billion by 2030, poised to grow at a compound annual growth rate (CAGR) 10.8% during the forecast period 2021 to 2030.
The rising burden of diseases among the global population and the availability of advanced medical technologies for the treatment of various chronic health disorders is propelling the demand for the medical tourism, globally. The support and assistance provided by the tourism department and the government of the source and the host destinations is expected to significantly drive the market growth. People seeks medical tourism owing to the expensive treatment in their home country or non-availability of any treatment. Therefore, to attain fast medical attention and affordable medical treatment people tend to opt for medical tourism. Medical tourism witnessed huge traction owing to the globalization of the healthcare market. The easy flow of patients, health professional, medical technologies, and capital across the borders has fueled up the growth of the medical tourism market all over the globe. Moreover, the rising awareness regarding medical tourism and rising affordability of advanced medical treatments is a major factor behind the burgeoning demand for the medical tourism.
The rising investments by the government to build strong and advanced healthcare facilities is boosting the medical tourism market. The favorable government policies, rising investments on the development of air connectivity and other transport mediums, and government initiatives to promote medical tourism are the major factors that contribute in the development of the market. Moreover, the readily available information regarding treatments of various diseases, cost, and best destinations for the treatment plays a major role in spreading awareness regarding the medical tourism. Furthermore, lack of adequate number of specialized health professionals results in the increased medical tourism. Health professionals undertake tourism activities to perform certain surgery that requires special knowledge.
Treatment Type Insights
Based on treatment type, in 2020, the cancer treatment segment accounted largest revenue share and is estimated to sustain its dominance during the forecast period. This can be simply attributed to the rising prevalence of cancer among the global population. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. Prevalence of breast cancer in the female population is surging, accounting for around 11.7% of the new cancer cases followed by the lungs cancer that accounted for 11.4% and colorectal cancer accounted for 10.0% in 2020. The rapid emergence of various effective treatment for cancer like targeted therapeutics, chemotherapy, and radiation therapy among others is boosting the growth of the medical tourism market across the globe. Cancer treatment is expensive and hence people are increasing adopting medical tourism to attain the treatment in other countries for reducing the costs of the treatment. This is expected to further boost the growth of this segment during the forecast period.
The cardiovascular treatment is projected to be set the most opportunistic segment during the forecast period. The rising number of cardiovascular cases and surging number of deaths due to it is boosting the growth of this segment. According to the World Health Organization, cardiovascular deaths accounts for around 32% or 17.9 million of the total deaths each year across the globe. The sedentary lifestyle of the people, unhealthy food habits. Rising consumption of tobacco, and physical inactivity are the major reasons for the cardiovascular diseases. The cardiovascular cases are expected to rise in the forthcoming years with the rising urbanization, increasing employment, and increasing consumption of fast foods, globally. Hence, this segment is expected to be the fastest-growing segment during the forecast period.
Based on region, Asia Pacific accounted largest revenue share in 2020. Asia Pacific is also estimated to be the fastest-growing region during the forthcoming years. Asia Pacific has emerged popular among the medical tourists owing to the availability of advanced treatment facilities at affordable costs to the foreign medical tourists. Furthermore, the increasing demand for the cosmetics surgeries is booting the growth of the market. The cosmetic treatments are not covered in the health insurance plans and hence the cost have to be borne by the consumer himself. Asia Pacific provides the cosmetic surgery at affordable cost. The most important source markets for Asia Pacific medical tourism include US and European countries.
Asia-Pacific medical tourism market is estimated to dominate the growth during the forecast period. Increasing medical tourism priority for developing countries like Singapore, Thailand, India and Malaysia is attributed to the availability of advanced medical treatments at substantially lower cost than in developed countries.
The medical tourism market is dynamics and various factors such as climate, geo-political relations, domestic policies, and travelling restrictions have significant impact on the medical tourism market. The recent outbreak of the COVID-19 virus that spread rapidly across the globe resulted in huge losses to the medical tourism market. Most of the countries sealed their borders, disruptions in the medical supply chain, and delays in the treatment are the various factors that adversely affected the global tourism market in 2020. Furthermore, the increased consciousness regarding the spread of viruses through the patients coming from abroad may have a long term impact of the medical tourism market.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
The various developmental strategies like acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global medical tourism market include:
Scope of the Medical Tourism Market
|Market Size||USD 286.1 Billion by 2030|
|Growth Rate||CAGR 10.8% From 2021 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe|
|Forecast Period||2021 to 2030|
|Segments Covered||Treatment Type, Geography|
|Companies Mentioned||Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, Aditya Birla Memorial Hospital, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre, Samitivej PCL, Seoul National University Hospital, Wooridul Spine Hospital|
Segments Covered in the Report
By Treatment Type
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