The
global Medical
Tourism Market size is expected to reach USD 75.3 billion by 2030,
growing at a CAGR of 25.22% from 2023 to 2030, according to a new report by
Grand View Research, Inc. Cardiovascular treatment (coronary artery bypass
graft and heart valve transplantation), dental treatment (veneers, implants,
and crowns), cosmetic treatment (breast implants and facelifts) and orthopedic
treatment (knee & hip reconstruction and spinal surgery), are among the
most frequently performed procedures for medical tourists.
Most
elective surgeries, such as cosmetic surgery, certain dental surgeries,
fertility treatments, and weight loss surgeries, are not covered by insurance
companies in the U.S. Limited availability or lack of insurance coverage drives
people to seek procedures in countries such as Thailand, India, and Malaysia.
Cosmetic surgeries in most countries are considered elective, and therefore,
are not covered under health insurance. This results in interested patients
seeking treatment options abroad.
Patients
can save treatment costs substantially by traveling to countries where such
services are provided at lower costs. For instance, according to the American
Society of Plastic Surgeons, a breast augmentation procedure average costs
around USD 4,500 to USD 5,000 for an individual in the U.S., compared to around
USD 3,000 to USD 4,000 in Malaysia. In addition, the cost of IVF treatment
in the U.S. is between USD 12,000 and USD 25,000, whereas in Thailand, it is
priced at around USD 6,200 and USD 12,000. This price difference has led to an
increase in patient arrivals in Asian countries.
Moreover,
the option of combining wellness and medical trips with outstanding clinical
facilities and traditional medicine therapies is driving many patients to
prefer this option. China has emerged as a key destination for travelers
seeking stem cell therapies. Stem cell research is banned in several countries.
However, it is legal in China and hence tourists consider China for undergoing
it legally. The China market is growing rapidly, owing to a globally expanding
middle class, an aging population, and an increasing demand for cosmetic
surgery.
Advertising
is critical in gaining new clients. Similar to many other privately driven
sectors, medical tourism requires advertising exposure. Advertising on websites
has become the primary source of information for health travelers. Therefore,
having more recognized hospitals enhances a country's global standing. The
phenomenal increase in health tourism is being accompanied by the establishment
of Joint Commission International (JCI)-accredited health centers.
Singapore,
for example, has numerous specialist clinics and 22 hospitals, and specialized
centers accredited by the JCI, all of which provide high-quality healthcare
services. Due to the availability of state-of-the-art facilities, the country
is an attractive medical tourism destination in terms of accommodation and
housing alternatives.
However,
the COVID-19 pandemic adversely impacted the market for medical tourism. It
shook the travel and tourism industry to its foundations. Prominent hospital
service providers suffered heavy losses in 2020, as COVID-19 pandemic travel
restrictions negatively affected health services aimed at medical tourists. A
majority of the workforce in this sector suffered economic losses. A sharp
decline in the number of patient arrivals due to travel bans and strict
regulations heavily impacted the overall market.
Related Press
Release@ Medical
Tourism Market Report
Medical Tourism Market Report Highlights
- Based on
treatment, the cosmetic segment held the largest revenue share
of 23.9% in 2022. On the other hand, the infertility treatment segment is
expected to record the fastest CAGR from 2023 to 2030
- In terms of
services providers, the private segment dominated the market, and it is
likely to continue its dominance with the projected fastest CAGR of 25.86%
from 2023 to 2030, owing to the growing number of public hospitals and
focused on marketing strategies to attract foreign patients
- Turkey was
one of the notable markets in terms of revenue in 2022, owing to the high
quality of health services and a high number of patient arrivals in the
country
- The Thailand
medical tourism industry is anticipated to grow at a significant CAGR of
27.8% from 2023 to 2030. Popular destinations in Thailand are Bangkok,
Phuket, Pattaya, Chiang Moi, Samui, and Hua Hin
- Singapore is
also among the major medical tourism destination on the global stage. The
country is ranked second in the Medical Tourism Index by the Medical
Tourism Association, behind Canada. Singapore's private hospitals provide
superior healthcare services with highly trained specialists and
state-of-the-art infrastructure
- Singapore,
Colombia, Taiwan, and Spain are among the leading destinations with the
highest growth rates. Medical tourism is a significant source of revenue
for several countries. They have a sophisticated healthcare infrastructure
and a qualified workforce that enables them to serve foreign patients
- Thailand is
a popular destination for cosmetic procedures, while India is the
preferred destination for cardiothoracic and orthopedic procedures. Dental
operations are favored in Brazil and Costa Rica
Medical Tourism
Market Report Scope
|
Report Attribute |
Details |
|
Market
size value in 2023 |
USD 15.6
billion |
|
Revenue
forecast in 2030 |
USD 75.3
billion |
|
Growth
rate |
CAGR
of 25.2% from 2023 to 2030 |
|
Base year
for estimation |
2022 |
|
Historical data |
2018 - 2021 |
|
Forecast period |
2023 - 2030 |
Request For A Free Consultation@ https://www.grandviewresearch.com/request-free-consultation/1119/rfc
Medical Tourism Market Segmentation
Grand
View Research has segmented the global medical tourism market based on
treatment type, service provider, and country:
Medical Tourism Treatment Type Outlook (Revenue, USD
Million, 2018 - 2030)
- Cardiovascular
Treatment
- Orthopedic
Treatment
- Cosmetic
Treatment
- Bariatric
Treatment
- Dental
Treatment
- Ophthalmology
Treatment
- Infertility
Treatment
- Alternative
Medicine
- Other
Services
Medical Tourism Service Provider Outlook (Revenue, USD
Million, 2018 - 2030)
- Public
- Private
Medical Tourism Country Outlook (Revenue, USD Million,
2018 - 2030)
- Thailand
- India
- Costa Rica
- Mexico
- Malaysia
- Singapore
- Brazil
- Colombia
- Turkey
- Taiwan
- South Korea
- Czech
Republic
- Spain
- China
- Australia
- Indonesia
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment