Medical Tourism Market Set to Reach US$ 75 Billion by 2032 influenced by Low-cost Treatment Options | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
This medical tourism market report extensively covers market segmentation by type (cardiovascular treatment, cosmetic treatment, fertility treatment, orthopedics treatment, and others), service type (private and public), and geography (North America, APAC, Europe, Middle East and Africa, and South America). Discover market potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Future Market Insights reports.
NEWARK, Del, Sept. 03, 2023 (GLOBE NEWSWIRE) -- The global medical tourism market is likely to register a CAGR of30.5% during the forecast period. The market is likely to register US$ 5.2 Billion in 2022 and is expected to cross US$ 75 Billion by 2032.
Some of the market's prominent drivers are cost savings and additional benefits to visitors, such as enhanced healthcare, innovative technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care.
While an increasing number of Americans are traveling abroad for availing medical treatment, there has been a significant surge in inbound medical tourism in the country as well.
The Availability of cheaper treatment options abroad without compromising on the overall standard and quality of healthcare services is the chief driver of medical tourism in the East. The field contributes significantly to the generation of revenue across developing economies, which has been motivating government aid.
Increasing Internet Penetration Has Influenced the Medical Tourism Market Growth
Medical tourism, although not a new concept, has been gaining significant traction on the internet as a viable healthcare option accessible to people worldwide. From a marketing perspective, the Internet provides a dynamic medium for healthcare service providers and operators to raise awareness about diverse medical travel options. Moreover, the internet can play a pivotal role in influencing a patient's decision regarding medical tourism.
It has become commonplace for patients to thoroughly research information from various online sources before making their decisions. Consumers are increasingly engaging in web-based healthcare communities to access authentic and reliable data about healthcare facilities and infrastructure in foreign countries. Additionally, the use of social media is experiencing a surge among medical tourism marketers as a means to reach potential patients.
Leveraging social media platforms like Facebook allows marketers to benefit from the segmentation tools available within the platform. This enables them to precisely identify target audiences based on specific geographic locations and effectively advertise their services to those individuals.
Key Takeaways:
The U.S. Medical Tourism Market is expected to lead in terms of healthcare travel spending. However, in the coming years, China’s spending is forecast to surge considerably
Among services offered under medical tourism, therapeutic services are highly sought-after. Wellness services, too, are gaining traction as an increasing number of medical tourists are seeking meditation and wellness retreats
Phone and online booking will remain more preferred modes of booking for medical tourism
Medical tourism is often sought for cancer and cardiovascular treatment. Besides this, cosmetics and bariatric procedures are very popular among medical tourists
While the unprecedented COVID-19 outbreak might have caused significant disruptions, recovery is on the card, thanks to prompt response by governments around the world. Thailand’s response to the ongoing pandemic, for instance, has won praise from the United Nations, the World Health Organization, and other experts around the world. Thailand has been ranked among the top five countries among 184 in terms of the effectiveness of their battle against the virus.
According to the Thailand Board of Investment, more than 50 applications for investments, worth over US$ 400 million were submitted during the first half of 2020 to introduce a range of novel measures, accelerating investment in the medical sector. Proactive steps taken by government and non-government organizations will enable the medical tourism market sail despite losses incurred during COVID-19.
Who is winning?
Medical tourism market is expanding at a fast rate. Tier 1 companies such as AsklepiosKlinikenGmbH, Bangkok DusitMedical Services, Fortis Healthcare Limited, Apollo Healthcare, BumrugrandInternational Hospitals, ChristusMughuerza, and others contribute nearly 6% to 17% of revenue generated by the market.
Tier 2 companies operating in the market include Asian Heart Institute, Prince Court Medical Center, ShouldiceHospital, Gleneagles Hospital, ClemenceuMedical Centre, AnadoluMedical Centre, and others. These companies account for the lion’s share of the global market.
Medical Tourism Market Research Report Coverage:
Attribute
Details
Growth Rate
30.5% CAGR from 2022 to 2032
Market Value in 2022
US$ 5.2 Billion
Market Value in 2032
US$ 75 Billion
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2021
Market Analysis
USD Billion for Value
Key Regions Covered
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Key Countries Covered
USA
Canada
Brazil
Mexico
Germany
UK
France
Italy
Spain
China
Japan
South Korea
India
Thailand
Indonesia
Malaysia
Australia
New Zealand
GCC Countries
South Africa
Turkey
Key Segments Covered
Treatment Type
Service Type
Tourist Type
Tour Type,
Customer Orientation
Age Group
Booking Channel
Region
Key Companies Profiled
Clemenceu Medical Center
Asklepios Klinik Barmbek
Fortis Hospital
Apollo Hospitals
Gleneagles Hospital
Prince Court Medical Center
Shouldice Hospital
Christus Muguerza Super Specialty Hospital
Anadolu Medical Centre
ITL World
Global Healthcare Connection Inc.
Mednamaste
Satori World
Medical E-Medsol Pvt. Ltd.
Bumrungrad International Hospital
Bangkok Dusit Medical Services
Asia Heart Institute
Report Coverage
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
About the Travel and Tourism Division at Future Market Insights
The Travel and Tourism team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analysing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Have a Look at Related Research Reports on Travel and Tourism:
UK Medical Tourism Market Size: The UK medical tourism market is estimated to reach US$ 6 Billion in 2022. As per the report, sales are forecasted to increase at a robust 14.6% CAGR. Total sales in the UK medical tourism market represent ~3%-7% of the global medical tourism market size.
Thailand Medical Tourism Market Share: The Thailand medical tourism market is estimated to reach US$ 5,687 Million in 2022. As per the report, sales of Thailand Medical Tourism market are forecasted to increase at a robust 18.4 % CAGR.
GCC Countries Medical Tourism Market Trends: The GCC countries' medical tourism market is estimated to reach US$ 6,605 Million in 2022. As per the report, sales are forecasted to increase at a robust 10 % CAGR during the forecast period.
Italy Medical Tourism Market Demand: The Italy medical tourism market is estimated to reach US$ 3,532 Million in 2022. Sales are predicted to increase at a robust 10.8% CAGR in the forecast period (2022 to 2032). The Italy medical tourism market holds nearly ~2-5% of the share of the global medical tourism industry.
Outbound Medical Tourism Market Forecast: In 2023, the outbound medical tourism market is projected to reach an impressive figure of US$ 221.21 billion. According to FMI’s comprehensive report, the demand for outbound medical tourism is predicted to experience an astounding CAGR of 11.6% from 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
