Medical Tourism Market Is Anticipated to Register Around 32.51% CAGR from 2022-2032

The global medical tourism market was valued at USD 4.0 billion in 2021. It is projected to grow at a compound annual rate (CAGR of 32.51%) between 2022 and 2032.

The market is expected to grow at an incredible pace. Market growth is primarily due to the high cost of healthcare services in countries where they are unavailable. The industry is also driven by a growing demand for non-covered procedures such as aesthetic surgery, gender reassignment, reproductive therapy, and dental reconstruction.

In recent years, weight loss surgery has dramatically increased popularity. This is due to various factors, including better technology and dynamic pricing, allowing insurance companies to cover a portion of the cost. The growing number of obese patients around the globe will positively affect the medical tourism sector. Bariatric surgery accounted for a 12.1% market share in 2021. It will grow significantly through 2030 due to unhealthy eating habits and increasing numbers of people living sedentary lives.

Drivers in the Medical Tourism Market: –

Market Growth Accelerated by Lower Cost Care for Surgeries

Patients. Rising healthcare costs are burdening the healthcare providers in developing countries. Also, regulations imposed on the healthcare system by the government in several countries lead to delays in The procedures. This has encouraged people to travel to other countries for medical treatment. Congress(MHTC), medical treatment is cheaper in Asian countries than private hospitals in the U.S. For example, the cost of heart bypass surgery in Thailand is USD 13,000 compared with USD 113,000 in the U.S. For quick and affordable health tourism, there is a higher rate of inbound to countries like Thailand, India, and Thailand. Lower-cost medical care is contributing to the increased number of surgeries.

Expanding Inbound Medical Travel to Increase Market Potential.

 The healthcare industry is experiencing technological advances in the areas of surgical procedures and medical devices. Connected healthcare and wearables have made it easier for the world to adopt better medical facilities. Based care. Information and communication technology, telemedicine, and telehealth have opened patients’ doors. You can consult doctors worldwide, book appointments, and receive high-quality care without hesitation. This has increased inbound tourists to developing countries like Thailand and India.

Restraints in the Medical Tourism Market: –

Pandemic Outbreaks Lead to Travel Restrictions for Hamper Market Growth

Medical tourism solely depends on one country’s travel facilities to another. However, during a pandemic, Market growth is impeded by strict regulations or restrictions imposed on foreign patients. According to the World Tourism Organization (WTO), the COVID-19 pandemic caused a decline in tourism. In 2020, tourists will increase by 73% worldwide. This ultimately impacted the industry, limiting market growth due to the fall in medical costs technologies/procedures for international travelers.

Key Market Trends in the Medical Tourism Market: –

To Increase Market Potential, Active Consumer Preference for Cosmetic Procedures.

There has been an increase in demand for delayed or postponed procedures in the aftermath of the COVID-19 pandemic. The increased awareness of personal care and beauty has resulted in a higher need for cosmetic procedures like body fat reduction, acne treatments, etc. Individuals are more inclined to seek out these procedures abroad if they have access to qualified professionals and high-quality care. The growth of medical tourism will be boosted by a rising preference for cosmetic procedures, leading to increased clinic visits.

Recent Developments in the Medical Tourism Market:-

  • Medical Tourism Association (MTA) announced that it partnered with Korea Tourism Organization (KTO) due to the complex medical services South Korea offers to international clients.
  • Egypt launched a program that will provide high-quality medical and therapeutic care to patients from abroad.

Frequently Asked Questions: –

Q1. What are the key trends in the medical tourism market report?

Q2. Which are the top companies that hold the market share in the medical tourism market?

Q3. Which medical treatments are popular with medical tourists?

Q4. What are the market values/growth % of emerging countries?

Q5. What would be the forecast period in the market report?

Q6. What is the market value of the medical tourism market in 2020?

Q7. Which is the base year calculated in the medical tourism market report?

Q8. Which is the most influencing segment growing in the medical tourism market report?

Q9. What is the total market value of the medical tourism market report?

Q10. What is medical tourism?    

About Market.us: –

Market.US (Powered by Prudour Private Limited) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report providing firm.

Contact Details: –

Global Business Development Team – Market.us

Market.us (Powered by Prudour Pvt. Ltd.)

Address: 420 Lexington Avenue, Suite 300 New York City, NY 10170, United States

Phone: +1 718 618 4351 (International), Phone: +91 78878 22626 (Asia)

Email: [email protected]

Have a look at the Relevant Reports from our Database: –

Global Outbound Medical Tourism Services Market Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Global Disposable Medical Gloves Market Size, Growth | Report [2032]

Antimicrobial Medical Textiles Market Size, Share, Analysis by 2032

Medical Thawing System Market Size, Share, Analysis by 2032

Medical Illumination Systems Market Size, Analysis by 2032

About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x
Share to...