During the forecast period of 2023-2033, the global medical tourism market is expected to reach an estimated value of ~USD 100 billion by 2033, by expanding at a CAGR of ~12%. The market further generated a revenue of ~USD 10 billion in the year 2022. Major key factors propelling the growth of medical tourism market worldwide are the rising cases of cancer across the globe and the significant growth in the medical technology.
Market Definition of Medical Tourism
Global medical tourism market trends such as, the rising prevalence of hip & knee replacement and angioplasty and escalation in the spending on medical technology across the globe are projected to influence the growth of the market positively over the forecast period. Moreover, medical tourism is a term when people travel across the country to receive medical treatment for several medical conditions. Hence, all these factors are expected to hike the growth of the market over the forecast period.
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Global Medical Tourism Market: Growth Drivers
The growth of the global medical tourism market can majorly be attributed to the launch of several advanced training methods by the key players operating in the market. For instance, Apollo Hospitals Enterprise Ltd.’s Apollo Proton Cancer Center (APCC) to become one of the first exclusive proton beam training institutes. The center has also signed an agreement to provide proton therapy training and requisite education across the globe. On the other hand, the market growth can also be attributed launch of new programs in the field of medical tourism is also projected to drive the market growth. For instance, NTT Medical Center Tokyo to introduce nursery school services at the hospital. Furthermore, the hospital also stated that it would be reducing delivery costs for mothers to offer a comfortable environment to give birth.
The global medical tourism market is also estimated to grow majorly on account of the following:
- Increasing Cases of Cancer across the Globe
- Significant Rise in the Medical Technology
- Rising Global Healthcare Expenditure
- Diverse Costs Related with the Heart Bypass in Different Countries
Global Medical Tourism Market: Restraining Factor
There is decline in the number of tourists due to COVID-19. Hence this factor is expected to be the major hindrance for the growth of the global medical tourism market during the forecast period.
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Global Medical Tourism Market Segmentation
- By Treatment Type (Cosmetic, Dental, Fertility, Orthopedic, Neurological, Cancer, and Others)
The cancer segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the higher prevalence of cancer across the globe. For instance, in 2020, cancer accounted to more than 9 million deaths across the globe.
- By Application (Public, and Private)
- By Region
The North America medical tourism market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Higher prevalence of tourism owing to the presence of robust healthcare infrastructure in the region and the growing cases of cancer in the region are some of the major factors anticipated to drive the growth of the market in the North America during the forecast period. For instance, in 2018, the number of tourist visits in the USA was estimated to be around 150 million which further reached about 160 million in 2019. Moreover, the presence of major key players in the region is further projected to hike the growth of the market in the region.
The market research report on global medical tourism also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Medical Tourism Market
Some of the key players of the global medical tourism market are Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Fortis Healthcare Limited, Barbados Fertility Center, Asian Heart Institute, Aditya Birla Health Services Ltd., KPJ Healthcare Berhad, and others.
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