Medical Tourism Market Is Estimated To Record a CAGR of Around 22.9% During The Forecast Period
Evolve Business Intelligence has published a new research report on the Global Medical Tourism Market, 2023–2033. The global Medical Tourism market is projected to exhibit a CAGR of around 21.7% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has identified the following companies as the key players in the global Medical Tourism Market: Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Asian Heart Institute, Kpj Healthcare Berhad, Ntt Medical Center Tokyo, Seoul National University Hospital., Uz Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, Barbados Fertility Center, Prince Court Medical Centre, and Samitivej Pcl.
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Market Highlights
The global Medical Tourism market is projected to be valued at USD 114.06 Billion by 2033, recording a CAGR of around 21.7% during the forecast period. Medical tourism refers to the process of traveling to a foreign country to receive medical treatment or procedures that are usually more affordable or not available in one’s home country. Medical tourism has become increasingly popular in recent years, with patients traveling to countries such as India, Thailand, and Mexico for a range of treatments, including dental procedures, cosmetic surgeries, and more complex procedures like organ transplants.
The COVID-19 pandemic has had a significant impact on the medical tourism industry. With travel restrictions and lockdowns implemented across the globe, many medical tourism destinations have seen a decline in the number of patients traveling for medical treatments. In addition, many medical facilities have also had to redirect their resources to deal with the pandemic, causing delays or cancellations of elective procedures.
Segmental Analysis
The global Medical Tourism market has been segmented based on Type, and region.
Based on the Type, the Medical Tourism market is segmented based on Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Other Treatments. The cosmetic treatment segment is expected to hold the largest market share in the Medical Tourism Market. The rising demand for cosmetic surgeries among individuals for aesthetic purposes is the major driving factor for the growth of this segment.
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Regional Analysis
The Medical Tourism market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The Asia-Pacific region is expected to grow at a faster rate in the Medical Tourism market due to the presence of countries such as India, Thailand, and Singapore which are major hubs for medical tourism. These countries have well-developed healthcare infrastructures, and highly skilled medical professionals, and offer affordable medical treatments compared to developed countries. In addition, the rising disposable income, increasing awareness about medical tourism, and government initiatives to promote medical tourism in these countries are expected to drive the growth of the market in the region.