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Medical Tourism Market To Witness An Explosive CAGR of 32.51% Till 2030, Driven By High Cost of Health Services in Home Countries | Grand View Research, Inc.

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Medical Tourism Market To Witness An Explosive CAGR of 32.51% Till 2030, Driven By High Cost of Health Services in Home Countries | Grand View Research, Inc.

June 03
01:47 2022
Medical Tourism Market To Witness An Explosive CAGR of 32.51% Till 2030, Driven By High Cost of Health Services in Home Countries | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the medical tourism industry is majorly driven by cost savings and additional benefits to visitors such as improved healthcare, cutting-edge technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care during the forecast period.

Medical Tourism Industry Overview

The global medical tourism market size was valued at USD 4.0 billion in 2021 and is expected to reach USD 97.9 billion by 2030, expanding at a CAGR of 32.51% during the forecast period.

Cost savings and additional benefits to visitors such as improved healthcare, cutting-edge technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care are some of the market’s major drivers.

During the forecast period, the market is projected to advance at a breakneck pace. The high cost of health services in home countries is the primary factor propelling the market growth. Additionally, the industry is being driven by rising demand for procedures that are not covered by insurance, such as bottom surgeries, reproductive therapy, dental reconstruction, and aesthetic surgery.

Gather more insights about the market drivers, restrains and growth of the Global Medical Tourism Market

In developing countries such as Thailand and Malaysia, a high-quality treatment can be availed at a lower cost, than in developed countries. Even though the cost of treatments in developing countries is minimal, the quality of the procedure is not compromised due to the availability of resources at relatively lower costs. This factor results in the influx of people to avail of health services in these countries.

 

Global medical tourism market size, by country, 2020 - 2030 (USD Billion)

 

For instance, angioplasty procedure costs around USD 55,000 to USD 57,000 for an individual in the U.S., compared to around USD 2,500 to USD 3,500 in Malaysia. People travel from the U.S. and Europe to Thailand, Singapore, India, and Malaysia for medical treatments, saving about 55% to 70% of their treatment expenses.

In addition, emerging countries are known to have renowned surgeons, which is attracting millions of patients per year for various treatments. The prices of medical treatments in Malaysia are 30% to 40% lower than in countries such as the U.S., UK, and other European economies. A large population of foreigners seeks surgeries such as facial aesthetics procedures, dental implants, silicone implants, facelifts, and liposuction in these countries. Improvements in healthcare infrastructure and the availability of high-quality healthcare services at affordable prices will drive the global market growth. 

Furthermore, delaying necessary treatments might worsen pre-existing conditions, and the risks associated with delaying various surgeries can lead to other complications. For instance, delaying hip replacement surgery can lead to deterioration of the hip joint, limited mobility, and an increase in pain. In addition, the possibility of undergoing minimally invasive surgery, such as hip resurfacing, would no longer be an option for the patient. 

Similarly, delaying a root canal treatment can lead to the destruction of the tooth, resulting in tooth loss. For instance, in developed countries like the UK and Canada, there is at least a 4-week wait between the time a patient makes an appointment and the time he/she can see the physician. Canada has the highest percentage of patients (36%) who have to wait 6 days or more for an appointment with a doctor. In the UK, waiting lists for non-essential surgeries, such as knee reconstructions, are up to 18 months, while in Australia and Canada, they can take up to 2 years. 

Medical tourism has offered a method for people who cannot afford to wait for treatment in their native country, to avoid long queues by traveling overseas for treatment. Thus, to save time and avoid the aggravation of their medical issues, many patients rely on medical tourism and travel overseas to countries that offer procedures immediately. Furthermore, governments of many countries are focusing on promoting health and wellness tourism in their countries through various strategies. Strong government support is thus anticipated to favor market growth.

 

Medical Tourism Market Segmentation

Based on the Country Insights, the market is segmented into Thailand, India, Costa Rica, Mexico, Malaysia, Singapore, Brazil, Colombia, Turkey, Taiwan, South Korea, Czech Republic, Spain, China, Australia, and Indonesia.

  • Turkey was one of the dominating markets with a share of 26.1% in 2021. This can be attributed to a higher influx of health tourists in the country when compared to other nations. As per the Turkish Statistical Institute, a total of 642,444 inbound medical tourists visited Turkey in 2021, an increase of 66% from 2020.
  • Thailand is one of the popular destinations for medical tourism. Its popularity as a tourist destination is augmenting its market growth. The growing number of private institutions, improvements to the overall healthcare infrastructure, and lower treatment prices all contribute to the country’s growth in medical tourism.
  • Malaysia’s Ministry of Health is providing all required assistance for the development of necessary infrastructure and the improvement of existing hospitals. The procedure for obtaining a visa to visit Malaysia has been streamlined, making it far easier for patients to obtain the appropriate papers to enter the country and receive necessary treatment.

 

Market Share Insights

  • October 2021: BC Platforms (BCP) partnered with Bumrungrad International Hospital to raise precision medicine in Southeast Asia.
  • November 2021: The launch of a program proposing to provide advanced medical and therapeutic services to foreign patients has been announced by Egypt.

 

Key Companies Profile:

Some of the prominent players in the medical tourism market include,

  • Bumrungrad International Hospital
  • Samitivej Hospitals
  • Bangkok Hospital Group
  • Apollo Hospitals Enterprise Ltd.
  • Fortis Hospitals 

 

Order a free sample PDF of the Medical Tourism Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

 

Web: https://www.grandviewresearch.com

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Website: https://www.grandviewresearch.com/industry-analysis/medical-tourism-market