Medical Tourism Market Market Trends, Industry Analysis 2022-28
The global medical tourism market Market size was valued at USD 12,306.8 billion in 2021 and is poised to grow at a significant CAGR of 12.4% during the forecast period 2022-28. The rising prevalence of chronic diseases, as well as the availability of numerous therapies for fertility, cancer, cardiovascular health, and orthopedics, are driving up demand for the medical tourism market. Moreover, the availability of cheap air transport and the availability of specialized, advanced, and affordable treatments for various chronic diseases at an affordable price has fueled the market revenue growth over the forecast period. The COVID 19 pandemic has had a negative impact on important medical tourism markets, such as India, China, and other growing markets. Significant travel restrictions were also established as a result of the pandemic.
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Fertility Treatment Dominate the Medical Tourism Market
The fertility treatment segment is expected to account for a larger revenue share in the global medical tourism market and is projected to grow at significant CAGR over 2022 and 2028. Fertility therapy is a costly and time-consuming procedure hence the market's growth is fueled by lower treatment costs in various nations. Treatment for in vitro fertilization (IVF) costs roughly USD 8,500, which is much cheaper than the US average of USD 12,400. Fees in Norway, Sweden, and Spain, for example, range from USD 4,500 to USD 5,700. Moreover, surge in the prevalence of cardiovascular, neurological, cancer, and other chronic diseases also immense boost to the market over the forecast timeframe.
Asia-Pacific Leads Medical Tourism Market Market
The Asia Pacific accounted to have the largest revenue share in the global medical tourism market and the market is anticipated to grow at a significant CAGR over the forecast years due to increased government measures to promote tourism in the region, as well as increased expenditures on the creation of advanced healthcare infrastructure, are likely to drive market expansion dramatically in the coming years. Due to the availability of innovative medical technology at low rates, countries such as Thailand, Singapore, India, and China are popular destinations for medical tourism. The increased disease burden in ideveloped countries such as North America and Europe is luring medical tourists to Asia Pacific over the forecasting period.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
Global Medical Tourism Market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In April 2022, Egypt launches medical tourism program for foreign patients.
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The global medical tourism market is segmentation:
- Treatment Type: Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopaedics Treatment, Bariatric Treatment, Fertility Treatment, Ophthalmic Treatment, and Other Treatments
Key players profiles in the medical tourism market report are Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre, Samitivej PCL, Seoul National University Hospital, Wooridul Spine Hospital.
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