Medical Tourism Market

Medical Tourism Market

New York, January 2024: According to a new research study by Global Insight Services (GIS), the Medical Tourism Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 379.6 billion by 2033.

Medical tourism, also called medical travel, is the practice of traveling to another country for medical care.

Medical tourism typically involves elective procedures, such as cosmetic surgery, that are not covered by insurance. Patients often travel for care because they can receive high-quality treatment at a lower cost than at home.

Some countries, such as Thailand and India, have developed a reputation for providing excellent medical care at a fraction of the cost of care in developed countries. As a result, they have become popular destinations for medical tourists.

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Global Medical Tourism Market: Market Drivers and Trends

There are a few key trends in medical tourism technology:

  1. Online Consultations: More and more medical tourism companies are offering online consultations with doctors and medical professionals. This allows potential patients to get a better idea of what their options are and what procedures might be right for them.
  2. Virtual Reality: Some medical tourism companies are beginning to use virtual reality technology to give potential patients a realistic view of what their procedure will be like. This can help to ease any anxiety about the unknown and make the decision-making process easier.
  3. Mobile Apps: There are several mobile apps available that can help potential patients compare prices, find doctors, and book appointments. This makes the entire process more convenient and allows patients to make informed decisions about their care.

The major drivers of this market are the increasing cost of healthcare, a lack of health insurance, and long waiting periods for treatments in developed countries.

Lack of health insurance is another major driver of medical tourism.  This is because the cost of health insurance is rising at a faster pace than wages. In addition, many insurance plans do not cover the cost of certain treatments, such as cosmetic surgery. This forces patients to pay for their treatment out of their own pockets, which can be very expensive.

Long waiting periods for treatments is another factor driving patients to seek medical care abroad. In the United Kingdom, patients have to wait an average of 18.2 weeks for elective surgery. This is because the NHS is understaffed, and there is a shortage of hospital beds. This problem is also seen in other developed countries, such as Canada and Australia.

Global Medical Tourism Market: Market Restraints and Challenges

There are several key restraints and challenges in the medical tourism market. One of the key restraints is the lack of standardization in the medical tourism industry. This lack of standardization makes it difficult for patients to compare prices and quality of care among providers. In addition, there is a lack of transparency in the medical tourism industry, which can make it difficult for patients to make informed decisions about their care.

Another key challenge in the medical tourism market is the lack of insurance coverage for medical tourism services. This lack of insurance coverage can make it difficult for patients to afford medical tourism services. In addition, there is a lack of regulation in the medical tourism industry, which can make it difficult for patients to find reputable and safe providers.

Global Medical Tourism Market Report Findings

https://www.globalinsightservices.com/reports/medical-tourism-market/

The cosmetic treatment segment is likely to hold the major share of the market in 2023

Based on treatment type, the Medical Tourism Market is segmented into cardiovascular treatment, orthopedic treatment, cosmetic treatment, bariatric treatment, dental treatment, ophthalmology treatment, infertility treatment, alternative medicine, and other services. The cosmetic treatment segment is expected to dominate the market during the forecast period. Various reasons, such as increased patient awareness, rising demand for anti-aging therapies, and the high cost of cosmetic implants in developed nations, are driving market expansion. Thailand is mostly known for bariatric and cosmetic surgery. Laser tattoo removal, breast augmentation, liposuction, hair transplantation, botox, and cool sculpting are among the most common operations performed in Thailand. In contrast, operations such as gastric bypass, hip replacement, and knee replacement are less expensive in India than in certain affluent countries such as the United Kingdom and the United States. Tourists favor Costa Rica for dental operations..

The private segment is likely to hold the major share of the market in 2023

By Service Providers, the market is classified into public and private. The private segment dominated the market in 2023 in terms of revenue and is expected to dominate the market during the forecast period. The adoption of modern healthcare technology, as well as the availability of internationally recognized and accredited private care providers, are driving expansion in the market. Furthermore, the private sector delivers speedier services and greater privacy than the government sector. Healthcare institutions in poor nations desire worldwide regulatory certification, which will allow them to obtain access to international healthcare insurance and purchasing networks. Insurance firms in industrialized countries are implementing health tourism provisions into their medical plans to encourage people to seek medical care in other countries. Furthermore, the significant rise in healthcare costs, along with a huge number of uninsured or underinsured people, is pushing visitors who require medical treatment to seek inexpensive healthcare services and treatments in developing countries..

The domestic segment is likely to hold the major share of the market in 2023

Based on type, the Medical Tourism Market is segmented into domestic and international. In 2023, the Host Owned segment dominated the market in terms of revenue and is expected to be the same during the upcoming years. Domestic travelers seeking medical tourism may differ in terms of their requirements and interests. Traveling inside a nation for medical treatment is frequently done to save money, have access to specialist care, or be more convenient economically. Tourists in more convenient or accessible locales seek medical attention. Individuals may select a city or area based on personal preferences, airline accessibility, or hospital proximity. Many travelers seek second opinions following a medical diagnosis or recommendation from their local doctor. Alternative therapy choices are frequently explored in other countries for reassurance. Thus, the domestic medical tourism business is expanding. Medical care and wellness resorts are popular among domestic travelers..

The medical treatment segment is likely to hold the major share of the market in 2023

Based on healthcare service, the Medical Tourism Market is segmented into medical treatment, wellness, and alternative treatment. The medical treatment segment is expected to dominate the market during the forecast period. Increased demand for medical operations, such as dental, orthopedic, spinal, and cardiac, is driving the segment’s rise. The availability of superior facilities and services at reduced costs in developing countries such as India, Singapore, and Thailand encourages tourists from high-income countries to visit these countries on medical visas. Medical treatment operations in these famous places decreased in 2020 due to government-imposed COVID-19 regulations. However, as the limits have been removed in several countries, the acceptance of these treatments is projected to increase, leading to substantial sector development throughout the projection period.

The North America region is accounted for the majority of market share in 2023

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America has the biggest market share in terms of Medical Tourism Market value followed by Asia Pacific. A larger number of tourists visiting the United States for medical treatments such as cardiology and orthopedic surgeries, which boosts the revenue margins of medical service providers, distinguishes the regional market. For example, the International Trade Administration (ITA) 2021 report shows that the United States spent USD 3.4 billion on incoming health tourism. Although the country is well-known for outbound tourism, it is also a popular choice for medical treatments due to its upgraded hospital infrastructure and highly qualified specialists.

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Competitive Landscape

The key players studied in the global Medical Tourism Market are Al Zahra Hospital, Al Rahba Hospital, Zulekha Hospital, Samitivej PCL, Phyathai Hospitals Group, Asklepios Kliniken GmbH, Fortis Healthcare Limited, Apollo Hospitals Enterprise Limited, Razavi Hospital, and Jordan Hospital.

Global Medical Tourism Market: Recent Developments

  • In April 2023, Rattinan Medical Centre, Thailand’s leading cosmetic surgery and laser treatment provider, has collaborated with FICO Group to open a new facility to expand wrinkle-free medical tourism offerings.
  • In January 2023, The Dubai Health Authority (DHA) has developed ‘Dubai in One Day’, a unique medical tourism package for overseas patients. DHA’s health initiative at Arab Health 2023 is planned to allow foreign medical tourists to arrange operations and access a variety of tourism services in only a few hours.
  • In August 2022, The Indian government announced the commencement of the ‘Heal in India’ project on August 15, 2022. The project intends to increase medical tourism in India by providing specific offices at 10 airports, a bilingual webpage, and reduced visa requirements for incoming international travelers visiting India for medical reasons.
  • In November 2021, Egypt has announced the establishment of a program designed to give modern medical and therapeutic services to overseas patients.

Global Medical Tourism Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Medical Tourism Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future global Medical Tourism Market potential from 2023 to 2033 in terms of revenue ($ Million), and Volume (Units).
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Medical Tourism Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Medical Tourism Market industry.
Market Segments

By Treatment Type

  • Cardiovascular Treatment
  • Orthopedic Treatment
  • Cosmetic Treatment
  • Bariatric Treatment
  • Dental Treatment
  • Ophthalmology Treatment
  • Infertility Treatment
  • Alternative Medicine
  • Other Services

By Service Provider

  • Public
  • Private

By Type

  • Domestic
  • International

By Healthcare Services

  • Medical Treatment
  • Wellness
  • Alternative Treatment

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • The Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa
Key Players