Medical Tourism Market to Garner Growth 10.8% by 2030

The global medical tourism market growth is expanding at a remarkable CAGR of around 10.8% during the forecast period 2021 to 2030 due to increased demand for the cheap treatment for various chronic diseases.

As per Precedence Research, the global medical tourism market size was valued at USD 105 billion in 2021 and to reach over USD 286.1 billion by 2030.

Growth Factors

The people go for different regions for the treatment of cancer, cardiovascular diseases, dental disorders, orthopedic diseases, and neurological disorders. The easy availability of funds and financial resources are driving the growth of the global medical tourism market. Many of the finance companies and insurance companies are providing health and medical insurance to the people. Some of the insurance policies cover the medical travel and tourism. Thus, the health and medical insurance is propelling the growth of the global medical tourism market during the forecast period. The nations such as the UK, the U.S., France, Germany, and Russia have high quality of healthcare infrastructure. These countries also have advanced and innovative technologies which can be utilized in the healthcare sector. As a result, these regions are contributing towards the expansion of the worldwide medical tourism market.

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The travel and tourism department are also taking significant efforts for the growth of the medical tourism market. Initially, medical tourism was not known much, but since few years, this concept has seen substantial growth in the healthcare and tourism sectors. The certain number of hospitals and clinics are mainly built just for medical tourists. This has increased the demand for medical tourism over the forecast period. It has been noticed that large amount of revenue is generated from developing countries. As a result, medical tourism has become an integral part of travel and tourism industries, which is boosting the growth of the global medical tourism market.

Report Highlights:

• Based on the treatment type, the cancer treatmentsegment dominated the global medical tourism market in 2020 with largest market share. The rising prevalence of cancer is driving the growth of the global medical tourism market. Many of the regions don’t have enough resources and technologies to treat cancer patients. As a result, the people travel to developed countries for their treatment. In the U.S., a projected 1,806,590 new cases of cancer are identified in 2020, with 606,520 people dying from the cancer disorder. Thus, the growing number of cancer patients is driving the growth of the global medical tourism market.
• North America is the largest segment for medical tourism market in terms of region. The U.S. is considered as dominant country in terms of tourists in the North America region. This region is well equipped with the technology and latest methods of treatment. That’s the reason, people visit North America on a large scale. This factor is creating opportunities for the growth of the global medical tourism market.
• Asia-Pacific region is the fastest growing region in the medical tourism market.One of the primary reasons driving the medical tourism market in the Asia-Pacific region is a growing awareness of medical tourism among people. Various healthcare centers in developing countries as well as governments are launching programs to promote medical tourism and the benefits it provides. All these factors are boosting the expansion of the medical tourism market in the region.

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Future of Medical Tourism Market

Many of the regions have low cost of treatments and surgeries. This factor attracts the large number of people to such places. In some nations, the treatment cost of cancer is very high. The patients from underdeveloped or developing nations cannot afford such high cost. Therefore, to avoid expenses related to treatment and surgeries, they travel to other regions where healthcare and treatment costs are quite low. As a result, these factors are creating growth prospects for medical tourism market in the near future.

COVID-19 Impact Analysis:

• There was a negative impact on the growth of the global medical tourism market due to COVID-19 during 2020.
• The strict lockdown and travel restrictions resulted into adverse effects on the medical tourism market.
• No one was allowed to leave their homes and to travel other places, which resulted into the decline growth of the travel and tourism industries.
• The government of established and emerging countries is taking efforts for the removal of lockdown restrictions. Thus, it is expected to drive the medical tourism market growth.

Key Developments in the Marketplace:

• Egypt announced the commencement of a program to give modern medical and therapeutic treatments to overseas patients in November 2021.
• Due to the growing complexity of medical services given by South Korea to international patients, Medical Tourism Association established a co-operation with Korea Tourism Organization in July 2019.
• In 2016, KPJ Healthcare Berhad formed collaboration with a well-established business in South Korea and Japan to share technology and expertise and expand regional potential.

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