Medical Tourism Market Size to Achieve USD 273.72 billion by 2027, Fueled by a CAGR of 12.8%

Allied Market Research published a report, titled, “Medical Tourism Market by Treatment Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032.” According to the report, the global Medical Tourism Market Size was Valued at USD 104.68 billion in 2019 and is Anticipated to Garner USD 273.72 billion by 2027 registering a CAGR of 12.8% from 2020 to 2027.

The latest report published by Allied Market Research highlights the growth prospects of the Medical Tourism Market. In-Depth Research on Industry Size, Share, Business Analysis, Growth Factors, and Regional Forecast. The Medical Tourism Market report gives a purposeful depiction of the area by the practice for research, amalgamation, market size, overview, and review of data taken from various sources. The Medical Tourism Market study includes information on market factors such as the market dynamics, drivers, restraints, challenges, threats, potential growth opportunities, market trends, development patterns, financial information, latest technologies, innovations, leading competitors, and regional analysis of the market.

𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐓𝐨𝐮𝐫𝐢𝐬𝐦 𝐌𝐚𝐫𝐤𝐞𝐭?

Affordable good quality care, accessible information and care, and support from government agencies and associations fuel the growth of the global medical tourism market. On the other hand, limited coverage, lengthy partial reimbursement by payers, and difficulties related to travel, language barriers, and VISA approval issues impede the market growth. However, overseas promotion offers and wide hospital networks under insurance coverage for cashless transactions usher a plethora of opportunities in the near future.

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𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐓𝐨𝐮𝐫𝐢𝐬𝐦 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬?

• Telemedicine and Virtual Consultations: The COVID-19 pandemic accelerated the adoption of telemedicine and virtual consultations in the medical tourism industry. Patients were increasingly seeking pre-travel consultations and post-treatment follow-ups remotely, which reduced the need for physical travel for minor concerns.
• Quality and Accreditation: Patients were becoming more discerning about the quality of medical care they received abroad. Medical tourists were seeking out healthcare facilities with internationally recognized accreditations, certifications, and high patient satisfaction rates.
• Specialized and Niche Treatments: Medical tourists were seeking out specialized and niche treatments that might not be easily accessible or affordable in their home countries. This could include treatments like fertility procedures, cosmetic surgery, orthopedic surgeries, and dental treatments.
• Wellness Tourism Integration: Some medical tourism destinations were integrating wellness and relaxation offerings alongside medical treatments, creating a comprehensive wellness tourism experience for patients looking to combine medical procedures with relaxation and rejuvenation.
• Focus on Patient Experience: Healthcare facilities were placing greater emphasis on enhancing the overall patient experience. This included personalized services, language assistance, cultural sensitivity, and support services to make medical tourists feel comfortable.
• Affordability and Cost Transparency: Affordability remained a significant driver for medical tourism. Many patients were seeking cost-effective treatment options, and healthcare providers were responding by offering transparent pricing and package deals.

𝐓𝐨𝐩 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐓𝐨𝐮𝐫𝐢𝐬𝐦 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬:-

• 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.

𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐓𝐨𝐮𝐫𝐢𝐬𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:-

Based on technology, the cancer treatment segment accounted for the largest share in 2019, with nearly one-fifth of the global medical tourism market. This is attributed to increase in the number of cross-border travelers seeking quality cancer treatment and reduced cost in different countries. On the other hand, the orthopedic treatment segment is projected to register the highest CAGR of 14.8% during the forecast period. Orthopedic treatment is one of the widely performed services globally. This factor drives the growth of the segment.

Based on region, the global medical tourism market across Asia-Pacific dominated in 2019, with more than one-third of the market. Additionally, the region is also anticipated to manifest the highest CAGR of 13.6% during the forecast period. This is owing to the availability of quality care at relatively low cost of treatments, inexpensive flights, and increase in marketing & online consumer information about the accessibility of medical services. At the same time, the market across North America is expected to grow at a CAGR of 11.4% during the forecast period.

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Our Market Research Solution Provides You Answer to Below Mentioned Question:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
• Which region has more opportunities?

By Region Outlook 

• North America
  (U.S., Canada, Mexico)
• Europe
  (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific
  (Japan, China, India, Rest of Asia-Pacific)
• LAMEA
  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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