What is the Market Size of Medical Tourism Market?
IMARC Group’s latest research report, titled “Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global medical tourism market size reached US$ 97.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 337.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23.6% during 2023-2028.
What is the Global Market for Medical Tourism?
Medical tourism is an industry that involves traveling to different destinations to receive medical treatment or care. It comprises health maintenance, restoration, or enhancement through advanced healthcare treatments and facilities. The services are often availed for elective treatment and surgeries of various cosmetic, orthopedic, neurological, dental, and cardiovascular diseases, along with critical ailments, including cancer. It allows patients to receive high-quality treatment at affordable costs. It also aids in taking advantage of alternate forms of traditional or alternative medicine. There has been a significant increase in the demand for medical tourism due to the availability of quality healthcare in numerous countries without inconvenience.
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What is the Future of Medical Tourism Industry?
Significant growth in the healthcare industry majorly drives the global market. This can be supported by the growing prevalence of chronic ailments among the masses. Since the cost of healthcare services has been rising steadily in developed nations on account of technological advancements and rising labor costs that have enabled patients to adopt medical migration due to the high treatment expenditures for chronic diseases, further impacting the market. Coupled with this, developing countries are heavily investing in their healthcare systems, resulting in the easy availability of quality medical care at comparatively lower prices, which is acting as another growth-inducing factor. Moreover, the rapid advancement of medical tourism infrastructure, such as dedicated medical tourism websites and medical tourism packages to make access easier, is contributing to the market.
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Why is Medical Tourism a Growing Trend?
Due to the accessibility to numerous medical treatments, including the availability of medical tourism packages and online medical services, making medical tourism more convenient and affordable, this is impacting the market favorably. Apart from this, the continual development of networks between medical tourism providers and medical centers is positively influencing the market. With the easy sharing of resources and allowing patients to conveniently access the care they need regardless of location, is also providing a thrust to the demand. Furthermore, the escalating number of collaborations between host countries and international medical centers implementing standards for the quality of care is creating a positive market outlook. Some of the other factors driving the market include the growing awareness of medical tourism and extensive research and development (R&D) activities.
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Key Market Segmentation:
Top Medical Tourism Companies Worldwide:
- Aditya Birla Memorial Hospital
- Apollo Hospitals Enterprise Limited
- Asian Heart Institute
- Barbados Fertility Center
- BB Health Solutions.
- Fortis Healthcare
- KPJ Healthcare Berhad
- Prince Court Medical Centre
- Seoul National University Hospital
- UZ Leuven
Breakup by Treatment Type:
- Cosmetic Treatment
- Dental Treatment
- Cardiovascular Treatment
- Orthopaedic Treatment
- Bariatric Surgery
- Fertility Treatment
- Ophthalmic Treatment
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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