The global medical tourism market is expected to reach USD 111.2 Billion by the end of 2029 from USD 47 Million in 2024, registering a CAGR of 23.03% during the forecast period.
Drivers
The increasing usage of cosmetic treatment in the medical industry is ascribed to fuel the growth rate of the medical tourism market. Cosmetic surgery improves how people look and feel about themselves. The most popular cosmetic treatments in the cosmetic industry are mastopexy, liposuction, mammaplasty, breast augmentation, rhinoplasty, abdominoplasty, and rhytidectomy. The swift adoption of the most advanced technologies and treatments in the medical industry is ascribed to boosting the growth rate of the medical tourism market. Penetration of advanced technological developments like telehealth prompts growth in the medical tourism market. Telehealth technology is the use of video conferencing, mobile health apps, digital communication technologies, and remote patient monitoring to improve healthcare services. Telehealth is used for digital information and communication technologies to manage healthcare and access healthcare services remotely.
Growing expenditure on healthcare facilities, especially in developed and developing countries, is attributed toto leveraging the market's growth rate. The popularity of high-quality treatment procedures like minimally invasive procedures is additionally fueling the growth rate of the market. The growing prevalence of spine degeneration and increased focus on research and development activities to foster healthcare innovation are the major factors in escalating market growth. The increasing globalization and better-quality medical services drive the market growth.
Restraints:
The major factors affecting the medical tourism market's growth are the behavior of hospital staff, the process of service provision, and the method of service degrading the market's growth. The pandemic-induced travel is the major factor to hamper the growth of the market. The high cost of traveling, lack of benefits for the poor, and legal and financial issues for medical tourism are other factors that decline the market growth. The visa approval issues, inadequate insurance coverage, documentation process, extended duration for post-surgery complications, and the need to assist medical treatments are additional factors restraining the market growth.
Segmental Analysis
By Treatment Type
- Orthopedic Treatment
- Cardiovascular Treatment
- Dental Treatment
- Fertility Treatment
- Cosmetic Treatment
- Neurological Treatment
- Cancer Treatment
The Cancer Treatment segment was recorded as the largest market share in the medical tourism market in 2024, and it is anticipated to grow significantly during the forecast period. The rate of cancer and the various innovative and effective treatment options are amplifying the segment's growth. The growing preference for holistic healthcare services is additionally to level up the growth rate of the market. The cosmetic treatment segment is potentially to have the highest CAGR by the end of 2029.
By Service Provider
- Public
- Private
The Private segment held the largest share of the medical tourism market in 2024 and is anticipated to grow significantly during the forecast period. The increasingly advanced medical facilities, private organizations for advanced treatment, and private health organizations for market growth. The public segment holds a substantial share of the medical tourism market during the forecast period.
By Healthcare Service
- Medical Treatment
- Wellness
- Alternative Treatment
Medical Treatment held the largest share of the medical tourism market in 2024 and is anticipated to grow significantly during the forecast period. High investments from the government authorities in the healthcare industry are attributed to gearing up the demand for the market. The wellness segment is likely to show high growth opportunities for the medical tourism market in the coming years. Also, the rising number of people concentrating on health and wellness by taking prominent treatment procedures that are best available in various countries is constantly causing the market's growth rate to surge in the coming years.
Regional Analysis:
The North American medical tourism market is gaining huge traction over the share and is expected to have a significant growth rate throughout the forecast period. Increasing per capita income and rising prominence for the R&D activities to launch innovative treatment procedures with the rising support from the government authorities, especially in the US and Canada, are leveraging the growth rate of the market.
Asia Pacific is positioned next in leading the largest share of the medical tourism market. The rising population in India and China is lucratively to fuel the growth rate of the market in these regions. The increasing number of people suffering from chronic diseases like cancer is substantially elevating the need for quality treatment procedures. The prominence of other countries for better treatment is ascribed to bolstering the growth rate of the medical tourism market. Government support through feasible visa applications for medical tourism is also one of the factors for the growth rate of the market.
Europe's medical tourism market is deemed to grow at the highest CAGR during the forecast period. The increasing advancements in technology and quality management in the medical sectors and healthcare departments are the major factors to drive the medical tourism market in the region.
Recent Market Developments:
In January 2024, Sunway Healthcare Group entered into a collaboration agreement with PT JCB International Indonesia, JCB International Co., Ltd. (JCB) subsidiaries, to promote medical tourism in Malaysia by introducing Sunway Healthcare Group's services to more than 156.0 million JCB card members worldwide.
https://www.marketdataforecast.com/market-reports/medical-tourism-market
Browse full details of the report @ https://www.marketdataforecast.com/market-reports/medical-tourism-market
Related Reports
ABOUT US
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
Contact Us
MarketDataForecast
www.marketdataforecast.com
Phone: +1-888-702-9626
Email: sales@marketdataforecast.com
3rd Floor, Trendz Park Building, Jain Rock Garden Rd, Vittal Rao Nagar, Madhapur, Hyderabad, Telangana, India.
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek