At remarkable 21.1% CAGR, Medical Tourism Market to hit USD 53.51 Billion by 2028

Tuesday, February 22, 2022 at 12:16pm UTC

Pune, India, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The medical tourism market size is predicted to rise from USD 13.98 billion in 2021 to USD 53.51 billion in 2028 at a CAGR of 21.1% between 2021 and 2028. Dramatic advances in the healthcare sector fueled by the introduction of novel medical devices and non-invasive procedures are fueling the rise of medical tourism globally, states Fortune Business Insights™ in its report titled “Medical Tourism Market, 2021-2028”.     

Industry Development

April 2021 – HexTransforma Healthcare unveiled Brit-Med – a novel medical tourism platform – to allow patients worldwide to search, compare, and avail the desired treatment.

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The outbreak and rapid spread of the COVID-19 pandemic led to strict containment measures across most countries. In the Asia Pacific region, for example, the number of tourists declined by 84% in 2020, compared to 2019, as per the World Tourism Organization.

Market Growth Drivers:

  • Medical tourism market growth will be accelerated by the expansion of inbound medical travel. Continuous developments in healthcare in terms of medical devices, wearables, surgical procedures, and connected technologies have enabled better healthcare delivery.
  • Telemedicine, telehealth, and other technologies are allowing patients to book appointments, consult doctors, and avail quality care from anywhere in the world.
  • The Medical and Health Tourism Congress (MHTC) reports that medical treatment in Asian countries is much cheaper than private hospitals in developed countries such as the U.S. For instance, a heart bypass surgery would cost USD 13,000 in Thailand, compared to USD 113,000 in the U.S.

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Market Segments:

On the basis of healthcare services, the Medical Tourism Market is classified into wellness treatment, medical treatment, and alternative treatment. The wellness treatment segment is further broken down into rejuvenation procedures, cosmetic procedures, and others. The medical treatment segment is divided into cardiac procedures, dental procedures, orthopedic & spine procedures, oncology procedures, and others.

By service provider, the market is bifurcated into private and public.

In terms of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. 

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Regional Insights

  • North America is anticipated to have a substantial chunk of the medical tourism market share over the projected timeframe. In 2020, the regional market generated USD 3.00 billion in terms of annual revenue.
  • The market in Europe is expanding owing to the presence of well-established healthcare infrastructure and the availability of advanced medical facilities. France, Spain, Belgium, and the U.K. are expected to witness a rising number of medical tourists in the coming years.

List of Key Players Present in the Medical Tourism Market:

  • Bumrungrad International Hospital (Bangkok, Thailand)
  • Apollo Hospitals (Chennai, India)
  • Bangkok Chain Hospital (Nonthaburi, Thailand)
  • Fortis Healthcare (Delhi, India)
  • Asian Heart Institute (Mumbai, India)
  • KPJ Healthcare Berhad (Kuala Lumpur, Malaysia)
  • Livonta Global (Ahmedabad, India)
  • Gleneagles Hospital (Mumbai, India)

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