Medical Tourism Market to Grow at a CAGR of 13.0% during the Forecast Period: TMR Study

Posted on 2024-03-20 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-20 — /EPR Network/ — Transparency Market Research Inc. –

The 2021 valuation of the global medical tourism market stood at US$ 10.4 billion, with projections indicating a robust advancement at a Compound Annual Growth Rate (CAGR) of 13.0% from 2022 to 2031. By the conclusion of 2031, the market is expected to exceed US$ 72.8 billion.

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Analysts attribute this growth to several factors, primarily the increase in the elderly population and the widespread adoption of sophisticated medical technologies. Notably, the demographic of individuals aged 65 years or older is poised to double in the United States by 2050. This demographic shift underscores a rising demand for advanced and cost-effective healthcare solutions. Additionally, economic challenges in developed nations have resulted in decreased healthcare expenditure. Consequently, patients, insurers, health insurance agents, and employers are increasingly turning to medical services offered abroad as a viable alternative.

Medical tourism entails patients traveling from their home countries to various destinations for medical procedures, ranging from complex surgeries like cardiac and neurosurgery to elective procedures like cosmetic surgeries and routine health check-ups. This industry has emerged due to increasing healthcare costs in developed nations and the availability of more affordable treatments in developing countries. The presence of medical tourism insurance further fuels this market, as patients seek cost-effective healthcare solutions abroad. The exorbitant costs of treatment in developed countries serve as a significant driver for patients seeking medical care elsewhere.

Key Players:

Fortis Healthcare, Apollo Hospitals Enterprise Ltd., Bangkok Chain Hospital Public Company Limited, Hamad Medical Corporation, Bumrungrad International Hospital, KPJ Healthcare Berhad, Manipal Health Enterprises Pvt. Ltd., Raffles Medical Group, and Jordan Hospital

Market Segmentation:

Procedure Type
- Cardiac
- Orthopedic
- Cancer
- Gynecological
- Neurological & Spinal
- Cosmetic Surgery
- Dental Treatment
- Others

Market Drivers and Challenges

Market Drivers:

Rising healthcare costs in developed countries
Technological advancements in healthcare
Increasing prevalence of chronic diseases
Growing acceptance of alternative therapies
Government support and favorable policies

Market Challenges:

Quality assurance and patient safety concerns
Legal and ethical issues
Language and cultural barriers
Insurance coverage limitations
Travel restrictions and geopolitical uncertainties

Market Trends

Personalized healthcare experiences
Integration of telemedicine and virtual consultations
Emergence of niche medical tourism segments (e.g., fertility tourism, wellness tourism)
Adoption of digital health solutions for medical tourists
Collaborations between healthcare providers and tourism agencies

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Long Waiting Time Propelling Global Medical Tourism Business

Long waiting times for specialist appointments are a major concern for patients, often driving them to seek medical services elsewhere. Delays can result from factors such as equipment shortages, staffing issues, or inefficiencies in management, leading to potential adverse health effects. Countries like the U.K., France, Norway, Sweden, and Canada face significant challenges with timely access to healthcare services, prompting patients to consider medical tourism.

In Canada, patients may experience extended waiting periods, with average waits of 112 days for cataract surgery, 182 days for joint replacement surgery, and 71 days for coronary artery bypass surgery (CABG). Even routine health examinations entail a minimum wait of 32 days. These prolonged wait times pose significant hurdles for patients, prompting them to seek timely surgery abroad.

Key Developments in Global Medical Tourism Industry

In October 2021, BC Platforms (BCP), a global leader in healthcare data management and analytics, expanded its partnership with Thailand’s Bumrungrad International Hospital to accelerate precision medicine adoption in Southeast Asia
In July 2018, Fortis Healthcare, a leading healthcare provider with over 20 hospitals, 4,000 operational beds, and 400 diagnostics centers in India, approved IHH Healthcare’s investment proposal. This collaboration strengthened its market position and provided Fortis Healthcare with new growth opportunities.

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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About Transparency Market Research

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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