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Medical Tourism Market to exceed $107bn by 2030

  • Published Date: August 23, 2022

Medical Tourism Market size is expected to reach USD 107 billion by 2030, according to a new research report by Global Market Insights Inc.

The availability of advanced and high-quality surgical procedures in developing countries is the key factor driving the growth of the medical tourism industry. Healthcare professionals in developing countries are often trained to handle diverse and advanced medical procedures with expertise similar to that available in North America and Europe. The prospect of excellent treatment at reduced costs is pushing the demand for medical tourism services worldwide.

The report identifies that the longer waiting period due to limited availability of certain specialized medical procedures provided in selected countries may restrain the medical tourism market expansion. For instance, for organ transplant surgeries accurate organ matching is necessary, thus making it a time-consuming process. Furthermore, visa approval delays and political turmoil are all crucial variables that may negatively impact the growth of the industry.

Governments worldwide are taking initiatives and implementing policies to attract patients from overseas and improve the medical tourism industry outlook. Quick visa approval and simple admission procedures are among the basic strategies used by administrative bodies to attract a large number of foreign patients and boost medical tourism. For example, the American Medical Association adopted a new ethical policy on medical tourism a few years ago to help physicians understand their fundamental responsibilities and interact with patients.

Browse key industry insights spread across 135 pages with 139 market data tables & 12 figures & charts from the report, “Medical Tourism Market Analysis By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:

Rising demand for implants to drive the industry growth from dental surgery segment

Medical tourism market from dental surgery segment is expected to grow at a 20% CAGR during the forecast period. This can be attributed to the rising prevalence of tooth decay due to poor diet and binge eating which will increase the need for dental surgery. Another key driving factor is the rising demand for dental implants. The elderly population worldwide is increasingly going for dental implant surgery, which is relatively expensive in developed countries than in developing countries.

The industry size from fertility treatment is expected to grow at a CAGR of 21% through 2030, cites the report. Medical travel for fertility treatment will soar in the coming years, driven by unaffordable costs, multiple restrictions, and uncertainty about the procedure's success. The adoption of an unhealthy lifestyle comprising lack of exercise, poor diet, increased stress levels, and smoking is also increasing the prevalence of fertility issues.

North America to emerge as a key investment avenue

North America will emerge as a major revenue hub for medical tourism market. In 2021, North America held 10.7% of the industry share. With a majority of surgical procedures and medical equipment being predominantly introduced in the U.S. and Canada, North America has come up as a prime region for medical treatments. The availability of advanced treatment procedures and cutting-edge medical technologies will positively impact regional market revenue.

Expansion tactics define the competitive landscape of the medical tourism market

Apollo Hospital Enterprise Limited, Fortis Healthcare Limited, Asklepios Kliniken GmbH & Co. KGaA, and Max Healthcare are all part of the medical tourism industry's competitive landscape. To maintain their market position, these healthcare providers focus primarily on enhancing medical procedures and implementing expansion strategies.

For instance, to provide intensive care to critically ill children and full-time care for special cases Apollo Cradle, Hyderabad, announced the opening of a pediatric intensive care unit (PICU) in October 2018, which allowed the company to provide new value to its customers.

Authors: Sumant Ugalmugle, Rupali Swain