Medical Tourism Market size is set to grow by USD 16.88 bn from 2023-2027,availability of low-cost treatment options boost the market- Technavio
NEW YORK, March 11, 2024 /PRNewswire/ -- The global medical tourism market size is estimated to grow by USD 16.88 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 16.04% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%. For more insights on the historic (2017 - 2021) and forecast market size (2023-2027) - Request a sample report
Market Sizing
Medical tourism refers to the practice of traveling to other countries for cost-effective and efficient elective medical procedures. The market for this non-essential health sector is segmented based on treatment types, including cardiovascular, cosmetic, fertility, orthopedics, and others, and geographical regions: APAC, Europe, North America, MEA, and South America. Consultations, diagnostics, rehabilitation, recovery, and income drive the demand for medical tourism. Travel costs are a significant consideration. Market growth is influenced by the availability of advanced medical technologies and the economic impact of recessions in home countries.
Medical Tourism Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 16.04% |
Market growth 2023-2027 |
USD 16.88 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
22.93 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key countries |
US, Thailand, India, UK, and France |
Key companies profiled |
Anadolu Medical Center, Apollo International Ltd., Asian Heart Institute, Asian institute of medical sciences, Asklepios Kliniken GmbH and Co. KGaA, Athina Global Health, Bangkok Chain Hospital Public Co. Ltd., Bangkok Dusit Medical Services Public Co. Ltd., BNH Medical Centre Co. Ltd., Bumrungrad Hospital Public Co. Ltd., Clalit Research Institute, Clemenceau Medical Center, Dr. B. L. Kapur Memorial Hospital, Global Health Ltd., IHH Healthcare Berhad, Min Sheng General Hospital, Raffles Medical Group Ltd., Spire Healthcare Group Plc, The Cleveland Clinic Foundation, and The Johns Hopkins Health System Corp. |
Geographic Landscape
The medical tourism market in North America attracts cost-conscious individuals seeking affordable healthcare options. High-quality healthcare services, including elective procedures and cosmetic surgeries, are available in Canada and the US. Market dynamics are driven by incentives such as advanced technology and hospitality culture. However, the high cost of healthcare in the US, compared to affordable options in Asia, presents a significant challenge. For instance, an angioplasty treatment costs four times more in the US than in India. Insurance coverage and cost savings are key considerations for those considering medical tourism.
Market Segmentation by Service Type
The medical tourism market encompasses international travel for elective and cosmetic procedures, health tourism, and medical travel. This industry's volume has grown significantly due to the increasing prevalence of cardiovascular diseases, such as rheumatic heart disease, hypertension, obesity, and diabetes, in both developed and developing countries. Patients seek specialized medical interventions, including coronary artery bypass grafting and arrhythmia treatment, which utilize coronary stents and catheters for therapeutic and diagnostic purposes. Crossing international borders for complex surgeries and pre-operative and post-operative care is a common trend, offering cost savings and access to advanced treatments.
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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