Medical Tourism Market Size to Reach Revenues of USD 192.91 Billion by 2026 - Arizton

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Sep 07, 2021, 10:00 ET

CHICAGO, Sept. 7, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global medical tourism market report.

The medical tourism market is expected to grow at a CAGR of over 29.29% during the period 2020−2026.

Key Highlights Offered in the Report:

The global medical tourism market is expected to witness an incremental growth of around USD 152 billion and absolute growth of over 367% during the forecast period.
The cardiac surgery segment to post an incremental growth of USD 30.12 billion by 2026.
The cosmetic surgery and cardiac surgery held market shares of 18.15% and 15.43%, respectively, in the market in 2020.
In specialty type segment, cosmetic surgery is anticipated to witness highest incremental growth of around USD 28 billion and fertility treatment is expected to witness highest absolute growth of over 382% during the forecast period.
The APAC region is dominating the global medical tourism market and is likely to witness highest incremental growth of USD 64 billion and Latin America is expected to witness highest absolute growth of over 427% during the forecast period.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by specialty type and geography
Competitive Landscape – 53 vendors are profiled in the report

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Medical Tourism Market – Segmentation

In 2020, breast surgery accounted for a share of 34.55% in the cosmetic surgery segment. Breast surgeries are one of the most performed cosmetic surgeries across the world. These include popular procedures such as breast augmentation, breast lift, and breast reduction.
Popular destinations for medical tourists in search of these cardiac procedures are Thailand, Malaysia, Israel, India, Poland, Jordan, Colombia, and other developing nations that provide quality cardiac care at cost-effective rates. The advances in medical technology have enabled the availability of cutting-edge procedures in India, Thailand, Mexico, and other developing countries.
In 2020, the organ transplant segment accounted for a share of 8.20% in the global medical tourism market. Organ transplant is a relatively recent phenomenon, which is making millions of people travel abroad for surgery.

Medical Tourism Market by Specialty Type

Cosmetic Surgery

Breast Surgery
Face Surgery
Liposuction
Others

Cardiac Surgery

Coronary Artery Bypass Surgery (CABG)
Angioplasty
Others

Orthopedic Treatment

Knee Replacement
Hip Replacement
Others

Dentistry
Fertility Treatment
Organ Transplant

Liver Transplant
Kidney Transplant
Bone Marrow Transplant
Others

Others

Medical Tourism Market – Dynamics

Medical tourism is playing a significant role in shaping the future of medical care worldwide owing to technological advances, economic growth, and global relations. It has emerged as one of the fastest-growing tourism sectors, with many countries strategically planning for their economic expansion. The emergence of healthcare intermediaries or medical tourism facilitators between international patients and hospital networks is driving the growth of the medical tourism segment. Medical travel facilitators offer integrated knowledge of medical services and travel facilitation and concierge services, forming a three-dimensional support system for health travelers. The medical tourism facilitator model dominates the medical tourism industry. Many medical tourism companies follow this typical promotion and marketing approach to attract potential tourists instead of direct online promotion and positioning through usual tourism promotion channels.

Key Drivers and Trends fueling Market Growth:

Emergence of Online Medical Tourism Start-ups
Investment and Joint Ventures Fueling Medical Tourism
Availability of Low-Cost Treatment Options
Increasing Arrival of Medical Tourists

Medical Tourism Market – Geography

In 2020, APAC accounted for the largest market share due to lower healthcare costs, the presence of several JCI-accredited hospitals with skilled medical staff, technological advances, and quality administration in its healthcare sector. Furthermore, the rising geriatric population, high medical insurance costs in developed regions, and the availability of affordable, world-class medical facilities in Asian countries are driving the regional medical tourism market. The huge inflow of patients from Western countries has directly contributed to the growth of the market, as many countries in APAC are major tourist destinations for medical travelers with vacation plans after undergoing medical treatment.

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Medical Tourism Market by Geography

APAC

Thailand
Malaysia
Singapore
India
Taiwan
Japan
South Korea

Middle East & Africa

Turkey
UAE
Jordan
South Africa
Israel

Latin America

Mexico
Brazil
Argentina
Costa Rica

Europe

UK
Spain
France
Poland
Greece
Hungary
Czech Republic

North America

US
Canada

Prominent Vendors

Acibadem Healthcare Group
Aditya Birla Health Services
American Hospital Dubai
Anadolu Medical Center
Apollo Hospitals Enterprise Ltd
Asian Heart Institute
Asklepios Kliniken GmbH & Co. KGaA
Bangkok Hospital
Barbados Fertility Center
Bumrungrad International Hospital
Changi General Hospital
Christus Muguerza
Clemenceau Medical Centre
Clinica Biblica Hospital
Dubai Hospital
Fortis Healthcare
Gleneagles Global Hospitals
Grup Florence Nightingale Hastaneleri
Healthpoint
HCor
Hospital Israelita Albert Einstein
Hospital Samaritano
International Modern Hospital Dubai
Kent Hospital
King Hussein Cancer Center
Klinikum Medical Link
KPJ Healthcare Berhad
Loewenstein Hospital
Max Healthcare
Medanta The Medicity
Memorial Hospitals Group
Min-Sheng General Hospital
Mount Elizabeth Hospital
Na Homolce Hospital
National University Health System
Nippon Telegraph and Telephone East Corporation
Prince Court Medical Centre
Raffles Medical Group
Samitivej PCL
Seoul National University Hospital
Severance Hospital
Shroff Eye Hospital
SingHealth Group
Specialty Hospital
Spire Healthcare Group plc
St. Luke's Medical Center
Taipei Medical University Hospital
Tan Tock Seng Hospital
The Johns Hopkins Hospital
The University of Texas MD Anderson Cancer Center
UZ Leuven
Wockhardt Hospitals
Zulekha Healthcare

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SOURCE Arizton Advisory & Intelligence