PUBLISHER: SkyQuest | PRODUCT CODE: 1120539
PUBLISHER: SkyQuest | PRODUCT CODE: 1120539
The Global Medical Tourism Market was valued at USD 5.18 Billion in 2021, and it is expected to reach a value of USD 34.68 Billion by 2028, at a CAGR of 31.20 % over the forecast period 2022-2028.
Medical tourism is described as coordinated travel across international borders to receive improved medical treatment choices. Medical tourists cross international borders to maintain, improve, or restore their health by using low-cost healthcare facilities and treatments available in other countries that are expensive in their home country. Medical tourists travel to receive treatments such as dental care, neurological care, and cardiovascular care, among many other alternatives. Medical tourism provides benefits such as superior healthcare, cutting-edge technology, breakthrough drugs, sophisticated technologies, improved hospitality, and personalised treatment. Inadequate insurance benefits and a lack of healthcare insurance in the local market are two reasons that will likely drive market growth. Furthermore, increased demand for non-covered operations such as gender reassignment surgery, reproductive therapy, dental reconstruction, and cosmetic surgery promotes industry growth.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Medical Tourism market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The Global Medical Tourism market is segmented based on Treatment Type. Based on Treatment Type, the market is categorized into Cosmetic Treatment, Oncology Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Treatment, Fertility Treatment, Ophthalmic Treatment, Other Treatments. By region, the global Medical Tourism market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
One of the primary factors driving market growth is the availability of low-cost surgical care. Rising healthcare expenditures are putting a pressure on both healthcare providers and patients in wealthy countries. Government regulations imposed on the healthcare system in various countries cause surgeries to be delayed. This has pushed many to seek medical treatment in other nations.
Retaining good doctors and nurses in countries with a vast pool of professionals, such as India, is a huge challenge. Because such qualified professionals are in short supply in most countries throughout the world, they command the highest wages. Brain drain is caused by a lack of opportunities in one's native country.
The most visible trend contributing to the global expansion of the medical tourism market is active consumer preference for cosmetic procedures. As the number of COVID-19 cases in some countries has begun to decline and travel restrictions have been lifted, there has been an uptick in demand for procedures that were delayed or postponed during the epidemic. Individuals' greater awareness of personal care and appearance has increased demand for cosmetic operations such as body fat reduction and acne treatment.