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Global Medical Tourism Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Increase in Demand for Low-cost and High-quality Treatments for Diagnosis and Treatments
DUBLIN, April 12, 2023 /PRNewswire/ -- The "Global Medical Tourism Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Treatment Type, Service Provider, and Major Regions" report has been added to ResearchAndMarkets.com's offering.
Global Medical Tourism Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2028) reaching ~US$ 100 billion by 2028, owing to an increase in demand for low-cost and high-quality treatment for the diagnosis and treatment of various diseases including cardiovascular, neurological, and others.
The growing demand for low-cost medical treatment in developing countries and rising awareness about medical tourism among patients are some of the factors driving the market growth.
The lack of healthcare insurance coverage and inadequate insurance benefits are anticipated to encourage patients to travel outside their country to seek high-quality and low-cost medical treatments, which is likely to boost the demand for the medical tourism market globally.
The availability of high-quality treatment in developing countries along with growing demand for non-covered procedures including dental reconstruction, reproductive therapy, gender reassignment surgery, aesthetic surgery, and others, are expected to aid the growth of the Global Medical Tourism Market. The Global Medical Tourism Market faces challenges due to difficulty with patient follow-up and post-surgery complications.
The difficulty in taking patient follow-up after treatment for any kind of infection, particularly antibiotic-resistant infections, or other safety risks is the most significant barrier to the growth of the Global Medical Tourism Industry.
The COVID-19 pandemic negatively impacted the Medical Tourism Market owing to significant travel restrictions due to which patients were unable to seek medical treatments. Moreover, the pandemic created difficulties related to sharing patients' medical information between domestic and overseas medical institutes due to the interruption of medical tourism.
Competitive Landscape
The Medical Tourism Market is highly competitive with ~500 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in medical tourism.
Country-niche players constitute ~93% of the market, while the regional players are the second largest by type. Some of the major players in the market include Aditya Birla Health Services Ltd., Apollo Hospitals Enterprise Ltd., Fortis Healthcare, Asian Heart Institute, KPJ Healthcare Berhad, Nippon Telegraph and Telephone East Corporation, Samitivej PCL, Wooridul Spine Hospital, Seoul National University Hospital, and Prince Court Medical Centre, among others.
The leading global medical tourism companies such as KPJ Healthcare Berhad, Fortis Healthcare, Asian Heart Institute, and Wooridul Spine Hospital are highly focused on collaborating with governmental bodies, policymakers, travel agents, and others to maintain their position in the market.
Recent Developments Related to Major Players
In September 2022, KPJ Healthcare Berhad collaborated with Tourism Johor to continue its efforts towards enhancing the visibility of health tourism. The company is focusing on offering high-quality service at affordable rates.
In November 2019, Seoul National University Hospital was accredited for a three-year term by Global Healthcare Association (GHA) for its medical travel service program. The GHA's flagship program helped the company to enhance its patient experience for medical travelers and improve productivity and business performance.
Conclusion
The Global Medical Tourism Market is forecasted to continue a rapid growth, primarily driven by the surging demand for high-quality treatment at affordable prices.
The increasing initiatives by governmental bodies to improve the healthcare infrastructure and offer cutting-edge technology, better healthcare, breakthrough medicines, and improved hospitality is further fueling the growth of the market. Though the market is highly competitive with ~500 participants, country-niche players control the dominant market share.
Key Topics Covered in the Report
Snapshot of the Global Medical Tourism Market
Industry Value Chain and Ecosystem Analysis of the Medical Tourism Market
Market size and Segmentation of the Global Medical Tourism Market
Historic Growth of the Overall Global Medical Tourism Market and Segments
Competition Scenario of the Medical Tourism Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Medical Tourism Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall Global Medical Tourism Market
Future Market Forecast and Growth Rates of the Global Medical Tourism Market and by Segments
Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
Analysis of the Medical Tourism Market in Major Regions
Major Production/Consumption Hubs in the Major Regions
Major Production/Supply and Consumption/Demand Hubs in Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Medical Tourism Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Profiled in the Report
Aditya Birla Health Services Ltd
Apollo Hospitals Enterprise Ltd
Fortis Healthcare
Asian Heart Institute
KPJ Healthcare Berhad
Nippon Telegraph and Telephone East Corporation
Samitivej PCL
Wooridul Spine Hospital
Seoul National University Hospital
Prince Court Medical Centre
Bangkok Hospital Group
Bumrungrad International Hospital
Livonta Global
Max Healthcare
Klinikum Medical Link
Scope of the Report
By Treatment Type
Cardiovascular Treatment
Orthopedic Treatment
Cosmetic Treatment
Bariatric Treatment
Dental Treatment
Oncology Treatment
Infertility Treatment
Neurological Treatment
Others
By Service Provider
Public
Private
By Geography
North America
US
Canada
Mexico
Costa Rica
Europe
Germany
UK
France
Spain
Belgium
Austria
Rest of Europe
Asia-Pacific
China
Thailand
South Korea
India
Indonesia
Australia
Malaysia
Singapore
Taiwan
Rest of Asia Pacific
LAMEA
Latin America
Middle East
Africa
For more information about this report visit https://www.researchandmarkets.com/r/a63zts
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SOURCE Research and Markets