The medical tourism market measurement valued at USD 9.5 Billion in 2022 and is anticipated to succeed in USD 79.4 Billion by 2032 at a CAGR of 23.7%.
Fort Collins, Colorado, Might 01, 2024 (GLOBE NEWSWIRE) —
Entry to premium high quality medical therapy will drive the necessity for medical tourism within the forecast interval.
The rise in healthcare prices is a major driver propelling the enlargement of the medical tourism market. Sufferers from developed nations like the USA, the UK, and varied European international locations decide to journey to growing nations for medical companies primarily as a result of considerably decrease therapy bills. For instance, whereas the price of Coronary heart Bypass (CABG) surgical procedure within the US ranges from USD 20,000 to USD 40,000, in India, it quantities to roughly USD 4000. Equally, the price of coronary heart valve substitute surgical procedure within the U.S. totals round USD 59,000, whereas in India, it is roughly USD 10,000. Such substantial price disparities entice sufferers from abroad to hunt medical care in growing international locations.
Moreover, the caliber of healthcare provided overseas is one other driving power behind the expansion of medical tourism. Many locations catering to medical vacationers, together with South Korea, Japan, Germany, Norway, Sweden, and varied European nations, boast high-quality healthcare companies inside their hospitals. In response to OECD well being information, Norway has the world’s finest healthcare system, adopted by the Netherlands and Australia. These international locations’ healthcare amenities are inexpensive and ship immediate and superior care processes, attracting sufferers in search of high quality medical therapy at cheap prices.
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Segmentation Overview:
The medical tourism market has been segmented into therapy sort, service supplier, and area.
Beauty therapy accounted for a big share in 2023.
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Based mostly on therapy sort, the medical tourism market has been segmented into medical therapy, beauty therapy, and various therapy. The beauty section held the biggest share of the medical tourism market in 2023. The beauty section is additional categorized into beauty procedures, rejuvenation procedures, and others.
Non-public suppliers accounted for a major market share.
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Based mostly on service suppliers, the medical tourism market has been segmented as private and non-private. Non-public suppliers accounted for the better market share in 2023. Medical tourism locations have many small scientific suppliers providing a full vary of therapies and intensely giant medical tourism amenities in Thailand or Raffles in Singapore with competent specialists.
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Medical Tourism Market Report Highlights:
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Asia Pacific will seemingly account for a major market share within the forthcoming years. Main medical tourism locations on this area embody Singapore, Japan, India, South Korea, and Thailand.
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Some distinguished gamers within the medical tourism market report embody MOHW Hengchun Tourism Hospital, Bumrungrad Worldwide Hospital, Mount Elizabeth Hospitals, Apollo Hospitals Enterprise Ltd., Raffles Medical Group, Kasemrad Hospital Worldwide Rattanathibet, Dr. B. L. Kapur Memorial Hospital, Mission Hospital, Bangkok Hospital, Miot Hospital, and Penang Adventist Hospital.
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