Medical Tourism Market 2022
The global Medical Tourism Market is expected to witness a CAGR of 10% and reach US$ 441 Bn by the year 2021-2031. With how healthcare data gets accumulated these days (which could be inclusive of medical IoT solutions, DICOM files, and patient records), ultra-modern platforms like data fabrics are in the offing, so that distributed and structured data could be well-managed. This would be the healthcare industry’s situation in the upcoming period.
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As per Persistence Market Research’s latest industry analysis, the global medical tourism market was valued at US$ 162.7 Bn in 2020, and is expected to exhibit a CAGR of 10.2% over the forecast period (2021-2031).
Accessibility and affordability of high-quality healthcare facilities, health insurance portability, support from local governments and tourism departments, and increasing advertising and marketing strategies related to medical tourism are key factors driving market growth. Furthermore, availability of state-of-the-art medical technologies at medical tourism destinations is also supplementing market expansion.
Asian countries accounted for the largest market share due to their excellent healthcare facilities at relatively low cost of treatment, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services.
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Considering consolidation activities in the healthcare tourism industry, collaborations have emerged as a winning strategy by key players. Leading players are strengthening their services through partnerships and reaching out to key as well as emerging markets.
- For instance, in January 2021, Changi General Hospital and Shimadzu (Asia Pacific) jointly launched a center to conduct mass spectrometry-based clinical testing and research for personalized treatment
- In February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to establish Hospital 3D Printing Labs across India.
Key Takeaways from Market Study
- Cancer treatment is expected to gain 74.1 Bn revenue by 2031 at a CAGR of 9.1%.
- Based on age group, the adults segment accounted for the highest share of 45% in 2021. The segment witnessed high growth owing to rising awareness among adults for a healthy lifestyle.
- Among the applications, therapeutic services gained popularity accounting for 53% market share, and the segment is expected to dominate throughout the forecast period at a growth rate of 9.4%.
- Based on travellers, group travellers hold the highest revenue share of 54% at a growth rate of 9.3%.
- North America accounted for the largest share in the global medical tourism market in 2020, and a similar trend is expected to continue during the forecast years.
“Higher treatment cost in developed countries is a key factor that is expected to drive demand for medical tourism across other regions over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Leading service providers continue to rely upon acquisitions, collaborations, alliances, and product launches to gain large revenue shares in the medical tourism market. As such, providing access to safe and effective treatment will remain key aspects to succeed in this competitive marketplace.
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Key Questions Answered in the Medical Tourism Market Report
How is the Medical Tourism Market expected to grow over the projected period?
What direction is the Medical Tourism Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Medical Tourism Market in future?
What are the key market drivers in the Medical Tourism Market?
What are significant opportunities and improvement areas for Medical Tourism Market manufacturers?
What are the key developments and trends taking over the Medical Tourism Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Medical Tourism Market?
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