According to a recent analysis by Grand View Research, Inc., the worldwide medical tourism market is projected to reach USD 97.9 billion by 2030, rising at a CAGR of 32.51% during the forecast period. Dental treatment (veneers, implants, and crowns), cardiovascular treatment (coronary artery bypass graft and heart valve transplantation), orthopedic treatment (knee & hip reconstruction and spinal surgery), and cosmetic treatment (breast implants and facelifts) are some of the most common procedures performed for medical tourists.
Key Industry Insights and Findings from the Report:
- Due to the high quality of health services and the large number of patients entering the nation, Turkey was one of the most lucrative markets in terms of income in 2021.
- The market for medical tourism in Thailand is predicted to expand at a rapid rate. Popular places in Thailand are Bangkok, Phuket, Pattaya, Chiang Moi, Samui, and Hua Hin. Approximately 62% of tourists visit Bangkok, 14% visit Phuket, and 11% visit Pattaya.
- Singapore is a leading global destination for medical tourism. The nation ranks second on the Medical Tourism Association’s Medical Tourism Index, after Canada. Private hospitals in Singapore provide excellent healthcare through the employment of highly trained professionals and cutting-edge technology.
- Singapore, Colombia, Taiwan, and Spain are among the top locations with the fastest growth rates. Multiple nations derive significant money from medical tourism. They have a sophisticated healthcare infrastructure and a competent team, allowing them to treat international patients.
- Thailand is a popular destination for aesthetic procedures, whilst India is favored for cardiothoracic and orthopedic procedures. Dental operations are appreciated in Brazil and Costa Rica.
Grand View Research has produced a market research study titled “Medical Tourism Market Size, Share & Trends Analysis Report By Treatment Type, By Service Provider, By Country, And Segment Forecasts, 2022 – 2030” for additional insights.
Medical Tourism Market Growth & Trends
Insurance companies in the United States do not cover the majority of elective procedures, such as cosmetic surgery, certain dental surgeries, fertility treatments, and weight loss surgeries. People travel to Thailand, India, and Malaysia for medical operations due to a lack of availability or insurance coverage in their home countries. In the majority of nations, cosmetic surgery is deemed elective and is therefore not covered by health insurance. This causes interested patients to seek therapy choices overseas.
Patients can reduce their treatment expenses by traveling to locations where these services are offered at a lower cost. For instance, a breast augmentation treatment costs roughly USD 5,000 to USD 8,000 for an individual in the U.S., compared to around USD 3,000 to USD 4,000 in Malaysia. In addition, the cost of IVF therapy in the United States is between $15,000 and $20,000, whereas in Thailand, it costs between $6,200 and $12,000. This pricing differential has resulted in a rise in patient arrivals in Asian nations.
In addition, the possibility to combine wellness and medical excursions with exceptional clinical facilities and traditional medicine therapies is compelling a substantial number of patients to pursue this alternative. China has emerged as a leading tourist destination for those in search of stem cell therapies. Numerous nations prohibit stem cell research, therefore travelers consider China as a legal destination. The Chinese market is rising significantly, owing to a globally expanding middle class, an aging population, and an increased demand for cosmetic surgery.
Advertising is essential for acquiring new customers. Medical tourism, like many other privately driven industries, requires advertising exposure. Internet advertising has become the key source of information for medical tourists. Having more renowned hospitals improves a nation’s international position. The extraordinary increase in medical tourism is being matched by the creation of JCI-accredited health centers.
Singapore, for instance, has multiple specialist clinics and 22 hospitals and specialized centers approved by the Joint Commission International (JCI), all of which offer high-quality medical care. The country is an interesting medical tourism destination in terms of accommodation and housing options due to the availability of modern facilities.
In conclusion, the medical tourism market is projected to become a significant global player in the healthcare industry by 2030. With an estimated worth of $97.9 billion, it is expected that more countries will invest in its development and infrastructure, producing more jobs and stimulating economic growth. This market has the potential to reduce healthcare costs for individuals as well as increase access to advanced treatments not available in their respective countries.