Medical Tourism Industry Trends: Affordable Care Driving Global Growth

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The global medical tourism market, valued at USD 10.4 billion in 2021, is projected to achieve a compound annual growth rate (CAGR) of 13.0% from 2022 to 2031, culminating in a market size exceeding USD 72.8 billion by the end of 2031. This remarkable expansion is driven by increasing demand for affordable, high-quality healthcare services, advancements in medical technologies, and a surge in international travel for specialized medical care.

Explore our report to uncover in-depth insights - https://www.transparencymarketresearch.com/medical-tourism.html

Key Drivers of Growth

  • Aging Population and Sophisticated Technologies: The doubling of the U.S. population aged 65 and older by 2050 is expected to significantly boost demand for advanced medical treatments abroad. The economic challenges faced by developed countries have led to a reduction in domestic healthcare spending, encouraging patients to seek cost-effective care overseas.
  • Long Waiting Times: Patients in developed nations, such as Canada, the U.K., and France, are opting for medical services abroad to avoid extended waiting periods for critical procedures like cataract surgeries, joint replacements, and coronary artery bypass grafts.
  • Cost Advantage: Developing countries such as India, Thailand, and Malaysia offer procedures at significantly lower costs without compromising quality. For example, an angioplasty in Malaysia costs USD 2,500–3,500 compared to USD 55,000–57,000 in the U.S.

Market Trends

  • Cosmetic and Elective Surgeries: A growing demand for cosmetic procedures, driven by social influences and advanced techniques, is anticipated to drive the market.
  • Cardiac Procedures: Cardiovascular diseases remain a leading cause of mortality worldwide, with the cardiac segment capturing the largest market share in 2021.

Regional Insights

  • Asia Pacific Dominance: Asia Pacific accounted for over 75% of the global market share in 2021. Countries like Thailand and India are leading destinations, offering technologically advanced treatments and attractive healthcare packages.
  • EMEA Growth: The Europe, Middle East, and Africa (EMEA) region is projected to grow at a CAGR of 12.2%, driven by economic growth, advanced healthcare infrastructure, and strategic geographic positioning of countries like Turkey.

Industry Leadership and Key Developments

Prominent players, including Fortis Healthcare, Apollo Hospitals, and Bumrungrad International Hospital, are adopting innovative strategies to strengthen their global footprint. Key developments include:

  • BC Platforms Partnership: In October 2021, BC Platforms expanded its collaboration with Bumrungrad International Hospital to foster precision medicine in Southeast Asia.
  • Fortis Healthcare Investment: In July 2018, Fortis Healthcare approved a significant investment from IHH Healthcare, enhancing its market position and opening new avenues for growth.

Future Outlook

The medical tourism market is positioned for robust growth, underpinned by favorable economic conditions, technological advancements, and increasing global demand for affordable and timely healthcare. Strategic initiatives by market leaders and the introduction of medical tourism apps will further enhance accessibility and patient experience, cementing the sector’s role as a pivotal player in the global healthcare landscape.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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