Medical Tourism Market to Reach US$ 72.8 Bn by End of 2031 … – AccessWire

WILMINGTON, DE / ACCESSWIRE / January 9, 2023 / Transparency Market Research Inc. - The global medical tourism market is expected to grow at a CAGR of 13.0% from 2022 to 2031. Medical tourism can be defined as the travel of patients from their home countries to other countries for medical treatment. These services include advanced treatments such as neurosurgery, cardiac surgery, orthodontics, and dental care. Medical tourism also includes elective treatments such as routine health checkups and cosmetic surgeries. According to market outlook, rise in medical costs in developed countries coupled with the availability of affordable treatments in emerging countries has resulted in expansion of the medical tourism sector, making it an emerging industry.

Rise in prevalence of various chronic and acute diseases have increased medical costs in advanced nations. The availability of affordable treatments in emerging regions contributes to the national economy on the one side and creates revenue to the medical tourism market on the other. Such factors are projected to help the medical tourism industry flourish remarkably in the next few years.

Furthermore, existence of medical tourism health coverage and insurance is projected to create new business opportunities in the medical tourism market. High treatment cost in developed countries is a major factor augmenting the medical tourism industry in developing countries that offer reasonable and affordable healthcare facilities. The rise in practices of patients to travel is likely to help bolster medical tourism market growth during the forecast period.

According to TMR report, the global medical tourism market was valued at US$ 10.4 Bn in 2021 and is anticipated to reach US$ 72.8 Bn by the end of 2031. Favorable foreign currency exchange offered by governments of various nations offering medical tourism is anticipated to propel industry growth in the next few years.

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Key Findings of Study

Key Drivers

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Regional Growth Dynamics

Key Players

Prominent players in the global medical tourism market are Raffles Medical Group, KPJ Healthcare Berhad, Hamad Medical Corporation, Apollo Hospitals Enterprise Ltd., Jordan Hospital, Manipal Health Enterprises Pvt. Ltd., and Bumrungrad International Hospital.

Medical Tourism Market Segmentation

Procedure Type

Regions

Countries

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Medical Tourism Market to Reach US$ 72.8 Bn by End of 2031 ... - AccessWire