The Global Medical Tourism Market is expected to grow at a CAGR of 15.35% during the forecast period (2024-2031).
Medical Tourism refers to the practice of traveling to a foreign country to receive medical treatment, typically for procedures that are either less expensive, more accessible, or unavailable in the patient's home country. This growing global trend includes a wide range of services such as elective surgeries, dental care, fertility treatments, cosmetic procedures, and wellness therapies. Patients often seek medical tourism not only for cost savings but also for access to high-quality healthcare in well-regarded medical facilities. It combines healthcare with travel, allowing individuals to explore new destinations while undergoing necessary medical procedures.
🔍 𝗚𝗲𝘁 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: bit.ly/3ZYLX1D
Key Developments: In October 2022, a new digital platform called Croatian ZagrebMed was introduced to enhance health and medical tourism in Croatia. Slated to launch in May 2023, the platform aims to bring together approximately 20 of Croatia's leading health institutes across various medical fields. This initiative is designed to promote the country as a key destination for medical tourism, offering patients access to a wide range of specialized medical services and high-quality healthcare providers. ZagrebMed will provide a comprehensive resource for individuals seeking medical treatments, helping to streamline the process of finding and accessing care in Croatia.
Market Trends:
Healthcare services in industrialized countries, such as the US and UK, are often expensive, leading many patients to seek more affordable options abroad. In contrast, medical treatment costs in developing countries are lower due to factors such as lower labor costs, affordable medications, and cost-effective travel and lodging options. For instance, according to the OECD (Organization for Economic Co-operation and Development), patients in the US can save 30% to 50% on treatments like heart procedures by opting for destinations in Asia or Latin America.
The growth of the global medical tourism market is further driven by several factors, including the availability of high-quality healthcare in destinations such as Singapore, India, and Thailand. These countries also benefit from support from tourism departments and local governments, which promote medical tourism and provide incentives such as reduced customs duties and taxes on hospital services. This combination of cost savings, high-quality care, and favorable regulatory environments is expected to continue driving the market's expansion in the forecast period.
Market Segmentation:
By Type: Dental Treatment, Cosmetic Treatment, Orthopedic Treatment, Cancer Treatment, Cardiovascular Treatment, Others
By Service Provider: Public, Private.
Market Key Players:
Asian Heart Institute, Fortis Healthcare Limited, Aditya Birla Memorial Hospital, Barbados Fertility Center, Apollo Hospitals Enterprise, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre Seoul National University Hospital, Samitivej PCL, and Wooridul Spine Hospital.