New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Medical Tourism Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Medical Tourism Market Size:
Global Medical Tourism Market Size: The global medical tourism market is predicted to gain a revenue of ~USD 100 Billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period. Additionally, the market garnered impressive revenue of ~USD 10 Billion in the year 2022. The growth of the market can be ascribed to the increasing number of people traveling to other countries to get medical care and treatment. According to the data published by the Medical Tourism Association (MTA), it was anticipated that around 14 million people travel across the globe to receive needed medical care.
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Medical tourism is a term when people travel across the country to receive medical care and treatment for several medical conditions. In addition to this, global medical tourism market trends including the growing prevalence of hip & knee replacement and angioplasty and escalation in the spending on medical technology across the globe are estimated to propel the growth of the market positively over the forecast period. For instance, the total spending on medical technology in 2019 was anticipated to achieve USD 30 billion while the total volume generated by medical technology across the globe was projected to be nearly USD 450 billion.
Global Medical Tourism Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Private segment to dominate the revenue graph
- Cancer sub-segment remains prominent in the treatment type segment
Growing Prevalence of Cancer and Increasing Healthcare Expenditure to Boost Market Growth
Lack of availability and exorbitant treatment costs in some countries are considered to be the main factors driving up demand for medical tourism during the forecast period. The most common cause of mortality is cancer, and while some nations have well-organized cancer treatment programs, many developing nations lack the facilities to provide medical care to cancer patients. As a result, many people move from nation to nation to receive the right care. All of these factors are therefore anticipated to boost market expansion throughout the projected timeframe. According to the World Health Organization, roughly 10 million deaths, or nearly one in six deaths, were caused by cancer in 2020, making it the top cause of death globally.
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Furthermore, the increasing demand for new drugs and treatment methods to treat cancer, government initiatives to provide efficient healthcare to the people, increasing individual disposable income along with higher spending in the healthcare sector are estimated to drive the market growth over the forecast period. As per one of the expenditure data reports, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP (up from 8.5% in 2000). Additionally, the rising geriatric population across the globe who are more prone to chronic diseases is estimated to drive the market growth during the forecast period.
Global Medical Tourism Market: Regional Overview
The global medical tourism market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Prevalence of Tourism to Drive Growth in the North America Region
The market in North America region is estimated to gain the largest market share over the forecast period. The growth of the market can be attributed to the increasing prevalence of tourism in the region and the rising cases of cancer. It was noticed that in 2018, the number of tourists visited in the USA was estimated to be around 150 million which further reached around 160 million in 2019. Additionally, the presence of major key players and rising healthcare expenditure is further projected to hike the growth of the market in the region.
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Growing Prevalence of Cancer to Drive Growth in the Europe Region
On the other hand, the market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of the rising prevalence of various types of cancer, mainly, colorectal cancer in the region. According to data, colorectal cancer accounted for 12.7% of all new cancer diagnosed and 12.4% of all cancer-related deaths in the European region in 2020. In addition to this, the global medical tourism market in the region is projected to expand over the forecast period owing to enhancing cancer treatment procedures, supportive health care regulations, and availability of favorable reimbursement policies in developed nations of the region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Medical Tourism Market, Segmentation by Treatment Type
- Cosmetic
- Dental
- Fertility
- Orthopedic
- Neurological
- Cancer
- Others
Out of which, the cancer segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted for the higher prevalence of cancer across the globe. For instance, in 2020, cancer accounted to more than 9 million deaths across the globe. In addition to this, increasing cross country travelling to get the cure of the cancer is predicted to boost the segment growth.
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Global Medical Tourism Market, Segmentation by Application
- Public
- Private
Among these, the private segment is estimated to gain significant market share over the forecast period as the number of private medical care providers are increasing across the globe. Moreover, the availability of advanced healthcare technologies, digital systems, and rising spending on hospitals and healthcare is predicted to drive segment growth during the forecast period. It was noticed that in 2018, the USA has spent around 160 billion USD on cancer treatment.
Few of the well-known market leaders in the global medical tourism market that are profiled by Research Nester are Samitivej PCL, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Fortis Healthcare Limited, Barbados Fertility Center, Asian Heart Institute, Aditya Birla Health Services Ltd., KPJ Healthcare Berhad, NTT Medical Center Tokyo, Livonta Global Pvt. Ltd., and others.
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Recent Developments in the Global Medical Tourism Market
- In August 2022, one of the first dedicated proton beam training facilities will be the Apollo Proton Cancer Center (APCC), operated by Apollo Hospitals Enterprise Ltd. The center has also agreed to offer instruction and training in proton treatment to people all across the world.
- In November 2021, the NTT Medical Center Tokyo will start offering nursery school services on-site. Additionally, the hospital said that it would lower delivery costs for mothers in order to provide a comfortable birthing environment.
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