Medical Tourism Market to Reach USD 84.29 Billion by 2031, Growing at 19.2% CAGR | SkyQuest Technology

Westford, USA, July 08, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global medical tourism market will attain a value of USD 84.29 Billion by 2031, with a CAGR of 19.2% during the forecast period (2024-2031). Medical tourism is a growing industry in the major regions like South America, Asia, and Europe. Many citizens are getting medically treated outside their local countries, mainly to avail quality healthcare at a low cost. The market is essentially supported by the growing adoption of new technologies like telehealth, allowing physicians to remotely check the vital signs of patients and give online consultations. Moreover, there is an increase in the number of private companies containing foreign companies that offer health insurance schemes and several health services.

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Browse in-depth TOC on the “Medical Tourism Market”

Pages – 157
Tables – 41
Figures – 74

Medical Tourism Market Overview:

Report Coverage  Details
Market Revenue in 2023  $ 20.7 Billion 
Estimated Value by 2031  $ 84.29 Billion 
Growth Rate  Poised to grow at a CAGR of 19.2% 
Forecast Period  2024–2031 
Forecast Units  Value (USD Billion) 
Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 
Segments Covered  Deployment model, Technology, and Vertical
Geographies Covered  North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights  Burgeoning demand for digital health and integrated technology
Key Market Opportunities  Bypassing waiting time for cosmetic surgeries
Key Market Drivers  Increasing healthcare costs


Rising Number of Chronic Diseases Demanding Advanced Treatments to Fuel the Market
The oncology and cardiovascular segments held a majority share of the market in the past years due to the high prevalence of heart diseases across the globe. Moreover, the rising number of chronic diseases is demanding improved treatment and diagnosis at low prices. Nonetheless, the orthopedics treatment segment is projected to gain the fastest growth due to the growing geriatric population, rising cases of orthopedic disorders, the need for improved procedures, and the increasing number of spinal operations. The cost of these common disorders is significantly high in most countries, due to which the residents prefer getting treated in the abroad countries to save money and dodge waiting time. Also, medical tourism offers extraordinary orthopedic services to patients, thereby propelling the segment growth.

Increasing Number of Private Healthcare Service Providers to Support the Market Growth
By service provider, the public provider segment is projected to witness sluggish growth due to low funding for medical treatment in a few countries. For instance, the Canadian public increasingly prefers private providers of health since a wide range of treatments are either not funded or not available in public hospitals. Nevertheless, the private segment is expected to dominate the market in the past years and is expected to lead in the future as well due to the growing number of private service providers that proficiently deliver exceptional medical treatments and are still attracting multiple tourists.

Access to a Wide Range of Improved Treatments to Support the Market Growth in Asia-Pacific
Asia Pacific is projected to register a majority share of the market owing to the easy availability of improved treatment options in the developing nations like Thailand, Malaysia, India, and Singapore. Other drivers of the market in Asia Pacific includes the growing number of improved healthcare infrastructure, rising number of private hospitals, and reasonably priced treatments available in these economies. North America held a considerable share of the market in the former years. Medical tourism in the United States is an attraction for patients to avail affordable treatments, helping them to significant cost savings for their families. Asia Pacific is anticipated to be the fastest growing region majorly due to the increasing number of patients availing medical treatment from its countries. This is essentially due to the increasing availability of cost-effective facilities in the region.

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Medical Tourism Market Insight

Drivers:

  1. Growing number of chronic diseases in the adults and the elderly population
  2. Investments by the government for advanced healthcare services
  3. Growing affordability of advanced medical treatments

Restraints:

  1. Long waiting time for some medical surgeries
  2. Problems associated with follow-up of patients
  3. Concerns about the quality healthcare

Prominent Players in the Medical Tourism Market
The following are the Top Medical Tourism Companies

  • Bumrungrad International Hospital
  • Apollo Hospitals
  • Fortis Healthcare
  • Gleneagles Global Hospitals
  • KPJ Healthcare Berhad
  • Prince Court Medical Centre
  • Raffles Medical Group
  • Samitivej Hospital
  • Bangkok Hospital
  • Anadolu Medical Center

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Key Questions Answered in Global Medical Tourism Market Report

  • What is the market value of Medical Tourism by SkyQuest?
  • Which is the highly impacting segment in the global Medical Tourism Market?
  • What are the key trends seen in the Medical Tourism Market?

This report provides the following insights:

Analysis of key drivers (availability of low-cost procedures, growing adoption of mature healthcare technologies, rising number of worldwide chronic diseases), restraints (language issues, concern for healthcare quality, risks associated with travel), opportunities (dodge waiting time for certain medical treatments, growing infrastructure of healthcare industries, rising healthcare expenditure), and challenges (poor insurance cover, lack of professionalism, challenges in promotion by the developing economies) influencing the growth of MEDICAL TOURISM market

Market Penetration: Comprehensive information on the product portfolios offered by the top players in the Medical Tourism market

Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Medical Tourism market

Market Development: Comprehensive information on lucrative emerging regions

Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market

Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. 

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.

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