Home » News: Global Medical Tourism Market Set to Soar To 136.93 billion in 10 years at 21.17% CAGR till 2032

News: Global Medical Tourism Market Set to Soar To 136.93 billion in 10 years at 21.17% CAGR till 2032

by Atqnews
0 comment
Global Medical Tourism

The global Medical Tourism market is poised for exponential growth, with experts projecting a remarkable Compound Annual Growth Rate (CAGR) of 21.17% through 2032.

The anticipated surge, from the current USD 20.07 billion to a staggering USD 136.93 billion, reflects a transformative landscape driven by the widespread adoption of telemedicine and cutting-edge medical technologies.

According to globenewswire.com, the rising government support significantly boosts the growth of the medical tourism industry in specific regions. Furthermore, the rising demand for specialized treatments will expand the market growth over the coming years.

READ: Medical Tourism: Health tourism expert highlights the significant potential for expanding health tourism avenues in Africa

Exploring emerging markets and untapped regions for medical tourism can open up new opportunities. Countries with developing healthcare infrastructure can position themselves as affordable and high-quality alternatives for medical treatments.

The Brainy Insights estimates that the USD 20.07 billion in 2022 global Medical Tourism market will reach USD 136.93 billion by 2032. There is a growing trend towards health and wellness tourism, with individuals seeking medical treatments, preventive care, wellness programs, and holistic health experiences. Medical tourism destinations can capitalize on this trend by offering comprehensive health and wellness packages.

READ: News: Wellness Travel and Medical Tourism Emerging as Key Driver in Off-Season for Gulf Countries says Hospitality Expert

Furthermore, integrating digital health technologies, including telemedicine, virtual consultations, and electronic health records, can enhance the accessibility and coordination of medical tourism services. Digital platforms can streamline pre-travel consultations, post-treatment follow-ups, and information exchange between healthcare providers and patients. Introducing new and advanced medical treatments, therapies, and procedures can attract medical tourists seeking cutting-edge healthcare solutions.

Countries and healthcare providers that stay at the forefront of medical innovation can position themselves as leaders in the industry. In addition, customized and personalized medical tourism packages catering to individual patient’s unique needs and preferences present an opportunity for service providers. Tailoring experiences that include cultural activities, recovery retreats, and concierge services can set providers apart in a competitive market. Besides, wellness tourism, including genetic testing and personalized health assessments, is gaining traction. Medical tourism destinations can offer specialized wellness packages, including genetic evaluations and preventive health screenings, to attract individuals interested in proactive healthcare.

Key Insight of the global Medical Tourism market
Asia Pacific is expected to witness the highest market growth over the forecast period.
The rising affluence and expanding middle-class population in many Asia Pacific countries contribute to increased spending on healthcare. Individuals with high disposable earnings are more likely to consider medical tourism for elective and necessary medical procedures. Beyond healthcare, the Asia Pacific region offers diverse tourist attractions, allowing medical tourists to combine treatment with leisure.

The combination of medical services and tourism appeals to individuals seeking a comprehensive and positive experience. The region has also embraced technological advancements in healthcare, contributing to the accessibility of advanced medical treatments. Adopting telemedicine, digital health records, and other technologies enhances the patient experience and facilitates international communication.

Furthermore, many governments in the Asia Pacific region have acknowledged the economic prospect of medical tourism and have implemented policies to support its growth. Initiatives may include streamlined visa processes, infrastructure development, and regulatory frameworks to ensure patient safety and quality standards.
In 2022, the cosmetic treatment segment held the largest market share at 30.27% and a market revenue of 6.10 billion.

The treatment type segment is divided into cancer treatment, cardiovascular treatment, cosmetic treatment, dental treatment, fertility treatment, neurological treatment, orthopaedic treatment and others. In 2022, the cosmetic treatment segment held the largest market share at 30.27% and a market revenue of 6.10 billion.
In 2022, the private segment dominated the market with the largest share of 65.82% and revenue of 13.21 billion.

The service provider segment includes public and private. In 2022, the private segment dominated the market with the largest share of 65.82% and revenue of 13.21 billion.
In 2022, the inpatient segment dominated the market with the largest share of 71.48% and revenue of 14.35 billion.

The patient type segment is classified into inpatient and outpatient. In 2022, the inpatient segment dominated the market with the largest share of 71.48% and revenue of 14.35 billion.

Advancement in market
In May 2023: Based on its findings, Frost & Sullivan recently evaluated the healthcare industry and has acknowledged Gleneagles Hospital Kuala Lumpur (GKL) with the 2023 Malaysia Hospital Customer Value Leadership Award. The hospital leverages highly skilled human capital to deliver optimal service, addressing the diverse healthcare needs of its patients and elevating their overall experience during their stay.

The healthcare professionals at the hospital continually update their skill sets and enhance their soft skills through various training platforms within the facility, ensuring they provide the best care possible. Gleneagles Hospital Kuala Lumpur collaborates with leading nursing colleges and universities to address concerns related to the shortage of healthcare workers, particularly nursing staff. Nurses recruited undergo thorough training and participate in work experience programs before actively engaging in patient care and contributing to hospital operations. This proactive approach ensures a well-prepared and competent healthcare workforce.

In March 2023: Penang Adventist Hospital has joined forces with Firefly Airlines in a groundbreaking collaboration to revolutionize Malaysian medical tourism. This strategic partnership between the hospital and the airline is designed to offer Indonesian travellers enhanced opportunities to explore Penang while accessing top-notch medical care.

Market Dynamics
Driver: Increasing awareness.
The growing awareness of medical tourism options, facilitated by the internet, social media, and word of mouth, contributes to the industry’s expansion. Patients are more informed and willing to explore healthcare opportunities beyond their borders. The growing awareness is not only about the existence of medical tourism but also encompasses an understanding of its benefits.

Patients are becoming more knowledgeable about the potential cost savings, access to advanced medical technologies, shorter waiting times, and the availability of specialized expertise in medical tourism destinations. This awareness empowers individuals to consider healthcare options that align with their needs and preferences. As patients become more aware, they also play an active role in advocating for their healthcare. The ability to research, discuss, and share information has shifted the power dynamic, placing patients in a more informed position. This shift has encouraged healthcare providers and destinations to enhance transparency, improve service quality, and adopt patient-centric approaches to meet the evolving expectations of a more informed patient base.

Restraint: Limited insurance coverage.
Traditional health insurance plans typically have limited coverage for medical treatments conducted abroad. While some plans may cover emergencies during international travel, they often exclude elective or planned procedures commonly associated with medical tourism. Furthermore, insurance policies for medical tourism may exclude coverage for pre-existing conditions or complications arising from previous medical history. This exclusion can concern individuals with existing health issues seeking treatment abroad. Additionally, many health insurance plans are geographically limited and only provide coverage within the policyholder’s home country.

This limitation means that individuals pursuing medical treatments in foreign countries may not benefit from their regular insurance coverage. In addition, there is a risk that insurance policies may be cancelled or modified, impacting coverage for planned medical treatments abroad. This uncertainty can deter individuals from relying on insurance for medical tourism, as sudden policy changes could leave them without financial protection.

Opportunity: Medical tourism for clinical trials.
Countries that are famous destinations for medical tourism often boast advanced medical facilities and expertise. This factor attracts patients seeking high-quality healthcare services. Clinical trials conducted in such environments benefit from state-of-the-art infrastructure and experienced healthcare professionals, enhancing the overall conduct and credibility of the trials. The popularity of medical tourism destinations means these locations have established mechanisms for efficiently managing and accommodating international patients. This infrastructure can be leveraged for streamlined recruitment processes, making enrolling participants in clinical trials easier.

Moreover, conducting clinical trials in medical tourism hubs allows researchers to broaden the geographical reach of their studies. This factor can be especially valuable for rare diseases or conditions where finding sufficient participants in a single country may be challenging.

Challenge: Political instability and security concerns.
Political instability can lead to disruptions in essential services, including healthcare. Protests, civil unrest, or political conflicts may result in the closure or limited functioning of medical facilities, affecting the availability of healthcare services for local and international patients.

Security concerns, such as political unrest, civil disturbances, or terrorism, can compromise the safety of patients and healthcare professionals. The perception of insecurity in a destination can deter potential medical tourists who prioritize safety and stability when considering healthcare options abroad. Furthermore, political instability can create uncertainties around transportation, including the risk of flight cancellations or disruptions. International patients may be reluctant to travel to regions experiencing political turmoil due to concerns about the reliability of transportation services.

You may also like

Leave a Comment

ATQnews.com

ATQnews.com® a member of Travel Media Group is the online platform for African Travel Quarterly (ATQ), the first travel magazine in West Africa which solely focuses on travel and tourism issues. 

ATQNEWS

Latest News

ATQNEWS @2024 – All Right Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00