The market for medical tourism in China was valued at US$ 8.9 billion in 2022, and it is predicted that it would expand at a CAGR of 16.1% to reach US$ 45.98 billion by 2033. Factors such as decreased treatment costs in developing countries, accessibility to the most up-to-date medical technology, boosting compliance with international and local requirements for quality and service, along with promotion and marketing of medical tourism are expected to fuel market growth over the course of the projected period.
Throughout the forecast time, it is anticipated that there will be a large rise in demand for medical tourism to China. China’s reputation as a country having a state-of-the-art medical infrastructure has increased as a result of its economy’s quick rise to one of the most prosperous in the world. This has directly contributed to the growth of China’s medical tourism industry. The growth of medical tourism in China also has a lot to do with government backing. There are significant trends that are favorable to the sector’s expansion and a bright forecast for the China medical tourism market.
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Chinese people’s standards of beauty have slightly increased as a result of the success of Korean pop culture along with additional factors. The nation’s need for cosmetic procedures has surged due to the youthful population’s desire to improve their looks. China has been renowned for its traditional and spiritual culture for a very long time. Chinese herbal remedies are used over the world as complementary medicinal choices.
Acupuncture is a popular Chinese medical technique with Western patients who travel there for care. The demand for wellness services among foreign visitors to China is increased by medical tourists, together with the desire for real alternative treatments and procedures, opening up new opportunities for the Chinese medical tourism industry.
Key Takeaways from the Market Study
- The scope of the China medical tourism market increased significantly between 2018 and 2022, with a CAGR of 12.4%.
- In China, the cosmetics treatment market share will be greater than 45% in 2022.
- The wellness services segment of the China medical tourism market will hold a 34.8% market share in 2022.
- Independent travelers were predicted to hold a 26.5% market share by travel type in 2022.
- Male medical tourists accounted for a sizeable market share of over 40% in 2022.
- The internet booking channel is the most popular one in the China medical tourism sector.
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“China’s reputation as a country having a state-of-the-art medical infrastructure has increased as a result of its economy’s quick rise to become one of the most significant in the world,” remarks an FMI analyst.
Competitive Landscape
Important participants in the global medical tourism industry are aiming to increase their presence in China in order to raise awareness of their offerings among those seeking accessible and reasonable healthcare. Prominent players in the China medical tourism market are:
- Beijing Saint Lucia Consulting Ltd.
- Prem Community
- Asia Pacific Medical Group
- China Medical Tourism Inc.
- Clifford Hospital
- Continuum Healthcare Co. Ltd
- com International
- Dennis Consulting Yunnan Ltd.
- Formera
- Inner Mongolia Tourism Administration
- Inter Partner Assistance Group
- Elizabeth Hospital
- BoaoYiling Life Care Center
- Beijing Tongshantang Hospital of TCM
- Easy Tour China Travel Co. Ltd.
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Some key developments of the leading companies in this market are:
- Leading global law firm Clifford Chance provided UniCredit and Investec with guidance in 2023 regarding the financing of the design, construction, equipping, and maintenance of three important local medical facilities for the Republic of Angola, acting through its relationship with the Ministry of Finance of the Republic of Angola.
- Sequoia Capital is the investor in Beijing Saint Lucia Consulting Ltd, a firm established in 2011. The business focuses on offering advisory services for cutting-edge medical procedures across China.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global China medical tourism market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the China medical tourism market, the market is segmented on the basis of treatment type, services, tourist type, tour type, consumer orientation, age group and booking channel.
About the Travel and Tourism Division at Future Market Insights
The travel and tourism team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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