The global inbound medical tourism market, projecting significant growth over the next decade. According to the report, the market is poised to reach an estimated valuation of USD 102.8 million by 2024, with a remarkable compound annual growth rate (CAGR) of 17.9% forecasted from 2024 to 2034. By the end of this period, the market is expected to skyrocket to approximately USD 364.7 million.
The report highlights several pivotal factors driving this unprecedented growth. A key contributor is globalization, which has led to a more seamless exchange of medical equipment, pharmaceuticals, and biopharmaceutical products across international borders. This increased integration has enabled the development and enhancement of high-quality healthcare facilities in low and middle-income countries, making these regions attractive destinations for medical tourists.
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As medical tourism continues to expand, patients from around the world are increasingly seeking affordable and high-quality healthcare services in countries known for their advanced medical infrastructure and skilled healthcare professionals. The accessibility and affordability of medical treatments, coupled with shorter wait times, have made medical tourism a viable option for patients seeking specialized procedures and treatments.
Future Market Insights’ analysis also underscores the role of technological advancements in medical tourism. The rise of telemedicine and digital health platforms has facilitated better communication between patients and healthcare providers, ensuring continuity of care before, during, and after medical procedures. This trend is expected to further fuel the growth of the inbound medical tourism market.
With countries across Asia, Latin America, and Eastern Europe emerging as popular medical tourism hubs, the market is set to witness a diverse range of healthcare services offered at competitive prices. From elective surgeries and dental treatments to complex procedures and wellness programs, the global inbound medical tourism market offers a wide array of options for international patients.
As the industry continues to grow, Future Market Insights emphasizes the importance of maintaining high standards of care and patient safety to ensure sustained growth and positive patient experiences. The report suggests that stakeholders in the medical tourism sector should focus on strengthening regulatory frameworks, enhancing healthcare infrastructure, and promoting transparency to build trust among international patients.
Key Takeaways from the Market Study:
- Europe’s inbound medical tourism market is estimated to expand at a CAGR of 6% from 2024 to 2034.
- Asia’s inbound medical tourism industry is anticipated to showcase a CAGR of 9% in the forecast period.
- By treatment type, the cancer treatment segment is projected to exhibit a CAGR of 2% through 2034.
- Based on service type, the wellness service category will likely expand at a CAGR of 0% from 2024 to 2034.
- In terms of booking channel, the online booking category is estimated to hold a CAGR of 9% from 2024 to 2034.
“The desire for affordable, high-quality healthcare as well as access to specialist medical knowledge provided by reputable foreign medical institutes is the driving force behind the global inbound medical tourism services,” says an analyst of Future Market Insights (FMI).
Competitive Landscape:
Industry leaders are expected to employ key strategies to enhance their market share and competitiveness in the forecast period. They are expected to do so primarily through company expansions and brand acquisitions.
For instance,
On 13 July 2023, Medipol Education and Health Group increased the number of their representative offices to facilitate better communication with patients who are unable to access domestic healthcare and must travel abroad for diagnosis & treatment.
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Key Companies Profiled in Inbound Medical Tourism Market:
- Fortis Healthcare Limited
- Medretreat
- Apollo Hospitals
- KPJ Healthcare Behard
- Klinikum Medical Link
- BB Health Solutions
- Aditya Birla Memorial Hospital
- NTT Medical Center Tokyo
- Prince Court Medical Centre
- Anionia Medical Travel
- Careful Trip
- MediCzech
- Metta Health
- PRAGA MEDICA HEALTHCARE S.R.O.
- A Health trip
- Rockyview General Hospital
- Toronto General Hospital
- Manipal Hospital
- Hospital CIMA Hermosillo
- Teknon Medical Center
- Anadolu Medical Center
Inbound Medical Tourism Market Outlook by Category:
By Treatment Type:
- Dental Treatment
- Cosmetics Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- Other Treatments
By Service Type:
- Wellness Service
- Therapeutic Service
By Customer Orientation:
- Men
- Women
- Children
By Age Group:
- <15 Years
- 15 to 30 Years
- 31 to 45 Years
- 46 to 60 Years
- 60 Years & Above
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Region:
- Americas
- Europe
- Asia
- Middle East
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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