Inbound Medical Tourism Market to Grow with a CAGR of 8.67% through 2028
Rising increased accessibility of information, and surge in
telemedicine are expected to drive the Global Inbound Medical Tourism Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Inbound
Medical Tourism Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Inbound Medical Tourism Market
stood at USD 28.32 billion in 2022 and is anticipated to grow with a CAGR of 8.67%
in the forecast period, 2024-2028. The Global Inbound Medical Tourism Market
has witnessed remarkable growth in recent years, driven by a convergence of
factors that have reshaped the healthcare landscape worldwide. One of the
primary drivers propelling the global inbound medical tourism market is the
pursuit of cost-effective healthcare solutions. In many developed countries,
healthcare costs have surged to levels that are often unaffordable for a
significant portion of the population. Patients in countries like the United
States, Canada, and Western Europe are increasingly turning to medical tourism
destinations in regions such as Asia, Latin America, and Eastern Europe. These
destinations offer medical procedures and treatments at significantly lower
prices, making them an attractive option for individuals looking to save on
medical expenses.
Another driving force behind the growth of inbound
medical tourism is the availability of high-quality healthcare facilities in
destination countries. Many countries have invested heavily in developing
world-class medical infrastructure and have trained their healthcare
professionals to meet international standards. These internationally accredited
hospitals and clinics offer a wide array of medical services, from routine
check-ups to complex surgeries like cardiac procedures, organ transplants, and
cancer treatments. These facilities are equipped with state-of-the-art medical
technology, ensuring that patients receive cutting-edge medical care. The
commitment to excellence in healthcare has significantly boosted the reputation
of many medical tourism destinations, attracting patients from across the globe
who seek both quality and affordability in their medical treatments.
Long waiting times for medical procedures and
surgeries can be a frustrating and potentially life-threatening issue in some
countries' healthcare systems. Patients often endure extended waiting lists,
delaying essential treatments and putting their health at risk. In contrast,
many medical tourism destinations offer significantly reduced waiting times,
allowing patients to receive prompt medical attention and care.This reduction
in waiting times is especially beneficial for individuals requiring urgent or critical
medical interventions. Medical tourists can access necessary treatments without
the delays commonly associated with their home countries' healthcare systems,
leading to improved outcomes and increased patient satisfaction.
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Advancements in healthcare technology, such as robotic
surgery, precision medicine, and telehealth, have had a profound impact on the
medical tourism industry. Patients are increasingly drawn to destinations that
offer state-of-the-art medical technology and innovative treatments. These
technological advancements not only improve the accuracy and effectiveness of
medical procedures but also contribute to shorter recovery times and better
patient outcomes. Healthcare providers in medical tourism destinations are
investing in cutting-edge technology to remain competitive and attract patients
seeking the latest advancements in medical care. This trend aligns with the
global push for medical innovation and fosters international collaborations
between healthcare institutions.
The Global Inbound Medical Tourism Market is segmented
into Type, Services, Regional Distribution, And Company.
Based on the Type, the Cosmetic Service emerged as the
dominant segment in the global market for Global Inbound Medical Tourism Market
in 2022. Cosmetic procedures, including plastic surgery, dermatology, and
aesthetic treatments, have a universal appeal. They are not confined to
addressing medical conditions but are often elective procedures chosen to
enhance one's appearance or address self-esteem and confidence issues. As a
result, these services attract a wide range of patients from different age
groups and backgrounds. Cosmetic procedures generally have shorter recovery
times compared to major surgeries or treatments in other medical fields. This
means that patients can return to their daily lives or engage in leisure
activities more quickly, making cosmetic services appealing to those who want
minimal disruption to their routines.
Based on the Services, the Private segment emerged as
the dominant player in the global market for Global Inbound Medical Tourism
Market in 2022. Private healthcare providers often prioritize quality and
specialization. They invest in state-of-the-art medical technology, employ
highly skilled specialists, and maintain internationally recognized
accreditation and certifications. Patients seeking specialized medical
treatments, such as elective surgeries, advanced diagnostics, or cosmetic
procedures, often prefer private facilities for their expertise and
cutting-edge technology. Private healthcare providers generally offer shorter
waiting times for medical procedures and consultations compared to public
healthcare systems. Medical tourists often seek timely treatment, and private
facilities can accommodate these needs more efficiently, reducing the time
patients spend waiting for care. Private healthcare facilities are known for
their personalized and patient-centric approach to care. They often offer
tailored treatment plans, individualized attention, and a higher level of
comfort and amenities. This level of customization enhances the overall patient
experience, making private services more appealing to medical tourists.
North America emerged as the dominant player in the
global Inbound Medical Tourism Market in 2022, holding the largest market share.
North America is home to some of the world's most renowned medical
institutions, cutting-edge technology, and highly skilled healthcare
professionals. The region's reputation for providing top-notch healthcare
services attracts international patients seeking advanced medical treatments
and specialized procedures. North American healthcare facilities are at the
forefront of medical technology and innovation. Patients from around the world
seek access to state-of-the-art equipment, diagnostic tools, and treatment
methods that are often not readily available in their home countries.
Major companies operating in Global Inbound
Medical Tourism Market are:
- MD Anderson Cancer
Center
- Dana-Farber Cancer
Institute
- The Toronto General
Hospital
- The Queen Elizabeth
Hospital Birmingham
- Hospital Clinic de
Barcelona
- Albert Einstein
Israelite Hospital
- Bumrungrad International
Hospital
- Seoul National
University Hospital
- The Charite -
Universitatsmedizin Berlin
- The San Raffaele
Hospital
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“The Global
Inbound Medical Tourism Market is poised for significant growth in the coming
years, driven by a confluence of factors that are reshaping the healthcare
landscape worldwide. The ongoing pursuit of cost-effective healthcare solutions
continues to draw patients from high-cost regions to countries offering quality
medical services at a fraction of the price. Accessibility to information,
facilitated by advancements in telemedicine and digital platforms, makes it
easier for patients to research and plan their healthcare journeys.
Furthermore, the diversification of medical tourism destinations, specialized
medical services, and the integration of wellness offerings with medical
treatments are broadening the appeal of medical tourism, catering to a diverse
range of patient needs and preferences.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Inbound Medical Tourism Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Type (Cancer Service / Oncology, Cosmetic Service, Orthopedics Service,
Cardiovascular Service, Fertility Service / IVF Service s, Neurological Service
, Organ Transplant, Bariatric Service , Dental Service , Alternative Service ,
Ophthalmology Services, Others), By Service (Private, Public) By Region and Competition”, has evaluated
the future growth potential of Global Inbound Medical Tourism Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Inbound Medical Tourism Market.
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