Medical Tourism Market To Hit Value .3 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on August 22nd, 2023 San Francisco, 22 August 2023: The ReportMedical Tourism MarketSize, Share & Trends Analysis Report By Treatment Type (Cosmetic Treatment, Bariatric Treatment), By Service Provider (Private, Public), By Country, And Segment Forecasts, 2023 - 2030 The global medical tourism market size is expected to reach USD 75.3 billion by 2030, growing at a CAGR of 25.22% from 2023 to 2030, according to a new report by Grand View Research, Inc. Cardiovascular treatment (coronary artery bypass graft and heart valve transplantation), dental treatment (veneers, implants, and crowns), cosmetic treatment (breast implants and facelifts) and orthopedic treatment (knee & hip reconstruction and spinal surgery), are among the most frequently performed procedures for medical tourists. Most elective surgeries, such as cosmetic surgery, certain dental surgeries, fertility treatments, and weight loss surgeries, are not covered by insurance companies in the U.S. Limited availability or lack of insurance coverage drives people to seek procedures in countries such as Thailand, India, and Malaysia. Cosmetic surgeries in most countries are considered elective, and therefore, are not covered under health insurance. This results in interested patients seeking treatment options abroad. Patients can save treatment costs substantially by traveling to countries where such services are provided at lower costs. For instance, according to the American Society of Plastic Surgeons, a breast augmentation procedure average costs around USD 4,500 to USD 5,000 for an individual in the U.S., compared to around USD 3,000 to USD 4,000 in Malaysia. In addition, the cost of IVF treatment in the U.S. is between USD 12,000 and USD 25,000, whereas in Thailand, it is priced at around USD 6,200 and USD 12,000. This price difference has led to an increase in patient arrivals in Asian countries. Moreover, the option of combining wellness and medical trips with outstanding clinical facilities and traditional medicine therapies is driving many patients to prefer this option. China has emerged as a key destination for travelers seeking stem cell therapies. Stem cell research is banned in several countries. However, it is legal in China and hence tourists consider China for undergoing it legally. The China market is growing rapidly, owing to a globally expanding middle class, an aging population, and an increasing demand for cosmetic surgery. Advertising is critical in gaining new clients. Similar to many other privately driven sectors, medical tourism requires advertising exposure. Advertising on websites has become the primary source of information for health travelers. Therefore, having more recognized hospitals enhances a country's global standing. The phenomenal increase in health tourism is being accompanied by the establishment of Joint Commission International (JCI)-accredited health centers. Singapore, for example, has numerous specialist clinics and 22 hospitals, and specialized centers accredited by the JCI, all of which provide high-quality healthcare services. Due to the availability of state-of-the-art facilities, the country is an attractive medical tourism destination in terms of accommodation and housing alternatives. Request sample report of Medical Tourism Market@https://www.grandviewresearch.com/industry-analysis/medical-tourism-market/request/rs1 Medical Tourism Market Report Highlights
However, the COVID-19 pandemic adversely impacted the market for medical tourism. It shook the travel and tourism industry to its foundations. Prominent hospital service providers suffered heavy losses in 2020, as COVID-19 pandemic travel restrictions negatively affected health services aimed at medical tourists. A majority of the workforce in this sector suffered economic losses. A sharp decline in the number of patient arrivals due to travel bans and strict regulations heavily impacted the overall market. Medical Tourism Market Report Scope
List of Key Players in the Medical Tourism Market
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