Medical Tourism Market to Reach 53.51 USD Billion by 2028

Posted by saurabh on May 17th, 2022

The worldwide medical tourism market size reached USD 11.56 billion in 2020. The market value is predicted to rise from USD 13.98 billion in 2021 to USD 53.51 billion in 2028 at a CAGR of 21.1% between 2021 and 2028. Dramatic advances in the healthcare sector fueled by the introduction of novel medical devices and non-invasive procedures are fueling the rise of medical tourism globally, states Fortune Business Insights™ in its report titled “Medical Tourism Market, 2021-2028”.     

Medical tourism has gained immense traction across the world, especially across developed regions. The Medical Tourism Association (MTA) reports that more than 14 million individuals worldwide travel to other countries for medical treatment each year. Moreover, according to a report by McKinsey & Company, 40% of people travel to countries to seek medical care from highly trained professionals and through advanced healthcare technology. Availability of lower-cost treatment in numerous countries for various conditions will support medical tourism market growth during the forecast period.

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Industry Development

April 2021 – HexTransforma Healthcare unveiled Brit-Med – a novel medical tourism platform – to allow patients worldwide to search, compare, and avail the desired treatment.

COVID-19 Impact

Travel Restrictions Hampered Medical Tourism Market Outlook during 2020

The outbreak and rapid spread of the COVID-19 pandemic led to strict containment measures across most countries. In the Asia Pacific region, for example, the number of tourists declined by 84% in 2020, compared to 2019, as per the World Tourism Organization. Social and travel restrictions enforced to limit the spread of the coronavirus outbreak affected the market for medical tourism to a great extent. The market dynamics have been also impacted by the postponement of non-essential and elective surgeries amid rising COVID-19 cases. However, the market is set for recovery as the COVID-19 situation improves and country borders reopen.

Market Segments

On the basis of healthcare services, the market is classified into wellness treatment, medical treatment, and alternative treatment. The wellness treatment segment is further broken down into rejuvenation procedures, cosmetic procedures, and others. The medical treatment segment is divided into cardiac procedures, dental procedures, orthopedic & spine procedures, oncology procedures, and others.

By service provider, the market is bifurcated into private and public.

In terms of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. 

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/medical-tourism-market-100681