The global inbound medical tourism market is set for remarkable growth, with projections indicating a substantial increase in market size over the next decade. According to a new report by Future Market Insights, the market is expected to reach a valuation of USD 102.8 million by 2024, driven by an impressive compound annual growth rate (CAGR) of 17.9%. By 2034, the market could skyrocket to an estimated USD 364.7 million.
Several key factors are propelling this growth, with globalization emerging as a primary driver. The seamless exchange of medical equipment, pharmaceuticals, and biopharmaceuticals across borders has fostered the expansion of healthcare facilities, particularly in low and middle-income countries. This has created attractive opportunities for medical tourists seeking affordable, high-quality care.
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As the market expands, patients around the world are increasingly opting for medical tourism due to its affordability, shorter wait times, and access to advanced healthcare infrastructure. Countries renowned for their medical expertise are becoming hubs for specialized treatments and procedures, including elective surgeries, dental care, and wellness programs.
Technological innovations are also playing a critical role in the sector’s growth. The rise of telemedicine and digital health platforms has enhanced communication between patients and healthcare providers, ensuring continuity of care across borders. This development is further fueling the growth of the inbound medical tourism market.
Asia, Latin America, and Eastern Europe are emerging as key medical tourism destinations, offering a diverse range of services at competitive prices. From elective procedures to complex surgeries, these regions are attracting international patients who are seeking high-quality care without the high costs typically associated with healthcare in their home countries.
Future Market Insights emphasizes the importance of maintaining high standards of care and patient safety to ensure long-term growth and patient satisfaction. To support this, stakeholders in the medical tourism sector are encouraged to strengthen regulatory frameworks, improve healthcare infrastructure, and foster transparency to build trust among international patients.
As the global inbound medical tourism market continues to expand, it presents significant opportunities for healthcare providers and patients alike, making high-quality healthcare more accessible on a global scale.
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).
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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.
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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