Medical Tourism Market Size, Share, Growth and, Trends, Report 2024-2031

The Global Medical Tourism Market is expected to grow at a CAGR of 15.35% during the forecast period (2024-2031).

Medical tourism involves individuals traveling to other countries to receive medical treatment. This often occurs when patients with rare or complex conditions seek specialized care that is more advanced or unavailable in their home country. The range of medical services sought can be extensive, but commonly includes cancer treatment, orthopedic care, neurological disease management, elective surgeries, fertility treatments, and more.

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Market Dynamics:

The easy accessibility of medical treatments in developing countries is expected to drive market growth.

Healthcare services in industrialized countries like the US and the UK are relatively expensive. In contrast, medical treatment costs in developing countries are lower due to factors such as lower labor costs, affordable medication, and reduced travel and lodging expenses. For example, the OECD reports that patients in the US can save between 30% to 50% on treatments like heart surgery by traveling to Asia or Latin America. The growth of the global medical tourism market is driven by the availability of high-quality healthcare services, support from tourism departments and local governments, and reduced customs duties and taxes on hospital services in countries like Singapore, India, and Thailand. These factors, combined with a favorable regulatory environment and lower overall costs, are expected to propel market growth during the forecast period.

Segment Covered in the Medical Tourism Market:

By Type: Domestic, International.

By Treatment Type: Dental Treatment, Cardiovascular Treatment, Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Neurological Treatment, Others.

By Service Provider: Public, Private.

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Key players involved in Medical Tourism Market:

• Apollo Hospitals Enterprise
• Asian Heart Institute
• Barbados Fertility Center
• Fortis Healthcare Limited
• KPJ Healthcare Berhad
• NTT Medical Center Tokyo
• Prince Court Medical Centre
• Samitivej PCL
• Seoul National University Hospital
• Wooridul Spine Hospital

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Regional Analysis:

The Medical Tourism Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Medical Tourism Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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