Medical Tourism Market Size [2022 – 2028] to reach USD 53.51 Billion [CAGR 21.1%] | Industry Share, Development Strategy, Growth Factor

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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Drivers & Restraints

Rise in Inbound Medical Travel owing to Low-cost Care to Augment Market Growth    

Medical tourism market growth will be accelerated by the expansion of inbound medical travel. Continuous developments in healthcare in terms of medical devices, wearables, surgical procedures, and connected technologies have enabled better healthcare delivery. Telemedicine, telehealth, and other technologies are allowing patients to book appointments, consult doctors, and avail quality care from anywhere in the world. These factors have led to increased inbound medical travel in developing nations such as India and Thailand.

The lower cost of treatments in developing countries compared to developed countries will sustain the growth of medical tourism in the forthcoming years. The Medical and Health Tourism Congress (MHTC) reports that medical treatment in Asian countries is much cheaper than private hospitals in developed countries such as the U.S. For instance, a heart bypass surgery would cost USD 13,000 in Thailand, compared to USD 113,000 in the U.S.

Despite rapid developments in the field, the COVID-19 pandemic has affected medical tourism market growth. Considering the highly uncertain nature of the pandemic, with new COVID-19 variants emerging in different countries, the market could experience some roadblocks during 2021-2028.

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