The global medical tourism for alternative therapies market size was valued at USD XX Million in 2022 and is likely to reach USD XX Million by 2031, expanding at a CAGR of XX% during the forecast period, 2023–2031. Increasing awareness about quality alternative therapy available in various countries and rising disposable income propel the market.
Increasing number of patients across the world with severe & chronic diseases, mental illnesses, and other health conditions are seeking alternative therapy with surging awareness about their availability, long-term benefits, and cost-effectiveness. Such therapies require professional guidelines and assistance; thus, individuals travel to countries where professional expertise and well-equipped healthcare infrastructure is present.
The countries that have alternative therapies available, such as Ayurveda, Homeopathy, and Naturopathy, are making visa policies and infrastructure favorable for medical tourism. This phenomenon boosts the medical tourism for alternative therapies market.
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According to a survey by the American Society of Clinical Oncology (ASCO), one in five people in the US preferred alternative cancer therapies (ACT), one of the subcategories of alternative medicine, for curing cancer. Nearly four in ten Americans believed that these therapies can cure cancer instead of conventional cancer treatments. This implies that alternative therapies and medicine have gained the significant trust of people in curing chronic illnesses.
People around the world are investing in international trips to countries with high-quality alternative medicine and therapies, as they have an unconventional approach to enhancing & maintaining body health. This helps in the growth of the medical tourism industry and also increases the demand for alternative therapies.
The research report finds that the COVID-19 pandemic affected the global tourism industry due to the imposition of lockdowns by different countries for curbing the spread of the virus. This further impeded the demand for international alternative therapies, due to the increasing number of virus-related emergency cases.
However, due to the increasing number of mental illness and anxiety disorders cases during the pandemic, the demand for unconventional therapies rose significantly post-pandemic. Additionally, due to the relaxation of lockdown regulations, many people opted for healthcare tourism trips for consultation and rejuvenation, which in turn fueled the market post-pandemic.
Impact of Artificial Intelligence on Medical Tourism for Alternative Therapies Market
Artificial intelligence is projected to propel the market during the projection period, owing to its applications in improving therapies and streamlining several other aspects of medical tourism for alternative therapies. The implementation of this technology helps in analyzing and storing large-scale biomedical data of a person's health, which supports advancing the therapeutic potential of alternative therapies.
Moreover, therapies such as music therapy utilize AI models to analyze and predict certain behavioral patterns of the patients, which assists physicians in providing better care. This technology is popularly being adopted by therapeutic healthcare practitioners from different countries, which is likely to further boost the market during the assessment period.
Medical Tourism for Alternative Therapies Market Dynamics
Major Drivers
Rising need for alternative therapies & medicine in developing regions such as Africa, where people have limited access to such therapies is driving the market, as they choose international trips for advanced treatments. In addition, the availability of high-quality alternative treatment in many foreign destinations is boosting the market. Such centers are offering services such as specialized care and precise consultation, which support individuals in effective recovery.
The awareness about such therapies is expanding through internet penetration and digital media. Individuals are opting for these therapies due to their effectiveness, popularity, and cost-friendliness. In addition, cultural attractions of different countries are generating interest in international tourists & patients, to visit the destination for vacations as well as medical purposes, which further propels the market. For instance,
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According to the news report published by The Times of India (TOI), India’s AYUSH and alternative medicine sector is expected to grow at a CAGR of about 8.6% during 2022-2027. The growth of this sector is attributed to the increasing attraction of several international tourists to India, to seek medical treatments. Ayurveda, Unani, Siddha, and Homeopathy are the constituents of AYUSH used in the treatment.
Existing Restraints
Lack of world-class infrastructure and standardization is expected to affect the market. Different countries have varying standardizations & regulations, which can impact the safety & quality of the treatments. In addition, many countries do not offer insurance coverage for alternative treatments & medications, which limits the number of people willing to undertake medical trips to such countries.
Due to the unavailability of medical insurance, the financial management of many patients can be affected, thus they refrain to adopt medical trips for alternative therapies. This is further anticipated to restrain the market.
Emerging Opportunities
Rising collaborations of key market players with reputed hospitals for providing high-quality treatment care are expected to create novel opportunities for the market. Consistent R&D activities to have updated patient care technology and services are likely to further the market expansion in the coming years.
Growing initiatives by various governments around the world to make medical tourism easier and more attractive for foreigners are attracting numerous patients and tourists to their respective countries. This is also supporting the GDP growth of the country the people travel to, which further helps in market expansion.
Scope of Medical Tourism for Alternative Therapies Market Report
The report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Medical Tourism for Alternative Therapies Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Intervention (Pain Management, Preventive, Therapeutic, Psychological, and Others) and Type (Acupuncture, Acupressure, Ayurveda, Homeopathy, Naturopathy, Chiropractic, Yoga, Hypnotherapy, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Apollo Hospitals Group; Klinikum Medical Link, Ltd.; Fortis Healthcare; Healthbase; MedRetreat; Parkway Holdings Limited; Asklepios Kliniken GmbH & Co. KGaA; and Dubai Health Authority
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Medical Tourism for Alternative Therapies Market Segment Insights
Intervention Segment Analysis
Based on intervention, the medical tourism for alternative therapies market is divided into pain management, preventive, psychological, and others. The pain management segment is expected to expand at a considerable growth rate during the projection period, due to the rising cases of chronic pain caused by diseases such as arthritis and cancer in various countries. For instance,
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According to National Health Interview Survey (NHIS), around 50 million adults in the US experience chronic pain, which is about 20% of the country’s total population. One in five adults has a medical history of severe diseases, and thus they are expected to opt for alternative pain management therapies from across the world.
The psychological segment is anticipated to account for a significant market share during the forecast period, attributed to the increasing number of people traveling to different countries for mental health and wellness therapies. Different types of therapies, including biomedical therapy and psychotherapy, have high demand across age groups in numerous countries, which majorly propels the segment. For instance,
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According to a report published by WHO in June 2022, the total number of people with anxiety & depression disorders was around 28% in 2020, which is a 2% rise from the previous year. The report notes that the lockdown and sedentary lifestyles due to the COVID-19 pandemic facilitated the rise of mental illness issues in the majority of people worldwide.
Type Segment Analysis
On the basis of type, the global market is segregated into reflexology, naturopathy, acupuncture, acupressure, ayurveda, homeopathy, chiropractic, yoga, hypnotherapy, and others. The reflexology segment is projected to register a considerable CAGR during the forecast period, owing to its numerous benefits such as enhanced blood circulation, improved sleep cycle, and speedy recovery from injuries & surgeries. These benefits are the major reason why people with various chronic disorders from different countries are expected to choose reflexology. For instance,
The naturopathy segment accounts for a significant market share, as it is a popular alternative therapy in several countries. In these therapy sessions, the use of chemicals and external medicines is completely avoided, instead, healing is allowed from within the body.
Naturopathy includes self-healing of the body and is known as a non-invasive technique for recovering from various illnesses. Thus, many people prefer naturopathy as it focuses on treating and curing overall body-related ailments, instead of focusing on specific body part healing, which further drives the market segment.
Regional Analysis
In terms of region, the global medical tourism for alternative therapies market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period, owing to the ample availability of ancient knowledge and practices regarding unconventional medical treatments such as Ayurveda and yoga.
Several countries in the region including India, China, and Japan have been practicing alternative therapies for a long duration. This has gained these nations worldwide recognition for expertise in alternative medicine techniques. This attracts a large number of patients who need appropriate treatments and further propels the regional market.
The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the presence of advanced healthcare infrastructure, which gives scope for effective patient treatment. Additionally, the rising disposable income of the people further drives medical tourism in the region.
The rising awareness about these therapies through digital media is enabling people in the region to choose appropriate alternative therapies in foreign destinations. These factors are likely to boost the market in the region.
Segments
The medical tourism for alternative therapies market has been segmented on the basis of
Intervention
- Pain Management
- Preventive
- Therapeutic
- Psychological
- Others
Type
- Acupuncture
- Acupressure
- Ayurveda
- Homeopathy
- Naturopathy
- Chiropractic
- Yoga
- Hypnotherapy
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players operating in the global medical tourism for alternative therapies market include Apollo Hospitals Group; Klinikum Medical Link, Ltd.; Fortis Healthcare; Healthbase; MedRetreat; Parkway Holdings Limited; Asklepios Kliniken GmbH & Co. KGaA; and Dubai Health Authority
Several companies are implementing market expansion & growth strategies such as increasing investments, partnerships, acquisitions, R&D investments, mergers, collaboration, and product launches to boost their market share. For instance,
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On 24 January 2023, India Tourism Development Corporation announced an agreement with the Ministry of Ayush, to promote medical tourism for Ayurveda and other traditional medicinal treatments. The agreement aims to promote “Heal in India-Medical Value Travel in Ayurveda, Yoga and other Indian traditional systems of medicine”, and generate vast scope for healthcare tourism in the country.
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