Medical Tourism Market by Treatment Types (Orthopedics Treatments, Ophthalmic Treatments, Dental Treatments, Cosmetic Treatments [Breast Augmentation and Hair Transplants], Cardiovascular Treatments, Fertility Treatments, Bariatric Treatments, Cancer Treatments, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global medical tourism market size is projected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the availability and affordability of high-quality healthcare treatments, as well as aid from tourist government agencies and local governments.
 

Medical tourism, often known as healthcare tourism, is described as traveling across nations to receive medical treatment that is not available in the tourists' own country. Medical tourism refers to cross-border travel for medical treatment that is not available in one's own country. IVF fertility treatment, neurosurgeries, cancer treatment, orthopedic operations, and other treatments are among them. This treatment can include a wide range of therapeutic services. Dental care, fertility therapy, elective surgery, and aesthetic surgery are the most typically profited treatments.

Developed countries provide the latest treatments and are among the top destinations for medical tourism. As a result, when quality care is unavailable locally, people travel to certain places. Medical tourism is frequently thought to be costly, although the quality of treatment is guaranteed. As a result, the costs of major health items are similarly high. Healthcare workers must be aware of direct and indirect costs, as well as methods to save money over the long term by introducing preventive initiatives. Developed countries cannot afford to spend a lot of money on healthcare. The insurance company that brought the patient overseas did not cover all of the hospital charges.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing adherence to international quality standards, good quality of services, flexibility in health insurance, and medical tourism marketing and advertising are projected to fuel the market growth in the coming years.
• In developed countries, treatment costs are rising, which is a key factor spurring the market expansion during the forecast period.
• Growing accessibility of advanced medical technology is anticipated to propel the market growth in the coming years.
• Payers' partial reimbursement takes a long time is estimated to hinder the market expansion.
• Travel challenges, language problems, paperwork availability, and VISA approval problems are all possesses as major challenges that can restrict the market growth during the forecast period.
• Larger hospitals network under insurance coverage for cashless payments is projected to create immense opportunities for the market players.

Scope of the Report

The report on the global medical tourism market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Cosmetic treatments segment is projected to constitute a key market share
Based on treatment types, the global medical tourism market is divided into orthopedics treatments, ophthalmic treatments, dental treatments, cosmetic treatments [breast augmentation and hair transplants], cardiovascular treatments, fertility treatments, bariatric treatments, cancer treatments, and others. The cosmetic treatments is further segmented into breast augmentation and hair transplants. The cosmetic treatments segment is expected to hold a key share of the market in the coming years due to Hair regrowth, breast enlargement, facial operations, rhinoplasty, and other cosmetic surgery are the most popular. The demand for cosmetic operations is rising over the world as people's awareness of aesthetics grows. As a result, the accessibility of technologically improved and noninvasive cosmetic surgical procedures can fuel market expansion.

However, the fertility treatments segment is anticipated to expand at a rapid pace during the forecast period owing to the most frequent therapies for which medical tourists choose to fly across foreign borders is fertility treatment. Fertility tourism, sometimes known as reproductive tourism, is among the fastest-growing segments of the tourism industry.
 

Asia Pacific is anticipated to dominate the market
On the basis of regions, the global medical tourism market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to the growing demand for medical tourism in this region's emerging countries. In the Asia-Pacific region, China controls the majority of the market. This is owing to the cheaper price of therapy and superior healthcare facilities available in China.

Increased advertising and online customer information regarding the accessibility of medical services, as well as the accessibility of low-cost flights. Furthermore, the government's large efforts in improving healthcare infrastructure help to the market's expansion.
 

Segments

Segments Covered in the Report
The global medical tourism market has been segmented based on

Treatment Types

• Orthopedics Treatments
• Ophthalmic Treatments
• Dental Treatments
• Cosmetic Treatments
  • Breast Augmentation
  • Hair Transplants
• Cardiovascular Treatments
• Fertility Treatments
• Bariatric Treatments
• Cancer Treatments
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Cosmedic Travel AU
• BB Health Solutions
• Euromedical Tours
• Klinikum Medical Link, Ltd.
• KPJ Healthcare Berhad
• Apollo Hospitals Enterprise Limited.
• Healthbase
• MedRetreat.
• Mount Elizabeth Hospital
• Fortis Healthcare Limited
• Asklepios Kliniken GmbH
• Rashid Hospital
• Asian Heart Institute
• Others

Competitive Landscape

Key players competing in the global medical tourism market are Cosmedic Travel AU; BB Health Solutions; Euromedical Tours; Klinikum Medical Link, Ltd.; KPJ Healthcare Berhad; Apollo Hospitals Enterprise Ltd.; Healthbase; MedRetreat.; Mount Elizabeth Hospital; Fortis Healthcare Limited; Asklepios Kliniken GmbH; Rashid Hospital; Asian Heart Institute; and Others. Some of these players are adopting several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.