The increasing ease of global travel, lower healthcare costs, domestic constraints on cosmetic surgery and health insurance coverage are making medical tourism a growing trend. Acumen Research and Consulting released an exclusive report covering the medical tourism market. The value of the medical tourism market in 2021 was $11,395 million. By 2030 it is estimated to reach $88,595 million, increasing at a CAGR of 27.4%.
Here are some of the highlights of the report:
- Impact of COVID-19 on medical tourism:
While the travel and quarantine restrictions brought on by the pandemic caused the medical tourism market to experience a significant drop, particularly in destinations like India, China and other emerging countries, as cases of COVID-19 infection decrease, this industry is expected to gain traction and see significant growth.
- Regional Market Trends:
The Asia-Pacific region is by far the dominant market in medical tourism, having achieved a majority share in 2021, a trend that is expected to continue through 2030. Lower costs for flights, treatments, the increased availability of quality medical care and major government investments in this market are all factors encouraging the growth of the medical tourism market in this region. Europe is also expected to experience rapid growth between now and 2030.
India in particular is emerging as a major player in the medical tourism market. In addition to Singapore and Thailand, India is one of the top three destinations for medical tourism in Asia, having brought in about 60% of the Asian healthcare revenue in 2012. The same treatments in India cost one-eighth to one-fifth of those in Western countries. According to an India Brand Equity Fund (IBEF) study, India is even more competitive regarding cost than other well-known medical tourism destinations in Asia such as Thailand, resulting in a thriving medical tourism industry that is only expected to grow further.
- Demand for Cosmetic Treatments:
The demand for cosmetic treatment in the medical tourism market is experiencing a boom in emerging nations, particularly India. The medical tourism market in India is growing significantly in the area of cosmetic treatments partly because their cutting-edge technology is equal to the top advances around the world. That in combination with the lower cost of cosmetic surgery makes India a serious contender in medical tourism, with the savings being anywhere from 40 to 80%, particularly when you consider the fact that medical insurers don’t cover cosmetic procedures. Many people are traveling abroad to get cosmetic procedures such as breast augmentations, bariatric, and rhinoplasty, liposuction, and even expensive elective procedures not covered by Western insurance plans such as LASIK eye surgery and dental procedures.
Click here to view the entire report.