Global medical tourism market to reach USD 24.14B in 2023

The global medical tourism market size touched USD 19.28 billion in 2022 and is predicted to reach USD 24.14 billion in 2023. The market is anticipated to touch USD 93.38 billion by 2030, recording a CAGR of 21.3% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Medical tourism market size, share & Covid-19 impact analysis, by service (Medical treatment {Cardiac procedures, oncology procedures, orthopedic & spine procedures, dental procedures, and others}, cosmetic treatment {Cosmetic procedures, rejuvenation procedures, and others}, and alternative treatment), by service provider (Public and private), and regional forecast, 2023-2030”.

More patients in developed countries are becoming aware of the availability of cost-effective medical treatments in other countries, thereby giving them more options to explore when it comes to tackling their chronic ailments. They are traveling to developing nations, such as India, Singapore, and Thailand, to receive medical treatments. The growing investment by these countries in improving the quality of their medical infrastructure is set to accelerate the medical tourism market growth.

Travel restrictions imposed by governments during Covid-19 declined market growth
The medical tourism sector of many countries took a major hit during the Covid-19 pandemic due to travel and movement restrictions imposed by governments across the world. Many international flights were cancelled during this period, thereby restricting patients’ access to medical treatments in other countries. Moreover, since several vital healthcare resources were diverted toward treating Covid-19-patients, surgical procedures, such as cosmetic and orthopedic, took a backseat, which further slumped the market growth.

Increase in inbound medical travels to augment market growth
Several advanced technologies are being introduced in the healthcare sector to cater to the growing demand for high-quality medical treatments. Moreover, several novel medical devices and non-invasive medical procedures are being introduced to boost the quality of patient outcome and care. The launch of telemedicine, telehealth, and advanced information and communication technologies have helped patients gain greater access to innovative medical treatments, thereby augmenting the market growth.

Athina Global Health partnered with liberty international tourism group to launch novel services
Athina Global Health revealed that it partnered with Liberty International Tourism Group to introduce its Global Medical Value Travel services. This partnership is expected to help Athina Global Health expand its geographical presence by providing foreign patients with high-quality preventive and health conducive treatments.

Key market players to focus on diversifying their service portfolios to boost volume of medical tourists
The global market is highly competitive and fragmented as a vast majority of medical service providers come from the Middle Eastern and Asia Pacific countries. These providers are launching new and innovative programs to increase the scope of their portfolio of services. Bumrungrad International Hospital is one of the key providers of healthcare services for international patients. A rising percentage of foreign patients are visiting other countries to undergo cosmetic surgeries at a lower cost, thereby helping these companies cement their market positions. Fortune Business Insights