According to FutureWise analysis the market for medical tourism in 2023 is US$ 12.17 billion, and is expected to reach US$ 74.49 billion by 2031 at a CAGR of 25.42%.
Patients traveling from their country to other locations for medical treatment is known as medical tourism. These services include high-tech procedures like cardiac surgery, orthopedics, neurosurgery, and dental care, as well as elective procedures like cosmetic surgeries or standard physical examinations. Medical tourism is a growing sector, according to market research, as a result of the rising costs of healthcare in industrialized nations and the accessibility of affordable treatments in underdeveloped nations. Additionally, the sector is being stimulated by the availability of medical tourism insurance. Patients frequently move to different locations due to the high healthcare expense in developed countries.
Numerous key factors driving the market include cost savings and extra benefits to visitors, including enhanced healthcare, cutting-edge technologies, ground-breaking pharmaceuticals, sophisticated gadgets, superior hospitality, and individualized care. The market is anticipated to grow quickly during the forecast period. The key driver of market expansion is the high cost of healthcare in the home nations. Growing demand for procedures not covered by insurance, such as gender reassignment surgeries, reproductive therapy, dental reconstruction, and cosmetic surgery, is also driving its growth.
FutureWise Market Research has published a report that provides an insightful analysis of medical tourism market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the medical tourism market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.