Future Market Insights, a leading market research firm, has released its latest industry analysis projecting substantial growth in the global inbound medical tourism market. The report forecasts the market to reach a value of approximately US$ 102.8 million by 2024, with an impressive compound annual growth rate (CAGR) of 17.9% during the evaluation period from 2024 to 2034. By 2034, the market is anticipated to soar to a valuation of about US$ 364.7 million.
The surge in the inbound medical tourism market can be attributed to several factors, notably the phenomenon of globalization. The close integration of countries worldwide has facilitated the seamless exchange of medical equipment, pharmaceuticals, and biopharmaceutical products across borders. Consequently, this has led to an expansion of high-quality healthcare facilities in low and middle-income countries, contributing significantly to the growth of the inbound medical tourism sector.
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Furthermore, increased foreign investments, spurred by globalization, have played a pivotal role in elevating the standards of medical treatments in developing nations. This enhancement in quality standards has emerged as a compelling factor driving the growth of the inbound medical tourism market.
In today’s digital age, the internet serves as a crucial tool for globalization, particularly in the realm of medical tourism. Research findings from the Pew Research Center reveal that a staggering 93% of American adults accessed the internet in 2021, with around 67.5% utilizing it for health-related information, according to the Health Information Trends Survey, 2020.
The proliferation of online information has had a profound impact on the inbound medical tourism industry, empowering medical tourists to conduct thorough research on healthcare services in their target destination. Before engaging with professional organizations, individuals leverage the internet to gather pertinent information about medical tourism facilities, enabling them to make informed decisions and evaluate the advantages and disadvantages of healthcare services abroad.
The Future Market Insights report underscores the immense potential of the global inbound medical tourism market and highlights the pivotal role of globalization and digitalization in driving its growth trajectory. As the industry continues to evolve, stakeholders are encouraged to leverage these trends to capitalize on emerging opportunities and deliver exceptional healthcare experiences to patients worldwide.
Key Takeaways from the Market Study:
- Europe’s inbound medical tourism market is estimated to expand at a CAGR of 6% from 2024 to 2034.
- Asia’s inbound medical tourism industry is anticipated to showcase a CAGR of 9% in the forecast period.
- By treatment type, the cancer treatment segment is projected to exhibit a CAGR of 2% through 2034.
- Based on service type, the wellness service category will likely expand at a CAGR of 0% from 2024 to 2034.
- In terms of booking channel, the online booking category is estimated to hold a CAGR of 9% from 2024 to 2034.
“The desire for affordable, high-quality healthcare as well as access to specialist medical knowledge provided by reputable foreign medical institutes is the driving force behind the global inbound medical tourism services,” says an analyst of Future Market Insights (FMI).
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Competitive Landscape:
Industry leaders are expected to employ key strategies to enhance their market share and competitiveness in the forecast period. They are expected to do so primarily through company expansions and brand acquisitions.
For instance,
On 13 July 2023, Medipol Education and Health Group increased the number of their representative offices to facilitate better communication with patients who are unable to access domestic healthcare and must travel abroad for diagnosis & treatment.
Key Companies Profiled in Inbound Medical Tourism Market:
- Fortis Healthcare Limited
- Medretreat
- Apollo Hospitals
- KPJ Healthcare Behard
- Klinikum Medical Link
- BB Health Solutions
- Aditya Birla Memorial Hospital
- NTT Medical Center Tokyo
- Prince Court Medical Centre
- Anionia Medical Travel
- Careful Trip
- MediCzech
- Metta Health
- PRAGA MEDICA HEALTHCARE S.R.O.
- A Health trip
- Rockyview General Hospital
- Toronto General Hospital
- Manipal Hospital
- Hospital CIMA Hermosillo
- Teknon Medical Center
- Anadolu Medical Center
Inbound Medical Tourism Market Outlook by Category:
By Treatment Type:
- Dental Treatment
- Cosmetics Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- Other Treatments
By Service Type:
- Wellness Service
- Therapeutic Service
By Customer Orientation:
- Men
- Women
- Children
By Age Group:
- <15 Years
- 15 to 30 Years
- 31 to 45 Years
- 46 to 60 Years
- 60 Years & Above
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Region:
- Americas
- Europe
- Asia
- Middle East
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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