Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regiona

Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The medical tourism market is set to register significant growth by 2030 owing to growing geriatric population worldwide. In addition, latest advancements in minimally invasive technology are likely to further support market growth through the forecast period.

The industry was negatively affected by the COVID-19 pandemic because of the resulting travel restrictions and acute shortage of medical staff across the globe. However, easing of restrictions imposed on the tourism sector is helping the market recover from the initial lull.

Recently, major players in the industry have been investing in product innovation to improve their business standing, thereby bolstering medical tourism market expansion. For instance, in July 2022, Chevala Wellness Hua Hin, a Thailand-based skin care clinic, launched a new clinic in collaboration with InterContinental Resort at the coastal resort’s Bluport Mall. This clinic aimed to target high-end tourists and has added long Covid and anti-aging treatment.

The medical tourism market has been bifurcated in terms of application and region.

On the basis of application, the market has been segmented into cosmetic surgery, orthopedic surgery, fertility treatment, cardiovascular surgery, dental surgery, bariatric surgery, and oncology treatment. Among these, the cardiovascular surgery segment was valued at more than $2674.8 million in 2021 and is poised to register notable expansion through the analysis timeframe. Cardiovascular surgeries primarily include heart valve replacement, angioplasty, and insertion of a pacemaker, among other procedures.

The oncology treatment segment is projected to exceed $13,486.8 million in revenue by 2030. The oncology treatment market is foreseen to progress at a sizable pace in the future owing to rising number of cancer cases in developing as well as developed nations. With the surging number of people who are being diagnosed with cancer, the demand for cancer diagnosis and treatment will see a spike in the future. The cost of cancer therapy in developed countries is very high, and more advanced and sophisticated techniques are being used in developing nations. These factors will augment the number of foreign patients traveling in the forthcoming years.

In the regional context, the Asia Pacific medical tourism market is anticipated to observe significant growth through 2030 due to the soaring number of patients traveling to developing countries in the APAC region. The medical tourism industry in the Middle East & Africa was valued at more than $876.0 million in 2021 driven by the expanding healthcare infrastructure in countries like South Africa and UAE. Numerous government initiatives that are promoting medical tourism is set to positively impact the MEA market.

Meanwhile, the medical tourism market in the Latin America region is estimated to exhibit solid progress over the review timespan as a result of the improving financial condition and the presence of cheaper healthcare facilities than the U.S. in the LATAM region.