Outbound Medical Tourism Market
Number of pages: 100 | Report Format: PDF | Published date: April 04, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 13.5 billion |
|
Revenue Forecast in 2031 |
US$ 40.8 billion |
|
CAGR |
13.1% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Treatment Type, Service, Age Group, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global outbound medical tourism market was valued at US$ 13.5 billion in 2022 and is expected to register a revenue CAGR of 13.1% to reach US$ 40.8 billion by 2031.
Outbound Medical Tourism Market Fundamentals
Outbound medical tourism refers to patients traveling from home to another country for medical treatment or services. Patients may travel abroad for various reasons, including cost savings, access to specialized medical treatments or procedures, shorter wait times, or a desire to combine medical care with a vacation or cultural experience. Outbound medical tourism is growing, with more patients seeking medical treatment abroad yearly. Some popular destinations for outbound medical tourism include countries in Asia, such as Thailand, India, and Singapore, as well as Europe and Latin America. Medical tourists may seek various treatments and services abroad, including cosmetic surgery, dental care, fertility treatments, cancer treatment, and organ transplants. While outbound medical tourism can provide patients with access to high-quality medical care at a lower cost than in their home country, it is important for patients to carefully research and select a reputable healthcare provider that can provide safe and effective treatment.
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Outbound Medical Tourism Market Dynamics
One of the primary reasons that people travel abroad for medical treatment is to save money. Medical procedures can be significantly less expensive in many countries than in their home country. This is particularly true for procedures that are not covered by insurance or have high out-of-pocket costs, thus boosting the global outbound medical tourism market revenue share. Some medical procedures or treatments may not be available in a person's home country due to regulatory restrictions or limited access to specialized equipment or expertise. Traveling abroad can provide access to a wider range of treatments and procedures.
Additionally, many medical tourism destinations have a reputation for providing high-quality medical care. This can particularly appeal to people who are unsatisfied with the quality of care they receive in their home country. In some countries, wait times for medical procedures can be long, particularly for non-emergency procedures. Traveling abroad can provide faster access to medical treatment, allowing patients to receive the care they need more quickly, fueling the global outbound medical tourism market revenue share.
However, traveling to another country for medical treatment can expose patients to health and safety risks, such as unfamiliar medical practices, unaccredited hospitals, or exposure to infectious diseases. This can be particularly problematic for patients with pre-existing health conditions or weakened immune systems. Furthermore, some insurance companies may not cover medical procedures performed abroad or may only cover a limited amount of the cost. This can make medical tourism financially unfeasible for some patients. Additionally, travel costs and legal issues impede the overall market growth.
Outbound Medical Tourism Market Ecosystem
The global outbound medical tourism market is analyzed from four perspectives: treatment type, service, age group, and region.
Outbound Medical Tourism Market by Treatment Type
Based on the treatment type, the global outbound medical tourism market is segmented into dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others.
The cancer treatment segment accounts for a significant revenue share in 2022, attributed to cancer treatment being the most common medical procedure medical tourists seek. Medical tourists may travel to other countries for cancer treatment for various reasons, including access to specialized treatments and procedures, cost savings, and shorter wait times. Some of the most common cancer treatments medical tourists seek include chemotherapy, radiation therapy, and surgery. In addition to conventional cancer treatments, medical tourists may seek alternative or complementary treatments abroad. These may include traditional herbal medicine, acupuncture, and other forms of traditional medicine. One of the key advantages of seeking cancer treatment abroad is the potential cost savings. Medical tourists may be able to access high-quality cancer treatment at a significantly lower cost than in their home country. These factors contribute to the revenue growth of the cancer treatment segment.
The cardiovascular treatment segment also accounted for a prominent market revenue share in 2022. Cardiovascular treatment is a complex and specialized area of medicine that requires a high level of expertise and technology. Medical tourists may seek cardiovascular treatment abroad to access cutting-edge technology and highly skilled specialists. Some of the most common cardiovascular treatments medical tourists seek include coronary artery bypass surgery, angioplasty, and heart valve replacement surgery. These factors are attributed to the revenue growth of the cardiovascular treatment segment.
Outbound Medical Tourism Market by Service
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Based on the service, the global outbound medical tourism market is segmented into wellness services and therapeutic services.
The therapeutic services segment dominated the market with the largest revenue share 2022. Therapeutic services include treatments that promote health and well-being rather than treat a specific medical condition. These services treat chronic or acute health conditions through various therapeutic techniques and methods. Some of the most common therapeutic services medical tourists seek include physical therapy, occupational therapy, speech therapy, and behavioral therapy. Medical tourists may seek therapeutic services abroad for various reasons, including access to specialized treatments and therapies, cost savings, and shorter wait times. Therapeutic services may particularly appeal to patients seeking non-invasive or non-pharmacological treatments for their health conditions. These overall factors contribute to the revenue growth of the therapeutic services segment.
Similarly, wellness services also accounted for a prominent market revenue share. The wellness services promote overall health and well-being rather than treating specific medical conditions. Wellness services may include spa treatments, meditation, yoga, and nutrition counseling. Many medical tourists choose to seek wellness services abroad as a way to combine a medical treatment or procedure with a relaxing vacation. For example, a patient may travel to a destination known for its natural hot springs or spas to undergo a medical procedure or treatment and then take advantage of the wellness services available to promote their overall health and well-being during recovery.
Outbound Medical Tourism Market by Age Group
Based on the age group, the global outbound medical tourism market is segmented into pediatric and geriatric.
The geriatric segment accounts for the largest revenue share in the outbound medical tourism market. Geriatric patients, or elderly patients, are increasingly seeking medical treatment and services in the outbound medical tourism industry. This is due to various reasons, including the rising cost of healthcare in their home countries, long waiting times for medical procedures, and the desire for specialized medical care. Many geriatric patients seek medical treatments and services abroad for joint replacements, heart procedures, and cancer treatment. They may also seek specialized geriatric care services such as memory, nursing, or rehabilitation. These overall factors contribute to the revenue growth of the geriatric segment.
The pediatric segment also accounted for a prominent revenue share of the market. Families of pediatric patients may seek outbound medical tourism when their child has a rare or complex medical condition that requires specialized treatment not available in their home country or when they seek more affordable or accessible medical care abroad. Common medical treatments pediatric patients seek in the outbound medical tourism industry include pediatric surgeries, cancer treatments, and specialized medical procedures such as bone marrow transplants or organ transplants. Pediatric patients may also receive treatments for chronic or acute conditions, such as asthma or diabetes. These overall factors contribute to the revenue growth of the pediatric segment.
Outbound Medical Tourism Market by Region
Based on region, the global outbound medical tourism market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global outbound medical tourism market with the largest revenue share in 2022, attributed to many healthcare institutions, including hospitals, clinics, and medical offices, and the fast adoption of technology. Additionally, companies across the region are collaborating with various hospitals to improve the treatment procedure for various conditions field which is also helping in the revenue growth of the outbound medical tourism market.
Asia Pacific is expected to be the fastest-growing region during the forecast period. Governments in the region have initiated several policies and measures to attract medical tourists. For instance, in August 2022, the Government of India has recently introduced the AYUSH Visa, aimed at facilitating medical travel for international patients seeking treatments available in India's AYUSH sector. India is a big center of AYUSH Medicine, which includes Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. The AYUSH program promotes traditional healing practices and encourages collaboration between modern medical practitioners and AYUSH practitioners to establish India as a leading destination for Medical Value Travel.
Competitive Landscape of the Outbound Medical Tourism Market
The prominent players operating in the global outbound medical tourism market are:
Strategic Developments in Outbound Medical Tourism Market
Outbound medical tourism refers to patients traveling from their home country to another country to receive medical treatment or services.
The expected size of the global outbound medical tourism market in 2031 is US$ 40.8 billion.
The revenue CAGR of the outbound medical tourism market during the forecast period is expected to be 13.1% from 2023 to 2031.
Travel costs and legal issues restrict the global market growth to its full potential.
Some prominent players operating in the global outbound medical tourism market are Christus Muguerza S.A.P.I De CV, Prince Court Medical Center, Clemenceau Medical Center Dubai FZ LLC, Asian Heart Institute, and Gleneagles Global Hospitals.
*Insights on financial performance are subject to the availability of information in the public domain