The global medical tourism market, valued at $104.6bn (€86.12bn) in 2019, is projected to reach $273.7bn (€225.3bn) by 2027, according to new research.
The forecast by Allied Market Research is for 12.8% CAGR from 2019 to 2027 in terms of value. In terms of volume, the global medical tourism market accounted for more than 23 million patients in 2019, and is projected to reach 70.4m patients by 2027, registering a CAGR of 15.0% from 2019 to 2027.
Sanjivan Gill, lead analyst, healthcare, at Allied Market Research, said: “A rise in healthcare costs, especially in developed countries such as the US, has resulted in patients seeking for affordable options in emerging markets such as India and Singapore. Affordability and accessibility of quality healthcare services along with assistance from tourism departments and local governments fuel the growth of the medical tourism market worldwide.”
Mr Gill said popular medical tourism destinations such as India, China and other emerging countries faced adverse effect as a result of COVID 19 pandemic.
According to the research, Asia-Pacific had a 35% share of the global medical tourism market in 2019. The orthopaedic treatment segment is anticipated to grow with the highest CAGR throughout the forecast period.
Mr Gill says Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by Latin America, the Middle East, Africa and Europe.