Outbound Medical Tourism Market is Expected to reach US$ 509.6 Billion by 2032
The outbound medical tourism market is likely to be valued at US$ 509.6 Billion and growing at a CAGR of 12.3% during forecast 2022 – 2032.
Outbound medical tourism is forecasted to grow at an exponential rate during the forecast period. Multiple external and internal factors ranging from government policies to quality of stay will positively affect the industry. The emergence of high-quality infrastructure in the country has facilitated the growth of the medical tourism industry. The increasing number of internationally accredited hospitals in India, along with the high quality of expert surgeons and doctors have enabled the country to propel forward as a hub for medical tourism.
The low cost of consultation, accommodation, treatment, medicines, and surgery make India one of the most affordable options for availing healthcare services. The quality of the procedure matches up to the top facilities available in developed nations while being very affordable compared to developed nations like the US.
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The rise of health concierge services across the world has massively assisted in the growth of the outbound medical tourism market. These services provide a wide range of solutions in their packages ranging from transport, and consultation, to living accommodations. The excellence of these services and the eminent quality of the private medical infrastructure in the UK help in attracting consumers from across the globe.
The growing trend of privatized healthcare across the globe has presented a perfect opportunity for the outbound medical tourism market. The private healthcare infrastructure in the country with an already existing demand is expected to surge further and boost the revenue of the market.
- The market across the Asia Pacific is estimated to witness the most lucrative growth as the investment is flouring and investment for newer technologies is increasing robustly.
- Medical centers are adopting strategies like medical insurance provision and easy financing schemes; this attracts their outbound medical tourism patients.
- The number of outbound medical tourists as of 2022 is 52.2 Million.
- The market for therapeutic services in various countries attracts a significant number of medical tourists.
- Impact of Covid-19 on the Outbound Medical Tourism market is about 60%.
“The main elements that will propel the outbound medical tourism business ahead are effectiveness, comfort, and personalized care.” – FMI analyst.
Impact of COVID-19 on the Outbound Medical Tourism Market
The Covid-19 pandemic led to stagnation in the Outbound Medical Tourism Market. This was mainly due to the stringent lockdowns placed around the world, halting all travel, and causing health-related safety concerns. The sector hit a total halt for one year due to the absolute lack of demand. The rising burden on the healthcare of various countries, which was not able to clear the domestic backlog of surgeries and treatments, meant that foreign nationals were cut off from seeking treatments in the country.
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Post-pandemic the burden on the health infrastructure eased up, allowing the medical tourism sector of the country to make a comeback. Early access to COVID-19 vaccines in the country gave rise to a lot of inwards demand from middle-income countries, where the vaccine availability status was still unknown. This gave rise to vaccine tourism in the country, which saw the key players providing services for the consumers to take a trip around the country while also getting vaccinated against the virus. The Outbound medical tourism market has since returned to normalcy, while also growing at a significant rate.
After 2022, the market is anticipated to develop at a pre-pandemic rate, and with global restrictions likely to ease, the Indian medical tourism sector is anticipated to make a comeback. People from affluent nations like the US and the UK will look towards mainly APAC countries as one of their options for obtaining their surgeries and treatments as quickly as possible, on a more affordable basis, due to the scheduled backlog of surgeries in those countries.
Who is winning?
Leading players in the Outbound Medical Tourism Market are looking to expand their revenue by catering to VIP consumer needs by offering all-inclusive packages. They are also focused on ramping up their service reach by adding more healthcare facilities under their umbrella while trying to further expand their presence.
Major players present in the Outbound Medical Tourism market are Asklepios Kliniken GmbH, Bangkok Dusit Medical Services, Fortis Healthcare Ltd., Apollo Hospitals, Bumrungrand International Hospitals, Christus Muguerza S.A.P.I De CV, Prince Court Medical Center, Clemenceau Medical Center, Asian Heart Institute, Gleneagles Hospital, and others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Outbound Medical Tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the UK Medical Tourism market based on the Treatment Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others), By Services (Wellness Services & Therapeutic Services), By Tourist Type (Domestic & International), By Tour Type (Independent Traveler, Tour Group and Package Traveler), By Consumer Orientation (Men, Women, and Children), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 66-75 Years), By Booking Channel (Phone Booking, Online Booking, In Person Booking) & Region
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