Medical tourism is a growing industry, with more and more people traveling abroad for medical treatment. But how much money does this industry actually make? In this article, we will explore the answer to that question and look at some of the factors that contribute to the growth of medical tourism.
The Global Medical Tourism Industry
According to a report by Grand View Research, the global medical tourism market size was valued at USD 44.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 21.1% from 2021 to 2028. This growth can be attributed to several factors, including:
- The rising cost of healthcare in developed countries
- The availability of high-quality medical care at lower costs in developing countries
- The ease of travel and accessibility to information about medical facilities
- The increase in chronic diseases and aging populations in developed countries
Regions with High Revenue Generation
The Asia Pacific region is currently the largest market for medical tourism, accounting for over 40% of the global market share. This can be attributed to its large population, growing middle class, and increasing investment in healthcare infrastructure.
Other regions that have seen significant revenue generation from medical tourism include:
- Europe – driven by its well-established healthcare systems and growing popularity of cosmetic surgeries among international patients.
- Middle East & Africa – primarily due to its advanced healthcare infrastructure and affordable treatments.
- Latin America – mainly due to its proximity to North America and highly skilled healthcare professionals.
Types of Medical Procedures That Attract Medical Tourists
Medical tourists often travel abroad for procedures that are expensive or not covered by insurance in their home countries. Some of the popular procedures that attract medical tourists include:
- Cosmetic surgeries
- Dental procedures
- Cardiac surgeries
- Orthopedic surgeries
- Fertility treatments
- Cancer treatments
The Future of Medical Tourism
The global medical tourism industry is expected to continue growing in the coming years, with more people seeking affordable and high-quality medical care abroad. However, the COVID-19 pandemic has had a significant impact on the industry, with many countries imposing travel restrictions and patients delaying non-essential procedures.
Despite these challenges, the industry is expected to recover in the post-pandemic era, with governments and healthcare providers investing in measures to ensure the safety and well-being of medical tourists.
Conclusion:
In conclusion, the global medical tourism industry is a rapidly growing market that generates significant revenue for countries around the world. While there are challenges ahead due to the COVID-19 pandemic, this industry is expected to continue growing as more people seek affordable and high-quality medical care abroad.