Medical tourism market estimated to be worth US$97.9 billion by 2030
Popular treatments include veneers, knee and hip reconstruction, and implants
The value of the global medical tourism market is expected to grow to US$97.9 billion by 2030, according to a new report by Grand View Research.
‘Medical Tourism Market Size, Share & Trends Analysis Report By Treatment Type, By Service Provider, By Country, And Segment Forecasts, 2022 – 2030’, states that the market is expanding at a compound annual growth rate (CAGR) of 32.51 per cent during the forecast period.
Popular treatments include dental (veneers, implants and crowns), cardiovascular (coronary artery bypass graft and heart valve transplantation), orthopaedic (knee and hip reconstruction and spinal surgery) and cosmetic (breast implants and facelifts).
The report identified locations that could benefit from the increased popularity of medical tourism.
Firstly, Turkey was one of the notable markets in terms of revenue in 2021, due to the quality of health services and a high number of patients arriving in the country.
The medical tourism market in Thailand is expected to grow significantly. Popular locations are Bangkok, Phuket, Pattaya, Chiang Mai, Samui and Hua Hin. Approximately 62 per cent of travellers visit Bangkok, nearly 15 per cent visit Phuket, 11 per cent Pattaya. The country is a popular destination for cosmetic treatments.
Singapore is rated second in the Medical Tourism Index by the Medical Tourism Association, behind Canada. Its private hospitals are renowned for highly trained specialists and state-of-the-art infrastructure. It’s also a destination with one of the highest growth rates, alongside Colombia, Taiwan and Spain.
The preferred destination for cardiothoracic and orthopaedic procedures is India, while Brazil and Costa Rica are favoured for dental operations.
A brand new ‘Wellness City’ has been planned for construction in Kuala Lumpur, Malaysia, with the hope of attracting international medical tourism.