How much is the medical tourism industry worth?

How big is the medical tourism market?

The global valuation of the medical tourism market was pegged at US$ 61.3 bn in 2018 and is projected to rise at a CAGR exceeding 10.5% during the forecast period of 2019 – 2027. By 2027, the valuation is expected to touch US$ 154.4 Bn. Decisions by policy makers greatly shape the features of health care system.

What is the market for medical tourism?

The global medical tourism market size was estimated at USD 44.8 billion in 2019 and is expected to reach USD 54.4 billion in 2020.

Report Attribute Details
Market size value in 2020 USD 54.4 billion
Revenue forecast in 2027 USD 207.9 billion
Growth Rate CAGR of 21.1% from 2020 to 2027
Base year for estimation 2019

How much does medical tourism cost?

The financial implications of medical tourism are profound. The average cost for each medical visitor is estimated to be $3,800-$6,000 (cash) per visit. Patients Beyond Borders.

Which country is leading in medical tourism?

As of 2019, with 64 accredited hospitals, Thailand is currently among the top 10 medical tourism destinations in the world.

Is medical tourism an industry?

This is called medical tourism, and it’s a booming industry worldwide. In fact, the global medical tourism industry is worth an estimated $54.6 billion a year and is growing at around 25 per cent annually.

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Why is medical tourism increasing?

Medicinal tourism is expanding on a worldwide basis, with patients seeking cosmetic surgery in countries abroad. Cardiovascular surgeries abroad are increasing in demand with the growing obesity rates and rise in healthcare costs.

What is the trend of medical tourism?

The global medical tourism market size is expected to reach USD 207.9 billion by 2027, expanding at a CAGR of 21.1%. Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It provides employment and business opportunities for residents.

What is a disadvantage of medical tourism?

Among the disadvantages of medical tourism is the one related to health insurance companies, who may refuse to cover a patient going abroad for legitimate reasons, or may actually encourage patients to go abroad if the treatment is cheaper, but then not cover the airfare and other expenses.

Why is medical tourism cheaper?

Medical tourists often take advantage of their stay in a foreign country to travel for pleasure by scheduling a vacation before or after their procedure. This is an especially inexpensive way to travel to a foreign country, especially if their insurance provider is paying for the flight and the cost of staying is low.

How popular is medical tourism?

Medical tourism is becoming increasingly popular, and it is projected that as many as 750,000 Americans will seek offshore medical care in 2007. This phenomenon is driven by marketplace forces and occurs outside of the view and control of the organized healthcare system.