# The Medical Tourism Market to get filtered through organic digitized growth
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-17
Category: Research Reports
Category URL: https://financedigest.com/category/research-reports
Meta Title: Global Medical Tourism Market Growth Forecast 2021-2031
Meta Description: Discover the latest industry analysis by Persistence Market Research on the global medical tourism market, with insights on market trends, key drivers, and
URL: https://financedigest.com/the-medical-tourism-market-is-estimated-to-substantiate-i-e-grow-at-a-handsome-rate-in-upcoming-years-the-present-day-scenario-implies-the-adoption-of-smarter-ways-to-do-business-as-such-digitalhtml

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The Medical Tourism Market is estimated to substantiate, i.e. grow at a handsome rate In Upcoming Years. The present-day scenario implies the adoption of smarter ways to do business. As such, [digital acceleration](https://www.financedigest.com/digital-acceleration.html "Digital Acceleration") is inevitable. IT is known to [aid customers](https://www.financedigest.com/how-fintech-aids-financial-inclusion-and-helps-customers-through-crises.html "How Fintech aids financial inclusion and helps customers through crises") with better sustenance by maximizing production, asset, and supply chain performance. A multitude of collaborations could be [improved upon by digitization](https://www.financedigest.com/what-banks-need-to-do-right-now-to-improve-their-digital-services-without-sacrificing-security.html "What Banks Need to Do Right Now to Improve Their Digital Services Without Sacrificing Security ") acting as a catalyst. This would be the trend catching up in the [forecast period](https://www.financedigest.com/servo-press-market-to-register-a-robust-growth-rate-during-the-forecast-period-2017-2025.html "Servo Press Market to Register a Robust Growth Rate During the Forecast Period 2017 – 2025").

As per Persistence Market Research’s latest industry analysis, the [**global medical tourism market**](https://www.persistencemarketresearch.com/market-research/medical-tourism-market.asp) was valued at **US$ 162.7 Bn** in 2020, and is expected to exhibit a **CAGR of 10.2%** over the forecast period (2021-2031).

Accessibility and affordability of high-quality healthcare facilities, health insurance portability, support from local governments and tourism departments, and increasing advertising and marketing strategies related to medical tourism are key factors driving [market growth](https://www.financedigest.com/organic-beef-meat-market-expectations-growth-trends-highlighted-until-2027.html "Organic Beef Meat Market Expectations & Growth Trends Highlighted Until 2027"). Furthermore, availability of state-of-the-art medical technologies at medical tourism destinations is also supplementing [market expansion](https://www.financedigest.com/the-compounding-pharmacies-market-to-stick-around-based-on-organic-expansion.html "The Compounding Pharmacies Market to stick around based on organic expansion").

[Asian countries accounted for the largest market share](https://www.financedigest.com/asian-shares-muted-as-investors-fret-over-china-reopening.html "Asian shares muted as investors fret over China reopening") due to their excellent healthcare facilities at relatively low cost of treatment, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services.

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[Considering consolidation activities in the healthcare tourism industry](https://www.financedigest.com/britain-considers-energy-bill-subsidy-for-industrial-firms.html "Britain considers energy bill subsidy for industrial firms"), collaborations have emerged as a winning strategy by key players. Leading players are strengthening their [services through partnerships and reaching out to key as well as emerging markets](https://www.financedigest.com/tableau-services-market-to-reach-us-2183-2-mn.html "Tableau Services Market to reach ~US$ 2,183.2 Mn ").

- For instance, in January 2021, Changi General Hospital and Shimadzu (Asia Pacific) jointly launched a center to conduct mass spectrometry-based clinical testing and research for personalized treatment
- In February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to establish Hospital 3D Printing Labs across India.

**Company Profiles:**

- Penang Adventist Hospital
- Twin Towers Medical Center
- Institute Jantung Negara National Heart Institute
- Max Superspeciality Hospital
- Fortis Healthcare
- Apollo Hospital
- Morula IVF
- Mother & Child Hospital
- Bundamedik Healthcare System
- Bali Mandara Hospital
- Bali Royal Hospital
- BIMC Siloam Nusa
- Love the Mother of Kedonganan Hospital
- Love Tabanan Hospital Mo
- Singapore General Hospital
- Changi General Hospital
- Johns Hopkins Singapore [International Medical](https://www.financedigest.com/unabated-rise-in-internal-complexities-to-boost-the-demand-for-medical-devices.html "Unabated rise in Internal Complexities to Boost the Demand for Medical Devices") Centre
- Tan Tock Seng Hospital

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**[Key Takeaways from Market](https://www.financedigest.com/leave-in-conditioner-market-industry-outlook-growth-prospects-and-key-opportunities.html "Leave-In Conditioner Market: Industry Outlook, Growth Prospects and Key Opportunities") Study**

- Cancer treatment is [expected to gain 74.1 Bn revenue by 2031 at a CAGR](https://www.financedigest.com/cobalt-sulfate-market-is-expected-to-accelerate-at-a-cagr-of-8-2-over-the-forecast-period-of-2021-2031.html "Cobalt Sulfate Market is expected to accelerate at a CAGR of 8.2% over the forecast period of 2021-2031") of 9.1%.
- Based on age group, the adults segment accounted for the highest share of 45% in 2021. The segment [witnessed high growth](https://www.financedigest.com/cap-liner-market-to-witness-stunning-growth-by-2027.html "Cap Liner Market to Witness Stunning Growth by 2027") owing to rising awareness among adults for a healthy lifestyle.
- Among the applications, therapeutic services gained popularity accounting for 53% market share, and the segment is expected to dominate throughout the [forecast period at a growth](https://www.financedigest.com/gsk-spinoff-haleon-forecasts-2023-organic-revenue-growth-at-top-end-of-view.html "GSK-spinoff Haleon forecasts 2023 organic revenue growth at top-end of view") rate of 9.4%.
- Based on travellers, [group travellers hold the highest revenue share](https://www.financedigest.com/saipem-shares-drop-group-says-cannot-explain-why.html "Saipem shares drop, group says cannot explain why") of 54% at a growth rate of 9.3%.
- North America accounted for the largest share in the global medical tourism market in 2020, and a similar [trend is expected](https://www.financedigest.com/what-to-expect-in-2022-financial-services-trends-according-to-salesforce.html "What to expect in 2022? Financial Services Trends, according to Salesforce") to continue during the forecast years.

**_“Higher treatment cost in developed countries is a key factor that is expected to drive demand for_** medical tourism across other regions over the coming years,” says an analyst of Persistence Market Research.

[**Market Competition**](https://www.financedigest.com/digital-instrument-clusters-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Digital Instrument Clusters Market Competitive Growth Strategies Based on Type, Applications, End User and Region")

Leading service providers continue to rely upon acquisitions, collaborations, alliances, and product [launches to gain large revenue shares](https://www.financedigest.com/novartis-launches-new-11-billion-share-buyback.html "Novartis launches new  billion share buyback") in the medical tourism market. As such, providing access to safe and [effective treatment will remain key aspects to succeed in this competitive](https://www.financedigest.com/organisational-effectiveness-establishing-competitive-difference.html "Organisational Effectiveness: establishing competitive difference") marketplace.

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**What Does the Report Cover?**

Persistence Market Research offers a unique perspective and actionable insights on the global [medical](https://www.financedigest.com/artificial-intelligence-ai-to-catalyze-the-fine-medical-wire-market.html "Artificial Intelligence (AI) to catalyze the Fine Medical Wire Market") tourism market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.

The research study is based on treatment (dental treatment, cosmetic treatment cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others), age group (children, adolescents, adults, and geriatric), application (wellness services and therapeutic services), and traveller (independent travellers and group travellers), across seven key regions of the world.

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