According to a new report published by Report Ocean, titled, “Medical Tourism Market by Treatment Type: Opportunity Analysis and Industry Forecast, 2019–2027,” the global medical tourism market size accounted for $104.68 billion in 2019, and is projected to reach $273.72 billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in terms of value.
The escalation in healthcare costs associated in developed countries has forced individuals to seek for affordable alternatives.
Increase in incidence of cancer and other serious ailments is anticipated to drive the demand for healthcare services, which, in turn, is expected to boost the growth of the medical tourism market.
Region wise, Asia-Pacific accounted for the highest market share in 2019, owing to the availability of quality care at relatively low cost of treatments, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services.
Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA and Europe.