Medical Tourism Market size is estimated to be valued at USD 12,306.8 million in 2021 and is poised to grow at a significant CAGR of 12.4% over 2022-2028. People who travel overseas for medical treatment are known as medical tourists. This used to refer to people who traveled from underdeveloped nations to major medical centers in rich countries seeking treatment that was not available at home. The fertility segment of the medical tourism market is anticipated to show the fastest growth in the forecasting period. One of the most frequent therapies for which medical tourists choose to go across foreign boundaries is fertility therapy. According to internal records from Nova IVF Fertility, roughly 49% of overseas patients came from various regions of Asia, and 23% were from Africa. The percentage of patients from Africa increased by 44% last year compared to the previous year. In Turkey, an IVF treatment package costs $2,650, which is much cheaper than in the US. Turkey is a prominent center for modern medical treatments and procedures. People from many nations visit to this country for superior medical care since it has sections on two continents – Europe and Asia – and is close to the Middle East. The medical tourism market is growing due to factors such as immediate treatment, affordability and cost-effectiveness, travel opportunities, availability of medical experts, no or limited insurance coverage, and availability of advanced equipment.
Recent Market Developments:
In July 2020 Medical Tourism Association Partners with Korea Tourism Organization to extend South Korean Global Medical Services after Successful COVID-19 Containment
In July 2021, the Ministry of Tourism established the ‘National Medical & Wellness Tourism Board’ to promote Medical and Wellness Tourism in India.