The medical tourism industry was worth more than $70bn before the global COVID-19 pandemic struck. Then, virtually overnight, with borders closed and international travel halted, the medical tourism industry experienced a decline.
However, with lockdowns in place and movement severely restricted, many people were able to save more money than they usually do. As a result, once lockdowns lifted and travel resumed, those individuals had the necessary funds to pay for treatment abroad.
Now, new research shows the medical tourism industry is set to boom once more.
According to the report by Market Research Future (MRFR), the medical tourism market was valued at $17.35bn in 2021 and is projected to grow from $21.42bn in 2022 to $121.8bn by 2032, exhibiting a compound annual growth rate (CAGR) of 21.2% during the forecast period (2022 - 2032).
The report states that the high cost of healthcare in developed countries will be a major driver of the medical tourism industry’s growth, as more people look for affordable treatments and procedures abroad.
Furthermore, with advancements in equipment, procedures, telemedicine and other types of distance healthcare, high-quality medical care is accessible to people all over the world.
Finally, the report also notes that the market for medical tourism in Europe is projected to expand at a faster rate than any other region. This is because of factors including “the growing popularity of medical tourism, the ever-increasing cost of healthcare, and the rising prevalence of conditions like osteoarthritis and degenerative disc disease.”
Request a sample of the MRFR report here: www.marketresearchfuture.com/sample_request/1975
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