Medical tourism, which refers to the act of traveling abroad for advanced medical care or health services, is a rapidly growing industry. With the progress of globalization and advancements in medical technology, it has been attracting attention worldwide. This article will provide a detailed explanation of the current state and future projections of the medical tourism market, as well as trends in various regions.
Global Medical Tourism Market Size
The medical tourism market is expected to experience significant growth over the next few years. The market size in 2022 was approximately 14 trillion yen, but it is projected to reach about 48 trillion yen by 2028. This represents an average annual growth rate (CAGR) of about 23%, indicating rapid market expansion.
According to another survey, the market size in 2024 is estimated to be $84.92 billion (about 12.738 trillion yen) and is expected to reach $239.37 billion (about 35.9055 trillion yen) by 2029. This forecast also shows a high growth rate with a CAGR of 23.03% from 2024 to 2029.
In an even longer-term projection, the market is expected to reach a value of about $359.3 billion (about 53.895 trillion yen) by 2036, with an estimated CAGR of about 19.73% from 2023 to 2036.
Regional Trends in the Medical Tourism Market
Asia-Pacific Region
The Asia-Pacific region is the fastest-growing area in the medical tourism market. It is expected to account for up to 35% of global medical tourism revenue by 2036. The main countries driving growth in this region are:
- Thailand: As the top country for medical tourism in 2021, its strengths lie in the increase of private clinics, a robust medical sector, and low medical costs.
- India: According to the Medical Tourism Index, it is the 10th most popular medical tourism destination in the world. Its price competitiveness is particularly attractive, with the cost of heart bypass surgery being about one-ninth of that in the US (US: $113,000, India: about $10,000).
- Singapore: It attracts many foreign patients with its high-quality medical services and relatively low treatment costs.
Middle East and Africa Region
The Middle East and Africa region is one of the fastest-growing areas in the medical tourism market. Particularly noteworthy is:
- United Arab Emirates (UAE): It is actively improving its medical system and has become a top city for medical tourism.
North America and Europe
North America and Europe are known for their advanced medical technologies and specialized treatments, but due to high costs, they tend to be the source of medical tourists rather than destinations. However, they remain important destinations for patients seeking specific specialized treatments or cutting-edge medical technologies.
Japan’s Medical Tourism Market
Japan’s medical tourism market is also expected to grow. According to estimates by the Development Bank of Japan in 2020, the potential market size of medical tourism in Japan is about 550 billion yen, with an economic effect of about 280 billion yen.
Japan’s strengths lie in the following points:
- Advanced medical technology: It leads the world, especially in fields such as advanced cancer treatment and iPS cell research.
- High-quality medical services: Patient-centered hospitality and clean medical environments are highly valued.
- Advanced medical equipment: Many medical institutions have introduced the latest diagnostic and treatment equipment.
Factors Contributing to Medical Tourism Market Growth
The rapid growth of the medical tourism market can be attributed to the following factors:
1. Advancements in medical technology: The development of new treatments and medical technologies has increased the number of treatments available only in specific countries or regions.
2. Progress of globalization: The development of transportation means and globalization of information have made it easier to access medical services abroad.
3. International differences in medical costs: The difference in medical costs between developed and emerging countries is encouraging patients to move across borders.
4. Increased health awareness: The global trend towards health consciousness has increased demand for preventive medicine and specialized treatments.
5. Increase in chronic diseases: The rise in patients with chronic diseases such as diabetes and heart disease is driving medical tourism for specialized treatments.
Conclusion
The medical tourism market is projected to grow to a scale of 48 trillion yen by 2028, with rapid expansion expected particularly in the Asia-Pacific region. This growth is supported by multiple factors, including advancements in medical technology, globalization, differences in medical costs, and increased health awareness.
Countries, including Japan, are working to improve medical infrastructure and strengthen systems for accepting foreign patients in an effort to gain market share in this growing market. Medical tourism is expected to continue to occupy an important position in the global medical industry in the future.
<References>
* The same references as in the original Japanese text
[1] https://mediphone.jp/mediphoneblog/medical_tourism_marketsize/
[2] https://www.mordorintelligence.com/ja/industry-reports/global-medical-tourism-market
[3] https://reinforz.co.jp/bizmedia/22284/
[4] https://newscast.jp/news/5991006
[5] https://www.gii.co.jp/report/moi1403138-medical-tourism-market-share-analysis-industry.html
[6] https://www.sdki.jp/reports/medical-tourism-market/115220
[7] https://www.fortunebusinessinsights.com/jp/%E6%A5%AD%E7%95%8C-%E3%83%AC%E3%83%9D%E3%83%BC%E3%83%88/%E5%8C%BB%E7%99%82%E3%83%84%E3%83%BC%E3%83%AA%E3%82%BA%E3%83%A0%E5%B8%82%E5%A0%B4-100681
[8] https://www.gii.co.jp/report/imarc1451278-medical-tourism-market-report-by-treatment-type.html