Asia-Pacific Medical Tourism Market Research Report – Segmented by Treatment Type, Country (India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 and 2029)

Updated On: January, 2024
ID: 1772
Pages: 145

Asia-Pacific Medical Tourism Market Size (2024 to 2029)

The size of the Asia Pacific medical tourism market is forecasted to value USD 39.21 billion by 2029 and USD 14.27 billion in 2024, showcasing a CAGR of 22.4% from-2024 to 2029. Asia Pacific region has been growing at a rapid rate in the past few years due to its growing advancements in healthcare infrastructure in emerging countries like Thailand, India, Malaysia, Japan, South Korea, and Singapore, among others.

The increasing demand for affordable healthcare in developed countries is gaining people's interest. By adopting medical tourism, people can save up to 70% on medical expenses by traveling to developed countries. Chronic illness treatment procedures are demanding high costs in affluent countries, where people are choosing to migrate to developed countries for better treatment at low cost. Developed countries have the best-advanced treatment procedures with insurance policies, driving the market growth. Growing awareness among patients regarding the benefits of medical tourism in the Asia-Pacific region is boosting the growth of the medical tourism market. The presence of long waiting lists in cases of transplantations delays the procedures, where people can travel to other countries and speed up the surgical procedures. Many health professionals suggest that patients travel for complicated surgeries and medical treatments according to the requirement. 

The increasing trend of globalization is accelerating the medical tourism market in the Asia Pacific. Globalization recommends quality and valued treatment procedures for patients in developed countries, which helps save expenses. The increasing number of chronic cases in developing and emerging countries, which are yet to be implemented with advanced technological treatments, allows patients to travel to developed countries for better treatment options and is enhancing the value of the Asia-Pacific medical tourism market.

The developing countries' increasing strategies for promoting digitalization in medical services are creating demand for better and valued treatment options irrespective of the region, driving the market opportunities for medical tourism. The presence of online medical agencies is collaborating with foreign organizations to improve medical tourism services to patients.

The increasing complexity of transferring medical records is hampering the growth of the medical tourism market. The issue of transferring medical records is allowing many patients to die, which is breaking the healthcare system. The implications of the travel restrictions are also hindering the market growth. The outbreak of COVID-19 imposed lockdown regulations and strict traveling restrictions, which impacted the expansion of the medical tourism market. Any major war or crisis will impact the medical tourism market due to the inflation of travel costs and expenses. 

The major challenge for expanding the medical tourism market is the complexities in visa management. Approving a visa at the right time is essential for the patient's treatment without delay. The delays in visa approval and rejection cases are becoming problems for the patients as they need the correct treatment at the required stage. Fraudful activities, delays, and expenses regarding visa management are expected to restrict market growth.

This research report on the Asia-Pacific medical tourism market has been segmented and sub-segmented into the following categories:

Asia-Pacific Medical Tourism Market - By Treatment Type: 

  • Cardiovascular Treatment
  • Orthopedic Treatment
  • Fertility Treatment
  • Neurological Treatment
  • Dental Treatment
  • Cancer Treatment
  • Cosmetic Treatment
  • Others

Asia-Pacific Medical Tourism Market - By Country:

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Indonesia
  • Singapore
  • Rest of APAC

Regionally, the Asia-Pacific medical tourism market is estimated to occupy a significant share globally during the forecast period. Because of the increased preference for medical tourism across the region's developing countries, this area is projected to increase its market share in the coming years. Asia Pacific is majorly segmented geographically into China, India, Japan, South Korea, Australia, ASEAN countries, and the Asia Pacific. China owns most of the Asia-Pacific market and is attributed to China's lower treatment costs and better healthcare facilities.

Medical tourism constitutes a third or more private hospital income in most members of the Association of Southeast Asian Nations. Competition amongst countries and hospitals is escalating, with each country trying to obtain a slice of this pie. The healthcare market in Southeast Asia is growing more rapidly than in other countries, driven by the private sector and medical tourism. International tourists are a significant source of revenue for the region's private hospitals. Medical tourism accounted for 25% of revenue in India and 10-15% of revenue in the Philippines, South Korea, and Taiwan.

The South Korean medical tourism market is predicted to showcase the highest growth potential in the Asia-Pacific.

South Korea is well known for plastic surgeries across the world, with a high success rate. In 2022, almost 46.3 thousand people from foreign got cosmetic surgeries only in South Korea. This number itself creates growth opportunities for the medical tourism market in this country. Also, increasing awareness of the quality and safety of surgeries is creating a strong emphasis on the increasing demand for the market.

The Singapore medical tourism market is growing exponentially with the increasing number of R&D activities.

Going prior to the launch of innovative medical treatment procedures is greatly influencing the demand for the medical tourism market in Singapore. The key market players are actively collaborating with healthcare providers to attract international patients. This is straight to accelerate the market growth. In addition, government authorities took measures to provide visas for international patients in much less time than is ascribed to bolster the market value.

The Japanese medical tourism market is projected to witness a prominent growth rate.  

The availability of skilled healthcare professionals is primarily driving the growth of the medical tourism market in Japan. Japan is known to have advanced treatment procedures and has a strong reputation for promoting high-quality healthcare services, which is majorly accelerating the growth rate of the market. High acceptance from the government authorities to promote medical tourism is also elevating the market share in Japan.

KEY MARKET PLAYERS:

A few of the leading companies in the APAC Medical Tourism Market are Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd., Prince Court Medical Center, Bangkok Hospital Medical Center, Asian Heart Institute KPJ Healthcare Berhad, Raffles Medical Group, and Bumrungrad International Hospital.

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Frequently Asked Questions

What was the size of the APAC medical tourism market in 2022?

The medical tourism market in APAC was valued at USD 9.53 billion in 2022.

Which countries in APAC are popular destinations for medical tourism?

Popular destinations include Thailand, India, Singapore, Malaysia, and South Korea.

What are the key trends in the APAC medical tourism market?

The rise of telemedicine, increasing medical infrastructure, and the growth of wellness tourism are some of the key trends in the APAC medical tourism market. 

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