The size of the Asia Pacific Medical Tourism Market is forecasted to value USD 26.20 billion by 2027 and USD 9.53 billion in 2022, showcasing a CAGR of 22.4% from 2022 to 2027.
The Asia-Pacific medical tourism market is expected to witness powerful development throughout the forecast period as developing nations are progressively moving towards technological advances and quality management in the medical and healthcare sector. It is also expected that the development of healthcare services by different private and government industries will further support the development of the market. There is presently a large flow of patients to Asia, especially Thailand, South Korea, India, and Malaysia. Most of the patients come from the United States. Europe, which seeks high-quality services at affordable rates, is regarded as one of the Asia-Pacific region's major growth opportunities.
The different growth variables for the medical tourism market in Asia-Pacific include the availability of state-of-the-art medical techniques, growing compliance with and maintaining international quality standards, high service quality, mobility of medical insurance, and medical tourism advertising.
Even though drivers like the high cost of treatment and conditions of long waiting time for medical procedures, technological advances, and market development propel the market, the market is hindered by strict documentation forms, issues related to visa authorization, and limited scope of protection.
This research report on the APAC medical tourism market has been segmented and sub-segmented into the following categories:
By Treatment Type:
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, in particular, 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.
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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