South Korea Medical Tourism Market 2023: A Valuation of US$ 2.5 Billion Predicted by 2028 | IMARC Group
IMARC Group, a leading market research company, has recently releases report titled “South Korea Medical Tourism Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the South Korea medical tourism market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the South Korea Medical Tourism Market?
The South Korea medical tourism market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.
What is Medical Tourism?
Medical tourism involves individuals traveling to other countries to seek medical treatments and healthcare services, often due to the availability of specialized expertise. It comprises a wide range of medical services, such as cosmetic surgery, plastic surgery, organ transplants, cardiovascular treatments, fertility treatments, dental procedures, and specialized treatments. It often combines medical treatments with recreational activities, providing a complete package to people seeking medical care and leisure. It allows individuals to access specialized medical treatments and procedures that may not be readily available in their home countries. It enables patients to receive high-quality services with affordable treatment plans. It encourages international collaboration and exchange of medical knowledge by allowing healthcare providers from different countries to work together and share expertise and best practices. It significantly contributes to the economy of the destination country by attracting foreign patients who spend on medical services, accommodation, transportation, and other related expenses that assists in generating revenue for hospitals, clinics, healthcare professionals, and the tourism industry. It aids in reducing long waiting lists for certain medical procedures and provides a quicker solution to patients. As it allows patients and their families to experience the culture and lifestyle of the destination country during treatment and recovery periods, the demand for medical tourism is increasing in South Korea.
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South Korea Medical Tourism Market Trends and Drivers:
At present, rising preferences for medical tourism to maintain privacy and confidentiality related to treatments among patients represent one of the primary factors contributing to the growth of the market in South Korea. In line with this, the growing demand for medical tourism in the country due to the presence of superior healthcare infrastructure, advanced medical technology, and well-trained healthcare professionals, is offering a positive market outlook. Moreover, the increasing adoption of medical tourism in South Korea, as it provides language assistance services to facilitate enhanced communication between patients and healthcare providers, is bolstering the market growth. Apart from this, there is a rise in the need for a safe and reliable healthcare environment among patients. This, coupled with the increasing adoption of wellness and spa services alongside medical treatments that allow patients to rejuvenate and relax during their recovery, is supporting the market growth. Additionally, governing agencies in South Korea is promoting medical tourism by offering initiatives to simplify the medical visa process, which is strengthening the market growth. Besides this, the escalating demand for specialized medical experts and treatment solutions among patients, along with the rising focus on patient safety and stringent healthcare regulations, is positively influencing the market. Furthermore, the wide availability of affordable healthcare insurance plans in the country is offering lucrative growth opportunities to industry investors. In addition, the increasing adoption of medical tourism, as medical tourism agencies offer travel arrangements, accommodation, and treatment scheduling that simplifies the entire healthcare journey of patients, is propelling the market growth in South Korea.
South Korea Medical Tourism Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are:
- Ajou University Medical Center
- Banobagi Plastic Surgery
- CHA Fertility Center
- Injeuniversity Haeundae Hospital
- JK Plastic Surgery Center
- Keimyung University Dongsan Hospital
- Korea Medical Hub
- Nasaret International Hospital
- Sun Medical Center
- Wonkwang University Hospital
The report segmented the market on the basis of region, type and treatment type.
Breakup by Type:
- Outbound
- Inbound
- Intrabound
Breakup by Treatment Type:
- Cosmetic Treatment
- Dental Treatment
- Cardiovascular Treatment
- Orthopaedic Treatment
- Bariatric Surgery
- Fertility Treatment
- Ophthalmic Treatment
- Others
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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