The latest research study “South Korea Medical Tourism Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that 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.
Medical tourism refers to traveling across international borders to receive certain modern medical therapy. These treatments include ophthalmic, face, and neck lifts, surgical and non-surgical rhinoplasty, cardiovascular, total body lift with body contouring, orthopedic services, stem-cell transplants, liposuction, breast surgery, arthritis, knee, hip, and ankle joint, cervical and lumbar spine, neurosurgery, and spine surgery. Some general considerations undertaken while selecting the location include the availability of advanced healthcare facilities, treatment costs, skilled medical personnel, and distance. As a result, medical tourism is gaining immense traction among individuals.
South Korea Medical Tourism Market Trends and Drivers:
The market is primarily driven by the significant expansion of the healthcare sector due to the availability of highly trained practitioners, state-of-the-art healthcare facilities, and cost-effective treatments. In addition, the growing prevalence of chronic diseases is contributing to market growth.
Moreover, numerous initiatives undertaken by the government of South Korea to generate awareness and promote medical tourism represent another major growth-inducing factor. For instance, the Ministry of Health and Welfare (MOHW) took the initiative to improve the safety of international patients through the integration of compulsory registration of medical establishments catering to foreign patients and mandatory medical malpractice liability insurance.
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Furthermore, the widespread adoption of elective medical procedures, such as cosmetic surgeries, gender reassignment surgeries, dental reconstruction, reproductive therapy, and fertility treatments, are also creating a positive market outlook across the country.
South Korea Medical Tourism Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
South Korea Medical Tourism Companies:
Injeuniversity Haeundae Hospital, JK Plastic Surgery Center, Keimyung University Dongsan Hospital, Ajou University Medical Center, Banobagi Plastic Surgery, CHA Fertility Center, Korea Medical Hub, Nasaret International Hospital, Sun Medical Center and Wonkwang University Hospital.
The report has segmented the market on the basis of type, treatment type and region.
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
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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