Increasing costs of healthcare and dental services in developed nations is compelling consumers to adopt dental tourism.
The global dental tourism market is expected to reach a valuation of US$ 6.7 Bn in 2022, with sales growing at a 13.6% CAGR over the forecast period. Rapid adoption of technologically advanced medical equipment in emerging economies will steer the growth in the market, with the market size reaching US$ 24.3 Bn by 2032.
Increasing costs of healthcare and dental services in developed nations are compelling consumers to adopt dental tourism. This trend is propelled by the lack of insurance coverage for major elective dental surgical procedures in various countries.
Moreover, the cost of treatment in countries such as India, Thailand and China is relatively lower than the countries in North America and Europe. This is reflecting a surge in dental tourism cases from Europe and North America into the developing economies. The process of obtaining a medical visa for such procedures is relatively quicker and easier, thus promoting the flow of patients into foreign countries for treatment.
Promotional strategies such as the launch of online campaigns displaying cost-effective services provided by health institutions are contributing to the growth in the market. Delivery of undivided attention in terms of care, as well as provision of affordable accommodation beckons the consumer’s interest in taking upon attractive medical tourism packages, identifying treatment options as well as recreational choices.
With growing lifestyle-related diseases and unhealthy dietary intake, the incidence of dental disorders is on the rise. The high prevalence of diseases such as dental caries has led to a spike in dental restoration procedures. Thus, the increasing burden of dental abnormalities is propelling the interest in cosmetic dentistry, thereby creating opportunities for growth in the market.
“Rising adoption of technologically advanced medical equipment in emerging economies, along with increasing government0backed investments in the development of the healthcare infrastructure in these countries is expected to drive the market in the forthcoming years,” says the research analyst.
- Based on services, sales in the dental cosmetics segment will increase at a robust 18.1% CAGR through 2032.
- In terms of providers, the hospital chains segment is projected to account for 47.2% of the total market share in 2022.
- India will emerge as a lucrative pocket, accounting for 53.9% of the South Asia dental tourism market share in 2022.
- Hungary will account for a dominant share of the Europe dental tourism market, with sales growing at a 12.3% CAGR over the forecast period.
- Total sales in the Turkey market are anticipated to hold 66% of the Middle East and Africa market share in 2022.
- Europe is slated to lead the market, accounting for 31% of the global dental tourism market over the assessment period.
With advancements in cosmetic dentistry, market players are aiming to offer these services at affordable prices to gain a competitive edge. They are also investing in mergers, acquisitions, and collaborations to expand their global presence. Other strategies include product and service promotions on social media and online channels, as well as collaborations with hospital chains.
These insights are based on a report on Dental Tourism Market by Future Market Insights.