Medical Tourism Market Report, Growth Dynamics, Business Opportunities and Industry Forecast to 2027
Research Reports
Mar 18, 2022
Medical tourism is a modern healthcare trend that is also referred to as destination health,
health excellence, excellence medicine, medical value travel and other terms in relationship to people traveling for healthcare services. The global medical tourism market is expecting a dynamic CAGR of 21.4% over the forecast period of 2020-2027, projects Market Research Future (MRFR) in an extensive study.
Recent years have witnessed strong interest among healthcare organizations to ‘internationalize’ their healthcare services to a wider consumer base that goes beyond borders and cultural competencies. This has fueled the growth of the global medical tourism market. hiughdgihdighsdMedical tourism is very popular among patients for dental care, elective surgeries, fertility treatments, and cosmetic surgery, in particular. Patient from developed and affluent countries have demonstrated a general shift in availing cosmetic treatments from less developed countries, largely driven by cheap travel cost, low-cost treatments, and internet sources of information.
Towering cost of healthcare in developed countries and delay in accessing medical treatment due to long waiting time might worsen certain medical conditions which have encouraged patients from developed countries to opt for medical tourism services. patients from North America and western Europe are increasingly traveling to less developed countries to reap the advantages offered by regional facility centers. Besides, rise in the prevalence of chronic diseases and rise in global geriatric population generate substantial demand for medical services which is augmenting the growth of the global medical tourism market.
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The global medical tourism market is eyeing growth from developing countries. Emerging economies with abundance of medical expertise and facilities are well positioned to take advantage of the medical tourism trend since they offer attractive advanced medical services at low cost. medical tourism is a key growth factor for developing countries which is being added to their national growth strategy and is a crucial factor boosting the market growth. Moreover, the unavailability of specialized healthcare services in underdeveloped countries has prompted patients to travel to medical tourism hotspots for treatment services. Other factors substantiating the growth of the market include lack of health insurance or inadequate Mediclaim coverage, cheaper travel cost, and long waiting periods in certain countries to avail treatment. Moreover, improvement in the quality of healthcare services in developing countries is also favoring the growth of the market.
Moreover, relaxation in visa procedures for medical tourists is likely to reduce inconvenience for visitors and boost the growth of the medical tourism market. The governments in various countries have rolled out e-medical visas and intend on liberalizing medical visa rules to attract more foreign tourists.
On the other hand, factors such as linguistic barriers and cost of travel are likely to dampen the growth of the global medical tourism market.
Segmentation
The global medical tourism market has been segmented on the basis of treatment type which comprises orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, and fertility/IVF treatments. The cosmetic treatments segment is showcasing rapid growth as patients from developed countries prefer getting cosmetic treatments such as facial rejuvenation procedures and breast reconstruction done from destinations which are pocket-friendly. Moreover, cosmetic treatments are much in vogue, so the cosmetic treatments segment is anticipated to grow by leaps and bounds.
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Regional Analysis
By region, the global medical tourism market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
APAc is the largest market for medical tourism due to the concentration of developing economies in the region who offer sophisticated healthcare services at a comparatively lower cost. The emerging economies of the region are investing in state-of-the-art medical equipment’s which is augmenting the growth of the market. South Korea is among the most popular destination for medical tourism in the region. The APAC market accounts for 43.7% share of the market which is anticipated to grow at a CAGR of 22% over the forecast period.
Europe is a significant market for medical tourism where Eastern and Central Europe represent important revenue pockets. The Europe market is expected to develop as a key medical tourism station over the forecast period.
Competitive Landscape
Gleneagles Global Hospitals Group (India), Prince Court Medical Centre (Malaysia), Schön-Kliniken (Germany), Clemenceau Medical Center (Lebanon), Fortis Healthcare (India), Asklepios Kliniken Verwaltungsgesellschaft by (Germany), Anadolu Medical Center (Turkey), Bangkok Hospital (Thailand), Sanitize PCL (Thailand), Bumrungrad International Hospital (Thailand), CHRISTUS MUGUERZA (Mexico), and Shouldice Hospital (Canada) are the eminent players in the global medical tourism market.
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