The global medical tourism market has been riding the wave of success as world struggles to find affordable healthcare solutions. Fairfield Market Research predicts that the global market for medical tourism is likely to receive incredible traction between 2021 and 2025 as the prevalence of chronic conditions remains persistent across the globe. As medical tourism destination up their game with latest technologies such as robotics, improved hospitality, state-of-art palliative care units, and easy availability of drugs, the market has received accolades and accreditation from growing international client base.
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COVID-19 Causes Momentary Slump in Global Medical Tourism Market
Statistics observed by Patients Beyond Borders show that by the end of 2030, the global medical tourism industry will grow by 25%. Despite COVID-19, the demand for medical tourism is expected to gain ground as healthcare is projected to get costlier in developed economies. Analysts anticipate that the coronavirus will cause a dent in the revenue of the medial tourism industry as it ravages systems in developing economies. However, with vaccine rollout and eventual subsiding waves of the pandemic, the market will show an upward trajectory. The report suggests that developing economies need to quickly develop mechanisms to control the pandemic to benefit from requests for elective surgeries via medical tourism as a backlog amongst patients builds up.
Bariatric, Orthopedic, Ophthalmologic Surgeries to Earn Highest
The various types of medical procedures often demanded within the medical tourism industry are for cancer, cardiovascular ailments, cosmetic purposes, dental remedies, and infertility amongst others. Bariatric, orthopedic, and ophthalmology surgeries have also been high revenue generators in recent years. Analysts predict that the demand for bariatric surgery, cancer, and cardiovascular surgeries will remain high throughout the forecast period. Orthopedic procedures such as hip replacement and knee replacement will also be sought after solutions by international clientele. The relatively affordable cost of dental procedures and cosmetic surgeries will also draw medical tourists, predicts Fairfield Market Research in its upcoming research report.
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Fertility Tourism to Put Asia Pacific in the Lead
In terms of geography, the key countries driving the global medical tourism market are Thailand, India, Malaysia, Turkey, Singapore, South Korea, and Taiwan amongst others. This is expected to put Asia Pacific in the lead in the coming years. Growing number of private hospitals, improved healthcare infrastructure, reduction of language barriers, internet availability and accessibility have all contributed to the region’s success.
In recent years, countries such as India, Iran, and Mexico have seen a rise in fertility tourism. A growing community of LGBTQIA, infertility, singledom, and aging issues have led a strong demand for procedures such as in vitro fertilization (IVF), artificial insemination, seeking a donor, and surrogacy as well. Lack of insurance cover for fertility has also turned many towards fertility tourism, giving the segment a significant impetus.
The research report includes an in-depth study of key players driving the global medical tourism market such as Samitivej Hospitals, Bumrungrad International Hospital, Fortis Hospitals, Bangkok Hospital Group, and Apollo Hospitals Enterprise Ltd.
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