Medical Tourism Market Scope
Market Research Future (MRFR) presumes that the medical tourism market is projected to reach USD 77.30 Billion 20.5?GR during the forecast period. Mounting unmet medical needs force people to opt for regions offering cost-efficient treatment options. Developments in hospital management also facilitate advances in the medical tourism field, while the appeal of comfortable as well as luxurious stays in medical facilities foster the medical tourism market share as well. The blossoming geriatric patient base combined with the surging purchasing capacity of the middle-class populace will further uplift the position of the medical tourism industry in subsequent years.
Medical tourism offers a host of advantages such as latest medical technologies, cost-effectiveness, better healthcare, modern devices, better hospitality, innovative medicines, and personalized care. The medical tourism industry is touted to witness exponential growth in the years to come, in view of the dramatic rise in the number of surgical procedures that do not fall under insurance coverage, like gender reassignment operations, fertility treatment, dental reconstruction, and cosmetic surgery.
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An emerging popular medical tourism market is Asia Pacific, with Singapore, Thailand, Taiwan, Malaysia, South Korea, Japan, and India the top preference among the global tourists. Private medical facilities and hospitals and international investors view Asia Pacific as an extremely attractive business opportunity, giving way to sizeable funding for infrastructure, equipment, staff, and services. The Middle East medical tourism market has become a major powerhouse in recent years, with the demand for the low-cost medical services skyrocketing among patients and the almost non-existent queues, as well as the English-speaking medical staff adding to the region’s appeal.
COVID-19 Impact on Medical Tourism Market
COVID-19 has almost crippled the medical tourism sector, to say the least, as governments across countries have imposed rigid lockdown rules while putting a hold on transportation of goods and people alike. Additionally, with the key emphasis on managing novel coronavirus, the focus on other medical cases has dropped heavily, leaving the medical tourism market grappling with the consequences. The shutdown of top airlines across the globe has put a stop on the movement of medical tourists as well, which is yet another challenge for the global market.
With the healthcare industry overburdened and the sharp decline in the medical workforce, there has been a sharp drop in the medical tourism market growth rate. The fall in the pharmaceutical production rate has been unfavorable for the market as well.
Medical Tourism Market Segmentation
The medical tourism industry can be split into different treatment types. These are oncology/cancer treatments, fertility/IVF treatments, neurology/neurosurgery treatment, orthopedic/spine treatments, cardiovascular/cardiology treatments, cosmetic treatments, and dentistry treatments, to mention a few. Majority of the cosmetic procedures are viewed as elective and do not fall under the medical insurance coverage. With cosmetic surgery not covered by many of the medical aid schemes and requires out of pocket payment, affordability in other economies attracts many of the foreign patients. As a result, the cosmetic treatment segment shall achieve a substantial CAGR in the ensuing years.
Medical Tourism Market Regional Overview
The Asia Pacific market for medical tourism is the highest gainer, thanks to the fast-developing countries with improving healthcare infrastructure. APAC forms the biggest share of 43.7% in the global industry, in response to the huge spending on technological advancements and development of cutting-edge medical machinery and equipment. South Korea is a thriving market for medical tourism in the region, with cosmetic procedures enjoying the highest demand among tourists. Thailand’s promising growth is also noteworthy, as the country offers medical tourists cheaper priced cosmetic treatment options.
Escalating number of private hospitals, and advances in the healthcare infrastructure add to the APAC market’s worth. However, MRFR recognizes India as an attractive destination as well, with a hoard of medical tourists from developed economies coming here for ayurvedic massages and aromatherapeutic procedures. The availability of top-class, highly skilled medical expertise at reasonable prices in the country attracts patients from overseas. The most extensive demand is witnessed by high-end surgical procedures in India, including hip/knee replacement, cardiac bypass surgery, and more.
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The affluent vendors in the medical tourism market are Samitivej PCL, Anadolu Medical Center, Asklepios Kliniken Verwaltungsgesellschaft mbH, Gleneagles Global Hospitals Group, Clemenceau Medical Center, Bangkok Hospital, CHRISTUS MUGUERZA, Bumrungrad International Hospital, Fortis Healthcare, Prince Court Medical Centre, Shouldice Hospital, Schoen-Kliniken, and more.
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