Medical Tourism Market Scope
Market Research Future (MRFR) presumes that the medical tourism market will be worth USD 77.30 Billion by 2027. The medical tourism industry should capture close to 20.5% CAGR between 2020 and 2027 (analysis period).
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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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 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.
Prominent hubs of medical tourism in Asia Pacific are Thailand, Singapore, Malaysia, Taiwan, India, South Korea, and Japan. Private hospitals as well as global investors see APAC as a highly lucrative business opportunity, leading to sizeable investments in equipment, infrastructure, services, and staff. Not to mention, the Middle East is home to several medical tourism powerhouses, with medical services in these countries gaining popularity owing to their low costs, non-existent queues, and English-speaking, skilled staff.
COVID-19 Impact on the Global Market
The COVID-19 outbreak has had a brutal effect on the medical tourism industry, given the strict lockdown rules, restricting the movement of goods as well as people. In addition, the rising focus of the healthcare workers on managing the novel coronavirus instead of on other cases, the medical tourism market’s value dropped to a large extent. The shutdown of major airlines worldwide following the pandemic also cut down the number of medical tourists.
An overburdened healthcare sector all over the world, in line with shortage of doctors and other medical staff further affected the medical tourism industry. Sharp fall in pharmaceutical production has also been unfavorable for the global market.
Market Segmentation
The medical tourism market has been segregated into treatment type.
The treatment types discussed in the review report include fertility/IVF treatments, oncology/cancer treatments, orthopedic/spine treatments, neurology/neurosurgery treatment, dentistry treatments, cardiovascular/cardiology treatments, and cosmetic treatments.
Regional Insight
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.
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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.
Significant Industry Firms
Some of the top firms in the medical tourism industry include Schoen-Kliniken, Samitivej PCL, CHRISTUS MUGUERZA, Anadolu Medical Center, Prince Court Medical Centre, Bangkok Hospital, Fortis Healthcare, Gleneagles Global Hospitals Group, Clemenceau Medical Center, Shouldice Hospital, Bumrungrad International Hospital, Asklepios Kliniken Verwaltungsgesellschaft mbH, to list a few.
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