The medical tourism market is likely to reach USD 226,762.7 million at a whopping 21.4% CAGR between 2017- 2023, according to the new report by Market Research Future (MRFR). Medical tourism, simply put, is a travel across international borders to avail medical treatment that may or may not be accessible in the home country of the traveler. Dental treatments, oncology/cancer treatments, cardiovascular/cardiology treatments, cosmetic treatments, fertility/IVF treatments, orthopedic/spine treatments, neurology/neurosurgery, and others are the different types of treatment that people can avail. With the number of diseases and patients growing at an alarming rate with each passing day, not all can afford to invest in medical procedures and services that have a high cost. Heart-related diseases are amid the most common that people face across the world. It is this soaring price that forces consumers to travel to suitable destinations where the medical cost is affordable.
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Various factors are propelling the global medical tourism market growth. As per the latest MRFR report, such factors include personalized care, better hospitability, modern devices, innovative medicines, latest technologies, and better healthcare. Additional factors adding market growth include no healthcare insurance and inadequate insurance benefits in the local market, and surging demand for procedures that are not covered by insurance like cosmetic surgery, dental reconstruction, fertility treatment, and gender reassignment operations.
On the contrary, VISA approval issues, lengthy partial reimbursement by payers & difficulties related to the availability of documentation, language barriers, and travel are factors that may impede the global medical tourism market growth over the forecast period. Besides, the recent COVID-19 outbreak has cast its shadow on every industry, with the medical tourism industry standing still being one of the worst-hit. But with international and domestic flights kick-starting, there is hope for this market to resume business soon.
Segmental Analysis
The global market for medical tourism is segmented on the basis of treatment type.
The global tourism market, by treatment type, is segmented on the basis of orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, and fertility/IVF treatments.
Although there are many treatment types for which people travel overseas, cosmetic treatment is the key reason for medical tourists to do so. Some major factors responsible for the growth of this segment such as growing number of cosmetic surgeries, availability of low-cost treatments in the host country, and new products and increasing adoption of advanced technologies. Cosmetic treatments can be bifurcated into facial rejuvenation procedures and breast reconstruction, which are among the most popular cosmetic treatments. The cosmetic treatment segment was valued at USD 8,721.5 in 2016 and is predicted to reach the valuation of USD 47,864.5 by 2023.
Regional Outlook – APAC Valuation to Touch $102,496.8 Mn by 2023
On the basis of region, the global medical tourism market is segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East and Africa.
Among all regions, Asia Pacific managed to capture the largest market share in 2016 of 43.7% and is projected to lead the global medical tourism market during the review period. This phenomenal market growth can be attributed to heavy investments in infrastructure development, growing economy, technology advancement, among other factors. Asia Pacific had stood at USD 25,498.0 million in 2016 and the market is set to reach USD 102,496.8 million by 2023.
The medical tourism market in the Americas is growing at a fast pace owing to well-developed healthcare infrastructure, increasing number of well-trained medical professionals coupled with a wide number of hospitals under insurance coverage. The fact that the region observes high economic growth with well-developed industries helps the case for development of medical tourism industry.
The medical tourism market in Europe (EU) has grown exponentially over the past years on account of the 2014 European Directive on Cross-Border healthcare that allows EU citizens free access to healthcare in all member states of the region. Further, countries in Eastern and Central Europe such as Poland, Turkey, Hungary, Latvia, and Romania have become ideal tourism destinations for Western Europeans. Moreover, some countries in the region collaborate to provide certain healthcare services to other countries under some conditions. For instance, Ardennes cross-border collaboration at the border of France and Belgium is the partnership between both countries that allows French women seek obstetric care in Belgium. This care includes prenatal care as well as delivery.
The Middle East and Africa region encompass an array of developing nations with evolving technology and innovation that fuels the medical tourism market in the region. Also, with rising healthcare costs in developing countries such as United States (U.S) and United Kingdom (U.K), people are finding themselves willing to travel to this part of the world for quality and affordable healthcare services. These factors are highly instrumental in the market growth of medical tourism in the region.
Global Medical Tourism Market – Competitive Dashboard
Some medical tourism companies in the market are Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Fortis Healthcare (India), Gleneagles Global Hospitals Group. (India), Prince Court Medical Centre (Malaysia), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), Anadolu Medical Center (Turkey), Bangkok Hospital (Bangkok), Bumrungrad International Hospital (Bangkok), Clemenceau Medical Center (Lebanon), Schoen-Kliniken (Germany), Shouldice Hospital (Canada), and others.
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