Medical Tourism Market Overview
The medical tourism market is projected to reach USD 77.30 Billion 20.5% CAGR during the forecast period, says Market Research Future (MRFR). 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.
Medical Tourism Market Segmentation
The treatment types covered in the MRFR study include cardiovascular/cardiology treatments, oncology/cancer treatments, fertility/IVF treatments, cosmetic treatments, dentistry treatments, orthopedic/spine treatments, neurology/neurosurgery treatment, and many more.
Medical Tourism Market Regional Insight
With the highest profit margin, Asia Pacific is the currently the market leader. The region’s substantial growth in the worldwide medical tourism market can be accredited to the presence of fast-paced developing countries like Japan, China and India. These countries are mostly focused on the upgradation of their medical infrastructure, and spend largely on technological advances, which attract hoard of medical tourists. The rising use of advanced, state-of-the-art medical equipment and machinery by the healthcare professionals also encourage business growth. India has been seeing tremendous growth in the region, as the country has become a popular destination among medical tourists, who are provided with various cost-effective treatment options. The country’s main USP is the availability of several aromatherapeutic procedures, and ayurvedic massages, which note high demand among tourists. The region medical tourism market is favored by the presence of top-notch medical expertise as well as services that come in reasonable prices.
The European medical tourism market also shows a lot of promise. The top factors elevating the market position in the region include the availability of cutting-edge technologies as well as medical equipment that are generally unavailable in emerging regions. Moreover, the faster procedure of medical device approval in the region compared to the ones in the U.S adds to the market value. Countries like Poland and Turkey are rising as world-class tourist destinations where the population of skilled surgeons and healthcare personnel is significantly high. advanced healthcare systems and substantial government expenditure for healthcare further enhance the medical tourism market share in the region.
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Medical Tourism Market Competitive Outlook
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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