Medical Tourism Market Analysis by Treatment Type (Orthopedic/Spine Treatments, Oncology/Cancer Treatments, Cosmetic Treatments, Cardiovascular Treatments, Dental Treatments, Fertility/IVF Treatments), by Regions - Forecast Till 2027
New York, USA - January 20, 2022 /MarketersMedia/ —
Medical Tourism Market Scope
Market Research Future (MRFR) presumes that the medical tourism market is projected to reach USD 77.30 Billion 20.5% CAGR 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 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.
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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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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