Medical Tourism Market : Technological Growth Map over Time to Understand the Industry Growth Rate
The global market for medical tourism is largely driven by high cost of medical care in the native countries and better accessibility of healthcare for patients with health tourism. A characteristic feature of this sector is the emergence of emerging Asia Pacific economies as major hubs for medical tourism, positioning themselves as affordable health-care centers. Chronic diseases often come with a significant socioeconomic burden. The incidence of chronic and acute diseases is increasing globally and hence there is a rising need for patients to procure medical treatment that is economically beneficial. Patients are also preferring medical tourism to bypass the long wait for the treatment. Also, exorbitant treatment and management costs particularly for surgeries that have limited or no insurance coverage attracts patients to the medical tourism destinations. These factors in turn, propel the growth of the global medical tourism market over the forecast period.
It is expected that medical tourism will increase for procedures such as cosmetic and gender reassignment operations, as these operations are not covered by standard insurance in several countries, and are expensive if paid out of pocket. In addition, the increasing number of joint & hip replacement procedures and the increasing demand for bariatric surgery are other factors that will fuel the growth of the global market for medical tourism in the coming years. It is anticipated that the unavailability of specialized treatments for life-threatening diseases will boost medical tourism in developed countries, especially for cancer. This is related to the presence of well-developed healthcare services and the availability of advanced technological treatment facilities. Growing cancer incidence globally is also a primary factor expected to support market growth.
In 2019, the segment of cosmetic treatment applications held the largest market share led by dental treatment and cardiovascular treatment. Due to the high operating costs and minimal insurance coverage, medical tourism for cosmetic surgeries is expected to grow in the coming years. Growing global demand for cosmetic procedures along with rising prevalence of skin disorder are factors which favor the segment's growth over the forecast period. Dental treatment also leads to a significant share of the global market for medical tourism revenues. Increasing patients traveling to destinations like Mexico, Thailand, Spain, Turkey, India, Hungary, and the Philippines, as saving 40-70% of the cost is a major driver of segment growth.
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Asia-Pacific possesses high market potential for the growth of the medical tourism market, owing to considerable price difference in treatments, tourism friendly nature of the countries, and lesser stringent regulations associated with cosmetic procedures. The Asia-Pacific medical tourism market growth is expected to experience considerable development, owing to the availability of good quality care at a cost less than 70% of the price of services in North America. Furthermore, development in healthcare infrastructure and economy boost the market growth in Asia-Pacific.
Medical Tourism Market Revenue & Forecast, (US$ Million), 2015 – 2027
Competitive Landscape
The report provides both, qualitative and quantitative research of Medical Tourism Market, as well as provides comprehensive insights and development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and details on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by these major market participants are also recognized and analysed in the report. For each company, the report studies their global presence, competitors, service offerings and specification amongst others. The primary market participants include: KPJ Healthcare Berhad, Mount Elizabeth Hospital, Apollo Hospitals Enterprises, Bumrungrad International Hospital, and Asklepios Kiniken GmbH among others.
Medical Tourism Market:
By Treatment Type : (Dental Treatment , Cosmetic Treatment , Cardiovascular Treatment , Orthopedic Treatment , Neurological Treatment , Cancer Treatment , Fertility Treatment , Others)
By Geography:
North America: (U.S, Canada, Mexico, Rest of North America)
Europe: (France, The UK, Spain, Germany, Italy)
Nordic Countries: (Denmark, Finland, Iceland, Sweden, Norway)
Benelux Union: (Belgium, The Netherlands, Luxembourg, Rest of Europe)
Asia Pacific:(China, Japan, India, New Zealand, Australia, South Korea)
Southeast Asia: (Indonesia, Thailand, Singapore)
Rest of Southeast Asia
Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
Latin America: (Brazil, Argentina, Rest of Latina America)
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