Medical tourism market size worth USD 77.30 billion

Scope of the medical tourism market

Market Research Future (MRFR) assumes that the medical tourism market is expected to reach USD 77.30 billion 20.5?GR during the forecast period. Growing unmet medical needs are forcing people to opt for regions that offer cost-effective treatment options. Developments in hospital management are also facilitating advancements in the field of medical tourism, while the allure of comfortable and luxurious stays in medical facilities is also driving the market share of medical tourism. The burgeoning geriatric patient base combined with the growing purchasing power of the middle class population will further improve the position of the medical tourism industry in the coming years.

Medical tourism offers a multitude of benefits such as latest medical technology, cost effectiveness, better healthcare, modern devices, better hospitality, innovative medicines and personalized care. The medical tourism industry is expected to grow exponentially in the coming years, given the dramatic increase in the number of surgeries not covered by insurance, such as sex reassignment operations, fertility treatments, dental reconstruction and cosmetic surgery. .

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Asia-Pacific is a popular emerging market for medical tourism, with Singapore, Thailand, Taiwan, Malaysia, South Korea, Japan and India leading the preferences of global tourists. Private medical institutions and hospitals and international investors see Asia-Pacific as an extremely attractive business opportunity, paving the way for significant funding for infrastructure, equipment, personnel and services. The medical tourism market in the Middle East has become a major power in recent years, with the demand for low-cost medical services soaring among patients and almost non-existent queues, as well as English-speaking medical staff who adds to the appeal of the area. .

Impact of COVID-19 on the medical tourism market

COVID-19 has nearly crippled the medical tourism sector, to say the least, as governments across countries have imposed rigid lockdown rules while suspending transportation of goods and people. Moreover, with the focus on dealing with the novel coronavirus, the focus on other medical cases has dropped sharply, leaving the medical tourism market to grapple with the consequences. The shutdown of major airlines across the world has also halted the movement of medical tourists, which is another challenge for the global market.

With the overburdened healthcare industry and the sharp decline in the medical workforce, the growth rate of the medical tourism market has dropped sharply. The decline in the pharmaceutical production rate also hurt the market.

Segmentation of the medical tourism market

The medical tourism industry can be divided into different types of treatment. These include Oncology/Cancer Treatments, Fertility/IVF Treatments, Neurology/Neurosurgery Treatments, Orthopedic/Spinal Treatments, Cardiovascular/Cardiologic Treatments, Cosmetic Treatments and Dental Treatments, to name but a few. some. The majority of cosmetic procedures are considered optional and do not fall under medical insurance coverage. Since cosmetic surgery is not covered by many medical aid schemes and requires direct payment, affordability in other economies attracts many foreign patients. As a result, the cosmetic care segment is expected to reach a substantial CAGR in the coming years.

Regional overview of the medical tourism market

The Asia-Pacific medical tourism market is gaining the most, driven by rapidly developing countries with improving healthcare infrastructure. APAC accounts for the largest share of 43.7% of the global industry, in response to huge spending on technological advancements and the development of advanced medical machinery and equipment. South Korea is a booming 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 cheaper cosmetic treatment options to medical tourists.

The growing number of private hospitals and advancements in healthcare infrastructure add to the value of the APAC market. However, MRFR also recognizes India as an attractive destination, with a horde of medical tourists from developed economies coming here for Ayurvedic massages and aromatherapy procedures. The availability of high-level and highly qualified medical expertise at reasonable prices in the country attracts patients from abroad. The greatest demand is for high-end surgeries in India including hip/knee replacement, heart bypass surgery, etc.

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Important companies

Affluent providers in the medical tourism market are Samitivej PCL, Anadolu Medical Center, Asklepios Kliniken Verwaltungsgesellschaft mbH, Gleneagles Global Hospitals Group, Clemenceau Medical Center, Bangkok Hospital, CHRISTUS MUGUERZA, Bumrungrad International Hospital, Fortis Healthcare, Prince Court Medical Center, Shouldice Hospital, Schoen-Kliniken, etc.

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Keywords: Medical Tourism Market Trends, Medical tourism market size, Medical tourism market share, Growth of the medical tourism market, Overview of the medical tourism market