Jul 14, 2020 3:46 AM ET
iCrowd Newswire – Jul 14, 2020
Medical Tourism Market Analysis
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.
Medical Tourism Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global medical tourism market report based on type.
By type, the medical tourism market is segmented into dental treatments, oncology/cancer treatments, cardiovascular/cardiology treatments, cosmetic treatments, fertility/IVF treatments, orthopedic/spine treatments, neurology/neurosurgery, and others. Of these, cosmetic treatments will lead the market over the forecast period. Affordable prices for cosmetic procedures at medical tourism destinations and burgeoning demand for breast reconstruction treatments and facial rejuvenation are adding to the growth of the segment. This will be followed by the oncology/cancer treatment segment that is predicted to grow at a fast pace. It is likely to grow at a 15.7% CAGR for higher unmet medical needs and the growing prevalence of cancer.
Medical Tourism Market Regional Analysis
Based on the region, the global medical tourism market report covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, the APAC region will dominate the market over the forecast period. It is likely to grow at a whopping 22% CAGR. State-of-the-art medical machinery, investments in technological advances, cost-effective medical aids, developing medical infrastructure, increasing healthcare budget by the government worldwide, advanced & effective medical facilities in China, advanced technology in Japan, and growing demand for cosmetic surgery are adding to the growth of the global medical tourism market in the region.
The global medical tourism market in Europe is predicted to hold the second-largest share over the forecast period. This region is predicted to establish itself as a medical tourism destination.
Medical Tourism Market Key Players
Eminent market players profiled in the global medical tourism market report include Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Clemenceau Medical Center (Lebanon), Fortis Healthcare (India), Bangkok Hospital (Thailand), Shouldice Hospital (Canada), Anadolu Medical Center (Turkey), Prince Court Medical Centre (Malaysia), Gleneagles Global Hospitals Group (India), Schön-Kliniken (Germany), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), and Bumrungrad International Hospital (Thailand), and others.
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