Market Scenario of the Global Medical Tourism Market:
Medical tourism or health tourism is the practice of traveling to a foreign location for seeking healthcare services such as surgical intervention, medical check-ups, and other. The global medical tourism market is expected to generate a healthy CAGR growth of 21.4 % during the study period of 2017 to 2023. The Oxford Economics and Visa report estimate around 11-14 million people travel abroad for healthcare services every year.
Medical Tourism Industry Dynamics:
Growing Ease Of Travelling And Development Of Air Transport Coupled With Cost-Effective Quality Treatment Is The Prime Determinant Of The Market
The growing number and volume of air transport triggered by the availability of cost-effective and quality treatment in developing countries, rising geriatric population, advancements in communications, increasing adoption of in-vitro fertilization, surrogacy, retro-production, assistance from tourism departments and governments for medical tourism are the prime drivers of the market. International accreditation is expected to play an essential role in boosting international medical tourism. Currently, over 600 health facilities in the world have certification by the U.S. Joint Commission International (JCI) and are growing at a rate of 20 % each year.
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High Cost Of Treatment In Developed Regions Coupled With Leverage Of Medical Facilities By Developing Countries Is Driving Market Growth
High cost of treatment in developed nations is the push factor of the market. The cost of treatment in the U.S. is almost 60 % higher as compared to the developing countries. Former Soviet economies such as Poland, Slovakia, and others are leveraging their healthcare infrastructure for medical tourism, which is attracting a large market. Availability and falling divide of latest medical technologies throughout the world, growing penetration of health insurance and better prospects offered my medical tourism players are propelling the market.
Documentation Hurdles And Insufficient Reimbursement Offered By Insurance Companies For Treatment Abroad Are Strong Deterrents Of The Market
Limited coverage and insufficient reimbursement offered by insurance companies for treatment abroad, long waiting lines, uncertainty about the quality and information and personal identity concerns are hampering the market. Difficulties associated with cross-border travel, such as documentation, cultural barriers, and VISA approval are other market constraints.
Segments of Medical Tourism Market:
To generate a 360-degree view of the market, the global medical tourism market is segregated into treatment types and regions.
Based on the treatment types, the market is segmented by orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, fertility/IVF treatments, and others. The Orthopedic/spine segment is expected to hold the largest significant market share of 14.9 %. Oncology/Cancer is projected to be the fastest growing segment growing at a CAGR rate of 21.9 % during the forecast period.
The Asia Pacific region dominates the global medical tourism market owing to its extensive infrastructure, growing physician’s population, and cheaper labor rates and accounts for 43.7 % market share in 2016. Malaysia, Taiwan, Thailand South Korea, India, Taiwan, and Singapore are the dominant nations of the Asia Pacific market.
Americas accounted for the second largest market owing to the development of healthcare infrastructure, technology up gradation, rising economy, low-cost quality medical services, a government initiative to foster medical tourism and others. Equator, Brazil, Costa Rica, Mexico, and Cuba are the largest markets and are a popular destination for Americans and Canadians. The medical tourism market for American is anticipated to grow at a CAGR of 22 %.
Europe is anticipated to be dominated by the x-soviet economies of Poland, Slovakia, and Russia. The Middle East and Africa market show high currency appreciation, while the African regions have poor healthcare infrastructure, both strong market constraints deterring market growth.
Some of the larger vendors operating in the market are Fortis Healthcare, Asklepios Kliniken Verwaltungsgesellschaft mbH, Prince Court Medical Centre, Gleneagles Global Hospitals Group, CHRISTUS Muguerza (Mexico), Samitivej PCL, Anadolu Medical Center and others.
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