The availability of affordable, quality care in various countries around the world is expected to greatly accelerate the growth of the medical tourism market. In addition, the increasing prevalence of a variety of diseases that require advanced expertise and advanced equipment to achieve accuracy, such as cardiovascular, cancer, and neurological disorders, is a key factor driving market growth .
Global Medical Tourism Market was valued at $53,768 million in 2017, and is estimated to reach at $143,461 million by 2025, registering a CAGR of 12.9% from 2018 to 2025. Medical tourism can be defined as travel across international borders with the purpose of availing medical treatment of some form, which may or may not be available in the travelers’ home country. This treatment may include a wide array of medical services; however, the most frequently availed services include cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment, and others.
The major companies profiled in the report include Apollo Hospitals Enterprise Limited, Fortis Healthcare Ltd., Asian Heart Institute and Research Centre Private Limited, KPJ Healthcare Berhad, Barbados Fertility Centre, NTT Medical Center Tokyo, Seoul National University Hospital, UZ Leuven (University Hospitals Leuven), Infectious Diseases Partners Pte. Ltd., Aditya Birla Memorial Hospital, Barbados Fertility Centre, Prince Court Medical Centre, and Samitivej Public Company Limited.
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Affordability, availability, and accessibility of good quality healthcare services with healthy support and assistance from tourism departments & local governments boost the market growth. In addition, increase in incidence of cancer and other serious ailments is anticipated to drive the demand for healthcare services, which in turn is expected to drive the medical tourism market. Limited coverage and lengthy partial reimbursement offered by insurance companies along with difficulties associated with cross border travel, such as language barriers, connectivity, documentation, and VISA approval issues, are projected to impede market growth.
Cancer treatment type segment is anticipated to continue to lead the market throughout the analysis period owing to increase with the number of cross-border travelers seeking good quality cancer treatment. In addition, cancer treatments are expensive and prolonged procedures; hence good quality treatment available at affordable prices motivate several patients to choose medical tourism. Furthermore, the neurological disorders treatment segment is anticipated to be the fastest growing treatment type segment with a CAGR of 15.5% from 2017 to 2023, owing to factors such as growth in prevalence of neurological diseases and surge in global geriatric population.
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Key Findings of the Medical Tourism Market:
- In 2016, cancer treatment generated the highest revenue, accounting about one-third of the overall market revenue and is projected to grow at a CAGR of 15.3% during the forecast period.
- Neurological treatment is expected to grow at an above-average CAGR of 15.5%, owing to increased number of skilled medical personnel in the field.
- North America accounted for about one-third of the global medical tourism in 2016.
- The Asia-Pacific region is anticipated to be the fastest growing medical tourism market during the analysis period, followed by LAMEA.
- Thailand and Singapore are the major market shareholders in Asia-Pacific.
The market is expected to witness a moderate growth during the forecast period, owing to the rise in adoption of medical tourism due to surge in disposable income of population. Furthermore, health insurance portability and rise in advertising and marketing of medical facilities to promote medical tourism are anticipated to augment the market growth. Wide hospital networks under insurance coverage for cashless transactions are expected to present various opportunities for market expansion. However, difficulties associated with travel, language barriers, availability, documentation, and VISA approval issues are expected to hamper the market growth.
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