Medical Tourism Market Outlook
Medical tourism market is expected to be worthy and is driven by unsustainable healthcare costs in developed economies and advent of technologies. Market Research Future (MRFR) has projected that the global medical tourism market will grow swiftly to touch the mark of USD 226,762.7 million by the end of forecast period (2017-2023). It is also expected to exhibit a CAGR of 21.4% during the period forecast period.
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Availability of surgical procedures at low cost in countries with sophisticated healthcare facilities is one of the major aspects prompting the growth of the market. Minimal waiting period, feasible payment options, and quality service are some of demand drivers of the tourism market. Rise in spending capacity and the growing elderly population is stimulating the momentum of the global market.
Moreover, amendment in national medical policies attributed to insurance coverage and infrastructure-based investments in leading service providing nations is expected to propel the medical tourism market.
On the other hand, countries or regions that earlier lacked with the medical facilities are developing their own healthcare infrastructure and facilities for medical service offering. For example, the government-funded expenditure on medical tourism for cardiology dropped by 55% between 2004–2006. This shift in the trend is impacting the growth of the global medical tourism market. The healthcare service providers are focusing on building strategies to counter the restraints of the global medical tourism market. Events that have straight impact on the global economy such as changing currency rates is also one of the key factor that can restrain the flow of the medical tourism.
Medical Tourism Market Segmentation
The global medical tourism market is bifurcated based on treatment type.
On the basis of treatment type, the global medical tourism market is segmented into Cosmetic Treatments, Cardiovascular Treatments, Orthopedic/Spine Treatments, Fertility/IVF Treatments, Oncology/Cancer Treatments, and Dental Treatments.
Medical Tourism Market Regional Analysis
Regionally, the global medical tourism market is dominated by the Asia Pacific owing to its highest share. Availability of high-tech equipment and growing government funding in the region would drive global market growth. One of the regions in South Korea which is most preferred destination for cosmetic related surgeries or procedures.
Europe is expected to establish a medical tourism destination in the coming period owing to the rapid development of facilities in Central and Eastern European region.
The U.S. was also a important location for obtaining medical treatment for international patients, however, complication in getting visas has reduced the count in last some years. P
Latin America is anticipated to show a lucrative growth amid the forecast period. Mexico and Brazil are anticipated to be the prime locations for medical tourism in the region. Companies are investing more in developing hospitals in the region that are in-sync to US standards. Political unstability also happens to be factor behind the decrease in medical travel count.
Medical Tourism Market Analyzed By Top Major Players
As medical tourism becomes a lucrative method to serve patients from across the globe, major players that are mostly the healthcare service providers and hospitals have opened doors with efficient policies for international patients seeking medical treatment. Some of these leading players include Gleneagles Global Hospitals Group, Schön-Kliniken, Clemenceau Medical Center, Anadolu Medical Center, Schön-Kliniken, Asklepios Kliniken Verwaltungsgesellschaft mbH, Samitivej PCL, Bangkok Hospital, Fortis Healthcare, CHRISTUS MUGUERZA, and Prince Court Medical Centre, and Bumrungrad International Hospital.
Medical Tourism Industry Recent Updates
To flourish in the medical tourism sector, Jordan will host Global Healthcare Travel Forum (GHTF). The forum will be team effort of alliance including Private Hospitals Association (PHA), Arab Hospitals Federation, and Global Healthcare Travel Council. The motive behind the forum is to offer the stakeholders in medical tourism an opportunity to boost and integrate cooperation in the sector. Around 700 representatives from pharmaceuticals companies, insurance, and healthcare travel will join the event.
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