Medical Tourism Market Overview
The growth of medical tourism market has been fueled by the increasing cost of healthcare in developed nations as well as the improvement in healthcare facilities in emerging economies. Additionally, medical personnel in countries like India, Philippines etc. are good enough to compete with some of the best around the world.
For instance, patients from Western Europe and North America as well as some Southeast Asian countries are known to travel to India as besides being cheap, India provides world class services with talented doctors. Moreover, foreigners are often given higher medical priority in the country and facilities for them are maintained on an enhanced level to attract more medical tourists. In 2017, Tourism Ministry of India declared that the country accumulated ₹1,77,874 crore from medical tourism. FICCI and IMS Health estimates that India accounts for nearly 18% share in the global medical tourism industry.
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Plastic surgery is one of the largest subsets in medical tourism industry and a large portion of an estimated 14 million people who go abroad for medical procedures, is made up of people who travel for cosmetic surgeries. More than a money saving option, travelling abroad for cosmetic procedures ensures privacy for patients while they recover from the surgery.
Various countries have carved out their own niches when it comes to cosmetic procedure. For instance, Iran has become well known for rhinoplasty while Turkey has become a haven for people looking to undergo hair transplant. While Brazil is boosting its medical tourism industry by making it tax-deductible, countries like South Africa have witnessed a surge in medical tourism mainly because necessary medical procedures are not available anywhere else in the continent.
Medical Tourism Market Segmentation:
Medical tourism industry is segmented on the basis of type which includes cosmetic treatments, dental treatments, orthopedic/spine treatments, cardiovascular/cardiology treatments, neurology/neurosurgery treatments and oncology/cancer treatments. As already mentioned, cosmetic treatments market has emerged to be the segment that accounts for a majority of medical tourism market share as there had been a rising demand for breast reconstruction and facial rejuvenation treatments. Affordable treatment options at medical tourism destinations is expected to augment medical tourism industry growth over the coming years.
Medical Tourism Market Regional Analysis:
Asia Pacific is expected to register the most promising growth in the medical tourism industry. Developing countries in the region account for nearly 43.7% share of the market thus placing the region at the leading position of the market in terms of revenue. The availability of state of the art facilities as well as advanced technologies will help to drive market growth in the region. Also services in Asia Pacific are much cheaper when compared to those in North America and Western Europe and this is significant as most of the tourist come from these regions. APAC is expected to register a promising CAGR of 22% during the forecast period.
Eastern and Central European medical tourism market have also registered an upward growth trend and are expected to emerge as potent medical tourism destinations over the coming years.
Medical Tourism Market – Competitive Landscape:
Anadolu Medical Center, Asklepios Kliniken Verwaltungsgesellschaft mbH, Bumrungrad International Hospital, Bangkok Hospital, Clemenceau Medical Center, CHRISTUS MUGUERZA, Gleneagles Global Hospitals Group, Samitivej PCL, and Schoen-Kliniken are some of the notable players in the medical tourism market.
The 12th World Medical Tourism & Global Healthcare Congress was recently held at Abu Dhabi in collaboration with the Abu Dhabi government. The WMTC has been deemed to be important towards the growth of the medical tourism industry as the Congress this year focused on the barriers to the growth of international medical tourism and engineer solution for smoother operations.
The Congress also emphasized on the fact that due to its central location and presence of world class medical facilities, Abu Dhabi is poised to become one of the leading global players in the medical tourism industry. It is anticipated that Abu Dhabi will be attracting greater number of patients from Russia, China and the Middle East as well as from the rest of the world.
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