Medical Tourism Market Analysis
The medical tourism market is anticipated to touch USD 226,762.7 million at a 21.4% CAGR between 2017-2023, states the new Market Research Future (MRFR) report. Medical tourism, also known as global healthcare, medical travel, or health tourism, simply put, is the rapidly increasing practice to travel across international borders for seeking healthcare services. Services generally comprise cosmetic surgery, fertility treatment, elective surgery, and dental care.
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Medical tourism has garnered immense popularity for various reasons such as insurance incentives, good quality healthcare, different medical options, shorter waits, potential savings, to name a few.
Numerous factors are adding to the growth of the global Medical Tourism Market. These factors, according to the latest Market Research Future report, include accessibility and affordability of quality healthcare services, help from local governments as well as tourism departments, easy accessibility of state of the art medical technologies in leading medical tourism hubs, inadequate insurance benefits, no healthcare insurance in local markets, and growing demand for procedures which are not covered by insurance including cosmetic surgery, dental reconstruction, fertility treatment, and gender reassignment surgeries. Moreover, the availability of multiple benefits such as personalized care, better hospitality, modern devices, innovative medicines, latest technologies, and better healthcare is also adding to the market growth.
On the contrary, language barriers, issues related to travel, VISA approval issues, reimbursement by payers that are partial, and availability of documentation are factors that may restrict the global medical tourism market growth during the forecast period.
Medical Tourism Market Segmentation
The Market Research Future report provides a complete segmental analysis of the global medical tourism market based on type.
By type, the global medical tourism market is segmented into oncology/cancer treatments, neurology/neurosurgery treatments, cosmetic treatments, fertility/IVF treatments, cardiovascular/cardiology treatments, dental treatments, and orthopedic/spine treatments. Of these, the cosmetic treatment segment will have the maximum share in the market during the forecast period. Numerous factors are adding to the growth of the segment, such as burgeoning demand for breast reconstruction treatments, high demand for facial rejuvenation, and cost-effective prices of cosmetic procedures at medical tourism destinations.
Medical Tourism Market Regional Analysis
By region, the global medical tourism market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Of these, the APAC region will have the lions share in the market during the forecast period for the increasing government funding coupled with the accessibility of high-tech equipment in the region.
The global medical tourism market in Europe will have favorable growth during the forecast period for the rapid development of facilities, especially in the Eastern & Central European region.
The global medical tourism market in the Americas will have notable growth during the forecast period. The US is the leading contributor in the region.
The global medical tourism market in Latin America will have lucrative growth during the forecast period. Brazil, as well as Mexico, are the prime medical tourism locations in the region.
Notable players profiled in the global medical tourism market report include Shouldice Hospital, Bumrungrad, Asklepios Kliniken Verwaltungsgesellschaft mbH, Bangkok Hospital, CHRISTUS MUGUERZA, Anadolu Medical Center, International Hospital, Prince Court Medical Centre, Clemenceau Medical Center, Samitivej PCL, Schoen-Kliniken, Fortis Healthcare, and Gleneagles Global Hospitals Group. Key players have incorporated specific strategies to cater to the growing needs of the customers and also stay head and shoulders above others in the competition. These strategies include mergers and acquisitions, research and development activities, collaborations, product launches and innovations, partnerships, and others.
December 2019: Vietnam will soon turn into a medical tourism destination, especially for cosmetic and dental care.
December 2019: The Treatment Tourism Exchange Company, a new travel company in North Korea, will work with leading government health bodies for offering foreign tourists with medical tourism packages that will offer them the ability to receive cosmetic procedures and surgeries at the best state-run hospitals. Tourists from abroad can receive services of modern treatment facilities such as breast tumor treatment, dental implants, cataract surgery, and Koryo medical treatment.
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