Medical Tourism Market: Appropriate Developments in Infertility treatment to Render Growth Fillip
As healthcare offerings continue to grow profusely, more specifically across developed economies, medical tourism is expected to expand exponentially, also supported by a robust travel and tourism industry. According to Adroit Market Research’s latest research assessment, the market growth has been certainly dented by the sudden onset of the pandemic, that has affected travel and tourism industry. However, in the coming years, medical tourism is expected to revive its growth vigor with revival of travel and tourism and tremendous advances in medical and technology confluence.
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In traditional medical tourism, patients used to travel to developed economies such as the U.S and Europe to receive high-end treatments, owing to lack of treatment facilities and long waiting time in their respective countries. However, in recent years, the scenario is changing, patients are traveling to developing countries like India, Singapore, Thailand, Malaysia, Costa Rica, Dubai, and Turkey for medical treatment.
Market participants are essentially focusing on consulting and procuring both essential and elective medical treatment favoring complete wellbeing. Key growth initiator in global medical tourism space is fertility segment. As infertility is cropping up to be one of the most alarming health conditions globally, market participants are striving for adequate disruption in the sector.
APAC and MEA Regions Likely to Remain Atop Growth Curve, Backed by Novel Investments
Additionally, favorable policies deployed by several federal governments are aimed at improving infertility treatment models. Echoing this Malaysia Healthcare Travel Council has beckoned a new partnership to fill in the stark gaps in public and private sectors, benefiting medical tourism industry in the country.
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This is a step forward in reviving the market post COVID-19 which has caused a massive fall out of medical tourists in the country. The development primarily aims to address the core areas, comprising infertility and cardiac conditions. The project is an ambitious development and has so far attracted a whopping US $8.6 million funding, and is aimed at improving healthcare delivery in the country.
With various developments emerging across countries in APAC and MEA, it is estimated that the regions will continue to have an upper hand in terms of revenues and profits.
Considering the regional demarcation, the global medical tourism market is broadly segmented across five regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is expected to register the fastest growth rate over the forecast period. This is attributed to the growing number of private hospitals, availability of specialized doctors along with the lower cost of treatment when compared to the developed countries. Also, the government is fostering medical tourism by offering several visa policies to the patient as well as to their companions. Countries such as India, Singapore, Thailand, South Korea accounts for significant revenue share in the region and is expected to register fastest growth rate over the coming years.
Some of the private hospitals encouraging medical tourism are Bumrungrad International Hospital, Asian Heart Association, Bangkok Hospital, Samitivej PCL, Yanhee International Hospital, Apollo Hospitals Enterprise Ltd., Fortis Hospital Limited, Artemis Hospitals, Mexicali Bariatric Center, Sunway Medical Centre, NTT Medical Center Tokyo, Singapore Vita Agency, and Wooridul Spine Hospital.
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Key segments of the global medical tourism market
Treatment Type Overview, 2015-2025 (USD Million)
- Cardiovascular treatment
- Cancer treatment
- Fertility treatment
- Neurological treatment
- Orthopedic treatment
- Cosmetic Treatment
- Dental Treatment
- Other treatments
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of MEA
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