Medical Tourism Market Overview
According to Market Research Future (MRFR) The global medical tourism market size is anticipated to procure a significant market value while expanding at a CAGR of 21.4% during the forecast period from 2017 to 2023.
The growing awareness regarding medical tourism among patients is projected to drive the global market for medical tourism. The initiatives taken by developing nations to promote medical tourism is expected to offer lucrative opportunities to the market in the coming time. The increasing number of patients being aware of the effectiveness of medical procedures in foreign countries can enhance the demand for medical tourism. The availability of cheap medical services in developing countries can be recognized as a salient factor contributing to the expansion of the market. In addition to these, the favorable government policies to ease medical travel and easier affordability of international travel are anticipated to make crucial participation in augmenting the global market size during the assessment tenure. On the contrary, issues associated with patient follow-ups and post-surgery complications can hamper the market expansion in the assessment tenure.
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The outbreak of COVID-19 has brought a negative impact on market growth. In response to the pandemic, countries across the globe had closed their borders, which hampered the market rise. The restrictions imposed on airline services and travel also inhibited the market growth during the COVID-19 era.
The segmental study of the global medical tourism market is done by treatment type.
The treatment type based segments of the global medical tourism market are fertility/IVF treatments, orthopedic/spine treatments, dentistry treatments, neurology/neurosurgery treatment, oncology/cancer treatments, cardiovascular/cardiology treatments, cosmetic treatments, and oncology/cancer treatments. Among all, the cosmetic treatment market is projected to be the most lucrative segment during the analysis timeframe. The expansion of the segment can be attributed to the increasing demand for facial rejuvenation and breast reconstruction treatments. Furthermore, the cost-effective price of medical tourism destinations for cosmetic procedures is also likely to play a salient cause in driving the market growth.
As per the assessment conducted by MRFR, the global market for medical tourism is anticipated to be dominated by APAC owing to the presence of developing economies making constant efforts to develop their medical facilities. The establishment of new hospitals in growth-centric countries can also make a significant contribution in augmenting the market size. For example, Aster DM Healthcare, an integrated healthcare service network, announced the launch of “Women and Children Care Hospital” at Whitefield, Bengaluru. In addition, the foreign investments in technologies of evolving countries can also play a salient role in driving the regional market. For instance, Israel has donated three new technologies and medical equipment to Primus Super Specialty Hospital in New Delhi. In addition to these, the growing investment by the government in medical colleges can also be recognized as an essential factor that may aid in strengthening the India Medical Tourism Market. In a piece of recent news, Bihar, India’s Chief Minister, Nitish Kumar, laid the foundation stone for Rs 5,540-crore redevelopment of the Patna Medical College and Hospital, which will turn it into the country’s biggest and world’s second-largest hospital. Such initiatives are expected to bolster the market in the region. Besides, China is anticipated to be another crucial cause that can drive the market in the region during the forecast period. For instance, the introduction of robotics in the medical field for science and technology is anticipated to play a notable role in driving medical tourism in APAC.
Europe is anticipated to procure significant market share during the forecast period owing to the presence of advanced treatment procedures. The availability of favorable international reimbursement policies is another salient cause that can grow the market in the region during the forecast period. Countries such as; the UK are expected to make a significant contribution in bolstering the regional market.
Some of the renowned players of the global medical tourism market are CHRISTUS MUGUERZA (Mexico), Samitivej PCL (Thailand), Schön-Kliniken (Germany), Gleneagles Global Hospitals Group (India), Prince Court Medical Centre (Malaysia), Anadolu Medical Center (Turkey), Bangkok Hospital (Thailand), Fortis Healthcare (India), Clemenceau Medical Center (Lebanon), Shouldice Hospital (Canada), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), and others.
February 2021- Phable, a health tech startup that is treating patients with chronic diseases in India, has raised USD 12 million in a new financing round. Manipal Hospitals, one of the largest healthcare providers in India, led the Series A round in Phable.
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