Medical Tourism Market Scope
Market Research Future (MRFR) presumes that the medical tourism market will be touching USD 77.30 Billion by the assessment period’s end (2020 to 2027). In the given period, the worldwide industry will be flourishing at a rate of 20.5%, with emerging countries like India, and Japan presenting a host of attractive opportunities.
Major Growth Enhancers and Deterrents
The unprecedented spread of COVID-19 and its grave impact on the worldwide economy has disrupted a series of critical businesses, owing to substantial drop in demand for products for industrial and medical applications. Other challenges include uncertainty in supply chain as well as production capacity. Medical tourism market has been significantly affected by the pandemic as well, with several popular destinations like India, Japan, China and other developing countries facing lockdowns post the COVID 19 outbreak. Plus, in the wake of the rapid spread of the pandemic, travel restrictions such as suspension of cross-border movements have been a major challenge for medical tourists. This adversely affects the growth of the medical tourism market.
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Accessibility and affordability of quality healthcare services in line with assistance from local governments and tourism departments have a tremendous impact on the medical tourism market. Additionally, access to cutting-edge medical technologies in all the medical tourism hubs, across the world, could further accelerate business growth. Having said that, the partial reimbursement by the insurance firms and issues associated with language barriers, travel, VISA approval issues and documentation availability deter the market growth. On the bright side, extensive hospital network falling under insurance coverage could be a lucrative opportunity for the medical tourism industry in the future.
Furthermore, rise in cosmetic and aesthetic surgical procedures in conjunction with the mushrooming geriatric populace will be a key growth booster. This factor is closely linked to the growing burden of obesity cases worldwide, which gives rise to the demand for numerous body contouring procedures, thereby accelerating the revenue growth. Cosmetic surgeries’ average cost in the United States ranges between USD 3,500 and 13,500; pushing majority of the patients to seek cosmetic surgeries abroad and avail quality services pertaining to cosmetic surgery which are priced around 50% less.
Medical Tourism Market Market Segmentation
The various treatment types discussed in the MRFR study of the medical tourism market include fertility/IVF treatments, oncology/cancer treatments, orthopedic/spine treatments, neurology/neurosurgery treatment, cosmetic treatments, dentistry treatments, and cardiovascular/cardiology treatments, and more.
Medical Tourism Market Regional Insight
With maximum profit margin, the Asia Pacific market is currently in the lead, thanks to the contribution of a few rapidly developing economies including Japan, India and China. High focus on upgrading the existing medical infrastructure, coupled with the large-scale spending on technical advances have allowed APAC to seize the highest share of 43.7% in the medical tourism industry. The escalating deployment of state-of-the-art equipment as well as machinery by healthcare professionals helps augment the market position in the region. India’s growth in the region is significant, with the country touted to be a highly popular tourist destination among international travellers. The country provides a variety of cost-effective but quality treatment options, along with aromatherapeutic procedures, as well as ayurvedic massages. With the presence of top-class and skilled medical expertise and services being offered at reasonable prices, the country manages to attract a considerable number of medical tourists from other nations..
Medical Tourism Market Significant Firms
The top contenders active in the medical tourism industry include Asklepios Kliniken Verwaltungsgesellschaft mbH, Fortis Healthcare, Shouldice Hospital, Samitivej PCL, Bangkok Hospital, CHRISTUS MUGUERZA, Bumrungrad International Hospital, Clemenceau Medical Center, Schoen-Kliniken, Anadolu Medical Center, Prince Court Medical Centre, Gleneagles Global Hospitals Group, and more.
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The medical tourism industry is mildly competitive, consisting of numerous renowned companies. In the context of share, some of the reputed players at present, lead the market. With that said, with technological developments as well as provision of quality service, several mid-sized to small sized vendors are bolstering their presence worldwide by launching novel products at lesser price.
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