Medical Tourism Market Scope
The medical tourism market is expected to reach USD 77.30 Billion by the end of 2027, says Market Research Future (MRFR). Between 2020 and 2027, the worldwide medical tourism market will be thriving at a rate of 20.5%, given the rising popularity of India, and Japan as prime tourism destinations among international travelers.
Major Growth Drivers and Deterrents
Specialty clinics and hospitals in a few countries are supported by advanced research infrastructure while doctors are backed by registered skilled nurses compared to some developed countries. Moreover, lesser technological developments at home countries compel patients to travel to other countries for lower-priced treatments. Patient care has become the core focus point as well as protocol for patient care, with the right measures in place for the referral, discharge, transfer, and follow-up of patients.
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Majority of the patients deal with side effects or post-procedure complications. This highlights the importance of post-treatment care among the medical care system within the patient’s home country or the tourist has to come back overseas if their home country doesn’t provide the necessary care. Additionally, numerous foreign laws in developing countries are not as stringent as those in developed nations like in Ireland and the US. In addition, compensation rate for medical malpractice generally differs and the compensation rate for medical injury is significantly lower compared to other jurisdictions. This situation also prompts the medical tourists to travel to developing countries with stronger regulatory framework.
In the past decade, governments have successfully converted their countries into a prime travel destination. But the COVID-19 outbreak has significantly has been unfavorable for the worldwide market, with individuals not allowed to move to medical destination for receiving treatment. Therefore, the countries depending on medical tourism as their primary economic source had to face a huge revenue crisis. However, with the continuous decline in the number of active and new cases of the COVID-19 infection, the worldwide medical tourism market will steadily gain momentum all over again.
Medical Tourism Market Segmentation
The treatment types covered in the MRFR study include cardiovascular/cardiology treatments, oncology/cancer treatments, fertility/IVF treatments, cosmetic treatments, dentistry treatments, orthopedic/spine treatments, neurology/neurosurgery treatment, and many more.
Medical Tourism Market Regional Insight
With the highest profit margin, Asia Pacific is the currently the market leader. The region’s substantial growth in the worldwide medical tourism market can be accredited to the presence of fast-paced developing countries like Japan, China and India. These countries are mostly focused on the upgradation of their medical infrastructure, and spend largely on technological advances, which attract hoard of medical tourists. The rising use of advanced, state-of-the-art medical equipment and machinery by the healthcare professionals also encourage business growth. India has been seeing tremendous growth in the region, as the country has become a popular destination among medical tourists, who are provided with various cost-effective treatment options. The country’s main USP is the availability of several aromatherapeutic procedures, and ayurvedic massages, which note high demand among tourists. The region medical tourism market is favored by the presence of top-notch medical expertise as well as services that come in reasonable prices.
The European medical tourism market also shows a lot of promise. The top factors elevating the market position in the region include the availability of cutting-edge technologies as well as medical equipment that are generally unavailable in emerging regions. Moreover, the faster procedure of medical device approval in the region compared to the ones in the U.S adds to the market value. Countries like Poland and Turkey are rising as world-class tourist destinations where the population of skilled surgeons and healthcare personnel is significantly high. advanced healthcare systems and substantial government expenditure for healthcare further enhance the medical tourism market share in the region.
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Medical Tourism Market Key Players
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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