The global medical tourism market is riding the wave of success as the world struggles to find affordable healthcare solutions. Fairfield Market Research predicts that the global medical tourism market is expected to witness incredible traction between 2021 and 2025 as the prevalence of chronic diseases remains persistent across the globe. As the medical tourism destination ups its game with the latest technologies such as robotics, improved hospitality, state-of-the-art palliative care units and easy access to medications, the market has received accolades and accreditation from a growing international clientele.
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COVID-19 causes momentary decline in global medical tourism market
Statistics observed by Patients Beyond Borders show that by the end of 2030, the global medical tourism industry will grow by 25%. Despite COVID-19, demand for medical tourism is expected to gain traction as healthcare is expected to become more expensive in developed economies. Analysts predict that the coronavirus will lead to lower revenues for the medical tourism industry as it ravages the systems of developing economies. However, with the deployment of vaccines and eventual waves of the pandemic, the market will show an upward trajectory. The report suggests that developing economies must rapidly develop mechanisms to control the pandemic in order to benefit from requests for elective surgeries via medical tourism as a backlog among patients builds up.
Bariatric, orthopedic and ophthalmological surgeries to earn the most
The different types of medical procedures often required in the medical tourism industry relate to cancer, cardiovascular disease, cosmetic treatment, dental treatment and infertility, among others. Bariatric, orthopedic and ophthalmic surgeries have also generated high revenues in recent years. Analysts predict that the demand for bariatric surgery, cancer and cardiovascular surgery will remain high throughout the forecast period. Orthopedic procedures such as hip and knee replacement will also be sought after solutions by international clients. The relatively affordable cost of dental procedures and cosmetic surgeries will also attract medical tourists, predicts Fairfield Market Research in its upcoming research report.
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Fertility tourism will put Asia-Pacific in the lead
In terms of geography, major countries driving the global medical tourism market include Thailand, India, Malaysia, Turkey, Singapore, South Korea, and Taiwan, among others. This should put Asia-Pacific in the lead in the years to come. The growing number of private hospitals, improved healthcare infrastructure, reduced language barriers, internet availability and accessibility have all contributed to the region’s success.
In recent years, countries like India, Iran, and Mexico have seen an increase in fertility tourism. A growing community of LGBTQIA, infertility, celibacy, and aging issues has resulted in a high demand for procedures such as in vitro fertilization (IVF), artificial insemination, donor search, and surrogacy. The lack of fertility insurance coverage has also driven many people into fertility tourism, giving the segment a significant boost.
The research report includes an in-depth study of major players in the global medical tourism market such as Samitivej Hospitals, Bumrungrad International Hospital, Fortis Hospitals, Bangkok Hospital Group, and Apollo Hospitals Enterprise Ltd.
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By type of treatment
• Dental treatment
• Cosmetic treatment
• Cardiovascular treatment
• Orthopedic treatment
• Neurological treatment
• Cancer treatment
• Fertility treatment
• Other treatments
• North America
• Asia Pacific
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