New York, U.S., July 25, 2022 (GLOBE NEWSWIRE) — Overview of the medical tourism market
According to a comprehensive research report by Market Research Future (MRFR), “Medical tourism market Information by type of treatment and by region – Forecasts until 2027”, the market will reach USD 77.30 billion by 2027, expanding at a rate of 20.5% from 2020 to 2027.
Dynamics of the medical tourism market:
With the recent outbreak of COVID-19 and the rapid spread of the pandemic across countries, borders had to be closed and flights had to be canceled with the imposition of lockdown. The medical tourism sector has been affected to some extent by the novel coronavirus and may take a long time to recover. However, once the lockdown is lifted and a COVID-19 breakthrough is achieved, experts predict an influx of patients requiring treatment for lifestyle diseases and chronic disorders. As medical resources dwindle due to the growing need to curb the spread of SARS-CoV-2, pressure on the healthcare industry in developed countries has increased exponentially, prompting them to focus on regions with cheaper health resources.
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|Market size 2027||$77.30 billion|
|Year of reference||2019|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By type of treatment, regions|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||The availability of high quality medical services and affordable treatment options|
|Cost benefits with active government support|
It is entirely possible that once travel restrictions are lifted and the impact of COVID-19 subsides, there will be a massive increase in the number of people traveling for complex treatment. International tourists are expected to travel to countries with a high civic sense of social distancing and the availability of cost-effective personalized treatment with fewer crowds. Additionally, telemedicine has gained popularity in medical tourism, with many companies striving to obtain or develop their own equipment and tool to connect with people outside of their location. This could be a major growth driver for the medical tourism market in the coming years.
Medical tourism has various benefits to offer, some of which include advanced technologies, better healthcare, innovative medicines and medicines, personalized care, and superior hospitality, all of which are expected to enhance market demand. The lack of insurance benefits in local areas and the growing demand for procedures not covered by insurance, such as fertility treatments, sex reassignment operations, cosmetic surgery and dental reconstruction, can also promote the growth of the medical tourism market. Intense efforts in the form of deals, acquisitions and mergers by major market players to strengthen their global position are also helping to induce significant expansion.
lengthy and complicated reimbursement programs and challenges associated with travel, documentation issues, VISA approval issues and language barriers are hampering the growth of the market to a large extent.
On the contrary, large hospital networks covered by online insurance with cashless transactions will provide exciting opportunities for businesses in the medical tourism industry.
Medical Tourism Market Competitive Landscape:
Companies affluent in the medical tourism market include
- Fortis Health
- Clemenceau Medical Center
- CHRISTUS MUGUERZA
- Anadolu Medical Center
- Prince Court Medical Center
- Gleneagles Global Hospital Group
- Shouldice Hospital
- Samitivej PCL
- Bumrungrad International Hospital
- Asklepios Kliniken Verwaltungsgesellschaft mbH
- Bangkok Hospital
COVID 19 analysis
The impact of the COVID-19 outbreak has led to many serious repercussions on the health status of people across the world. The consequences are linked to the significant social and economic burden on people around the world. As key policy makers implement new frameworks and industries adopt advanced expansion models to maintain relevance, people are facing a series of mental traumas.
Around the world, the increase in cases has caused mental and economic problems, especially among the elderly. Additionally, the global population is facing challenges due to loss of livelihoods and opting for family care to cope with the repercussions. Much of the focus is on treating COVID-19 and developing a vaccine, which distracts attention from other markets. These factors will have been quite unfavorable for the medical tourism market.
Browse the in-depth market research report (90 pages) on medical tourism: https://www.marketresearchfuture.com/reports/medical-tourism-market-1975
Segmentation of the medical tourism market
By type of treatment
Key segments outlined in the MRFR in-depth study include Treatment Type, which in turn has been dissected into Cosmetic Treatments, Orthopedic/Spinal Treatments, Oncology/Cancer Treatments, Neurological/Neurosurgery Treatments, Cardiovascular/Cardiologic Treatments, fertility/IVF, dental treatments, and more. Cosmetic treatments are accelerating across the world, with surgeries such as laser tattoo removal, breast augmentation, Botox, liposuction, CoolSculpting and hair transplantation growing in popularity.
Critical surgeries like transplants and the like require healthy organs, but waiting lists are usually very long. This is one of the main reasons why people look for cheap hospitals in other countries. This helps them to have a more affordable and faster procedure. In cardiovascular/cardiological treatments, timing is absolutely important. The faster these surgeries are performed, the better the outcome. The countries with the highest number of doctors specializing in cardiology are Turkey, Spain, Thailand and many others. As a result, the medical tourism sector in these countries is doing extremely well.
The dental treatment portion of the medical tourism market is benefiting from the increasing cases of dental abnormalities and the growing popularity of cosmetic dentistry globally. Lower treatment prices, high quality dental services in foreign countries and longer waiting periods in the home country are increasing the segmental growth of the market.
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Regional overview of the medical tourism market
The APAC market, thanks to a high number of fast emerging countries, has established itself as the world leader. It is also likely that the APAC market can provide an impressive growth rate of 22% over the given period. Large-scale expenditure on technological innovations and increasing use of sophisticated medical equipment and machinery is driving the market growth in the region significantly. South Korea is an extremely popular hub for cosmetic procedures, while Thailand’s growing status as a popular tourist destination is also adding to the attractiveness of the regional market. The remarkable increase in the number of private hospitals and the wide availability of low-cost treatments have led to a massive growth in medical tourists in these countries. On the other hand, India has become a very lucrative market in recent years, due to the increase in medical procedures such as hip replacement, gastric bypass and knee replacement, which are not only effective but also more affordable.
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North America is one of the strongest markets, thanks to rapid innovations in medical technology and improvements in the quality of treatment for particular disorders in the region. Other factors promoting growth may be the presence of a thriving hospitality industry and strong healthcare infrastructure in the United States and Canada.
The European market is very promising and is on track to register a healthy growth rate of around 11%, thanks to an impressive hotel sector and the availability of well-equipped medical facilities.
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