New York, US, July 25, 2022 (GLOBE NEWSWIRE) -- Medical Tourism Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Tourism Market Information by Treatment Type, and Region - Forecast till 2027”, the market will be touching USD 77.30 Billion by 2027, expanding at a rate of 20.5% from 2020 to 2027.
Medical Tourism Market Dynamics:
Market Drivers:
With the recent COVID-19 outbreak and the rapid pandemic spread across countries, borders had to be closed and flights had to be cancelled with the imposition of the lockdown. Medical tourism sector has been affected by the novel coronavirus to some extent and can possibly take a long time to recover. However, once the lockdown is lifted and a COVID-19 breakthrough is achieved, experts anticipate an influx of patients requiring treatment for lifestyle diseases and chronic disorders. With medical resources getting exhausted due to the rising need to curb the spread of SARS-CoV-2, the pressure on the healthcare industry across developed countries has mounted exponentially, prompting them to steer their focus towards regions with cheaper healthcare resources.
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Report Scope:
| Report Attribute | Details |
| 2027 Market Size | USD 77.30 billion |
| CAGR | 20.5% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Treatment Type, Regions |
| Geographies 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 quite possible that once travel restrictions are lifted and the COVID-19 impact goes down, there could be a massive spike in the number of people traveling to obtain complex treatment. International tourists are expected to shift to nations with a high civic sense of social distancing and availability of cost-effective personalized treatment along with less crowd. Also, telemedicine has gained significant traction in medical tourism, with numerous companies striving to obtain or develop their own equipment and tool to connect to people outside their location. This could be a major growth booster for the medical tourism market in the years to come.
Medical tourism has various benefits to offer, some of which include advanced technologies, better healthcare, innovative drugs and medicines, personalized care and superior hospitality, all of which are anticipated to bolster the market demand. Lack of insurance benefits in local regions and the soaring demand for procedures that do not fall under the insurance such as fertility treatment, gender reassignment operations, cosmetic surgery and dental reconstruction can foster the market growth for medical tourism as well. Intense efforts in the form of agreements, acquisitions and mergers by the top market participants with the aim to bolster their global position also help induce significant expansion.
Market Restraints:
lengthy, complicated reimbursement schemes and the challenges associated with travel, documentation issues, VISA approval issues, and language barriers impede the market growth to a large extent.
On the contrary, large hospital networks that come under insurance coverage in line with cashless transactions will provide attractive opportunities to companies in the medical tourism industry.
Medical Tourism Market Competitive Landscape:
The affluent firms in the medical tourism market include
- Fortis Healthcare
- Clemenceau Medical Center
- CHRISTUS MUGUERZA
- Anadolu Medical Center
- Prince Court Medical Centre
- Gleneagles Global Hospitals Group
- Shouldice Hospital
- Samitivej PCL
- Bumrungrad International Hospital
- Asklepios Kliniken Verwaltungsgesellschaft mbH
- Schoen-Kliniken
- Bangkok Hospital
COVID 19 Analysis
The COVID-19 outbreak’s impact has led to numerous severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. These factors will have been quite unfavorable for the medical tourism market.
Browse In-depth Market Research Report (90 Pages) on Medical Tourism: https://www.marketresearchfuture.com/reports/medical-tourism-market-1975
Medical Tourism Market Segmentation
By Treatment Type
The key segments outlined in the extensive MRFR study include treatment type, which in turn has been dissected into cosmetic treatments, orthopedic/spine treatments, oncology/cancer treatments, neurology/neurosurgery treatment, cardiovascular/cardiology treatments, fertility/IVF treatments, dentistry treatments, and more. Cosmetic treatments are picking up speed across the globe, with the rising popularity of surgeries like laser tattoo removal, breast augmentation, Botox, liposuction, CoolSculpting, and hair transplant.
Crucial surgeries like transplantations and others require healthy organs but the waiting lists are generally very long. This is one of the key reasons people look for low-cost hospitals in other countries. This helps them have a more affordable and quicker procedure. In cardiovascular/cardiology 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 include Turkey, Spain, Thailand, and many more. As a result, the medical tourism sector in these countries is performing exceedingly well.
The dentistry treatments portion of the medical tourism market benefits from the surging instances of dental abnormalities and the rising popularity of cosmetic dentistry worldwide. Lower treatment prices along with high-quality dental service in foreign countries, and longer waiting periods in the home country elevate the segmental growth in the market.
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Medical Tourism Market Regional Insights
The APAC market, thanks to a high number of fast emerging countries, has emerged as the global leader. It is also likely that the APAC market can procure an impressive growth rate of 22% over the given period. Large-scale spending on technological innovations and the rising use of sophisticated medical equipment and machinery substantially boost the market growth in the region. South Korea is an extremely popular hub for cosmetic procedures, while Thailand’s growing status as a desirable tourist destination also adds to the regional market’s attractiveness. The remarkable surge in the number of private hospitals and the high availability of low-cost treatment has led to massive growth in medical tourists in these countries. On the other hand, India has become a highly lucrative market in recent years, as a result of the rising medical procedures such as hip replacement, gastric bypass, and knee replacement, which are not only effective but more affordable as well.
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North America is one of the strongest markets, thanks to the rapid innovations in medical technology and the improving quality of treatment for special disorders in the region. Other growth-promoting factors can be the presence of the thriving hospitality sector and the robust healthcare infrastructure in the United States and Canada.
The European market shows a lot of promise and is on track to garner a healthy growth rate of around 11%, on account of an impressive hospitality sector and the availability of well-equipped medical facilities.
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