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Top Trends in Medical Tourism Market 2019 – 2023 by Growth Factors and Industry Players Overview

Global Medical Tourism Market is on track to witness growth at a striking CAGR of 21.4% during the review period from 2017 to 2023. The market was found to be valued at USD 70,836.9 Mn at the start of the assessment period and is estimated to grow at an impressive pace to reach a value of USD 226,762.7 Mn by the end of 2023. Patients will often travel to nearby countries where healthcare is cheaper to save money on expensive medical procedures. Medical tourism has witnessed rapid growth over the years and is expected to continue to do so. Healthcare in several parts of the world often puts a deep hole in the pocket for many patients seeking efficient medical care.

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The rising costs of certain medical procedures due to the high demand and advanced technology being implemented in developed nations has prompted many patients to seek treatment in countries which are more affordable. For example, in the US an angioplasty costs well over USD 55,000, whereas, the cost for the same procedure in an emerging economy like India is a fraction of the cost at USD 3,300.

The astonishing difference in medical costs has driven the growth of medical tourism in countries such as India. Moreover, medical tourism can offer patients shorter wait periods for certain procedures in addition to being highly affordable. Patients can receive a better level of care as countries with high medical tourism are actively improving healthcare facilities to accommodate the growing demand. Moreover, the evolving and reforming healthcare structure of emerging economies is expected to increase medical tourism in the near future.

The market is challenged by a few factors which include having to travel in a poor health condition. Moreover, language barriers in a foreign country can cause communication issues between doctors and their patients. However, due to the increasing anticipation of medical tourists in emerging economies services are improving and this is expected to drive growth further by opening the market up to opportunities.

Key Players:

Leading market players that have been included in the report’s analysis of the competition in the global medical tourism market are Bangkok Hospital (Bangkok), Bumrungrad International Hospital (Bangkok), Samitivej PCL (Thailand), Shouldice Hospital (Canada), Gleneagles Global Hospitals Group. (India), Fortis Healthcare (India), Anadolu Medical Center (Turkey), Prince Court Medical Centre (Malaysia), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Clemenceau Medical Center (Lebanon), Schoen-Kliniken (Germany), CHRISTUS MUGUERZA (Mexico) and others.

Segmentation:

The global medical tourism market has been segmented in MRFR’s report on the basis of treatment type, and region. Treatment type has been segmented into orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, dentistry, cardiovascular/cardiology treatments, fertility/IVF treatments, and neurology/neurosurgery treatment. Among these segments, the cosmetic treatments segment is growing at a striking pace due to the high cost of cosmetic procedures in developed countries. The demand for these treatments particularly in countries with affordable option is driving the segment’s growth.

Regional Analysis:

The Asia Pacific medical tourism market leads growth, and the region shares its rapid growth with parts of the Americas. Emerging economies in the APAC and the Americas have highly affordable healthcare provisions for a number of treatments. APAC leads the market with a share of 43.7% and is expected to grow exponentially over the forecast period. The region is adopting advanced technology and working towards catering to the growing demographic of medical tourists. Anticipating a CAGR of 22%, the APAC is expected to retain its leading market position. Parts of Europe, namely Easter Europe are also expected to witness significant growth over the forecast period.

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