by The Medical Tourism Market is estimated to be valued at US$ 32,733.7 million in 2019 and is expected to exhibit a CAGR of 12.4% over the forecast period 2019 – 2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Medical Tourism Market refers to the travel of individuals to foreign countries to receive medical treatment at a lower cost compared to their home country. This market provides an opportunity for patients to receive high-quality healthcare services, including surgical procedures, dental treatments, and cosmetic surgeries, at affordable prices. Medical tourism is particularly popular in developing countries where healthcare costs are significantly lower than in developed countries. The market is driven by factors such as the increasing demand for cost-effective healthcare services, availability of advanced medical technologies, and rising awareness about the opportunities provided by medical tourism.
Market Dynamics:
The Medical Tourism Market is primarily driven by two key factors. Firstly, the increasing demand for cost-effective healthcare services is a major driver for the market. Patients from developed countries with high healthcare costs opt for medical tourism to access quality healthcare services at lower costs in developing countries. Secondly, rising awareness about medical tourism opportunities among individuals seeking specialized treatments is driving market growth. The availability of advanced medical technologies and highly skilled healthcare professionals in popular medical tourism destinations further enhance the attractiveness of this market. With these drivers in place, the Medical Tourism Market is expected to witness high growth during the forecast period.
Segment Analysis:
The medical tourism market can be segmented based on treatment type, country, and region. In terms of treatment type, the dominating segment is cosmetic surgery and dentistry. This segment is driven by the increasing demand for cosmetic procedures such as liposuction, breast augmentation, and dental implants. People from developed countries often travel to developing countries to undergo these procedures due to the lower cost and availability of advanced medical technology in these regions.
PEST Analysis:
– Political: The political stability of a country plays a crucial role in attracting medical tourists. Countries with stable governments and favorable healthcare policies are more likely to be preferred by medical tourists.
– Economic: The affordability and cost-effectiveness of medical treatments in a particular country influence medical tourism. Developing countries offering high-quality medical care at lower costs attract a significant number of medical tourists.
– Social: Changing social attitudes towards healthcare and a growing emphasis on personal appearance drive the demand for medical tourism. People are increasingly willing to travel abroad for cosmetic procedures and specialized treatments.
– Technological: Advancements in medical technology and healthcare infrastructure are essential factors in the growth of medical tourism. Countries with state-of-the-art medical facilities and advanced treatment options are more likely to attract medical tourists.
Key Takeaways:
The global Medical Tourism Market is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period. This growth can be attributed to the increasing demand for cosmetic surgery and dentistry procedures. Developing countries in Asia, such as Thailand, India, and Malaysia, are the fastest-growing and dominating regions in the medical tourism market. These countries offer advanced medical facilities, expert healthcare professionals, and affordable treatment options. Asian Heart Association, Apollo Hospitals Enterprise Ltd., and Prince Court Medical Centre are among the key players operating in the medical tourism market. These players have established a strong presence and reputation in the industry, attracting a significant number of medical tourists.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
