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 practice of traveling to another country in order to receive medical treatment at a lower cost or with better facilities than available in one’s own country. This market offers a wide range of healthcare services including cosmetic surgeries, dental treatments, cardiac surgeries, and fertility treatments, among others. The rising healthcare costs in developed countries, long waiting times for medical procedures, and the availability of high-quality healthcare services at lower costs in developing countries are the major factors driving the growth of the medical tourism market. Patients from developed countries, especially the US and Europe, are increasingly opting to travel to countries such as India, Thailand, and Singapore for medical treatments.
Market Dynamics:
The medical tourism market is primarily driven by two key factors – affordability and availability of high-quality healthcare services. The rising healthcare costs in developed countries, along with long waiting times for medical procedures, are prompting individuals to seek treatment abroad at a fraction of the cost. Developing countries such as India, Thailand, and Malaysia are some of the top destinations for medical tourism due to their world-class healthcare facilities and well-trained medical professionals. Additionally, the availability of advanced medical technologies and procedures, coupled with the presence of internationally accredited hospitals, is further boosting the growth of the medical tourism market. Furthermore, increased government support and initiatives to promote medical tourism, along with the ease of travel and reduced travel costs, are also contributing to the market growth. Overall, the medical tourism market is expected to witness significant growth in the coming years, providing opportunities for both patients and healthcare providers.
Segment Analysis:
The medical tourism market can be segmented based on the type of treatment sought by patients. One of the dominating sub-segments in this market is cosmetic surgery. With the increasing importance of physical appearance and the desire for aesthetic enhancements, cosmetic surgery has become one of the most sought-after treatments in medical tourism. Patients from all around the world travel to countries like Thailand, Brazil, and Mexico for affordable and high-quality cosmetic surgery procedures. These countries have developed a strong reputation for their expertise in this field, excellent facilities, and competitive prices, making them the preferred destinations for patients seeking cosmetic surgery. Additionally, the advancements in technology and the availability of various cosmetic procedures contribute to the dominance of this sub-segment in the medical tourism market.
PEST Analysis:
Political: The political factors influencing the medical tourism market include government regulations, healthcare policies, and visa requirements. Governments play a crucial role in promoting medical tourism by creating favorable policies and providing incentives for the development of healthcare infrastructure.
Economic: The economic factors impacting the medical tourism market include the cost of treatment, exchange rates, and disposable income of patients. The affordability of medical procedures, especially in developing countries, attracts patients from countries with higher healthcare costs.
Social: Sociocultural factors like patient preferences, cultural beliefs, and healthcare attitudes influence the medical tourism market. Patients often choose medical tourism for reasons like better quality of care, shorter waiting times, and access to specialized treatments not available in their home countries.
Technological: Technological advancements in medical procedures, telemedicine, and digital healthcare solutions have made medical tourism more accessible and convenient. Innovative technologies enable patients to communicate with healthcare providers, access medical records, and receive virtual consultations before and after their travel.
Key Takeaways:
– The global Medical Tourism Market Share is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period (2019-2027), driven by the increasing demand for affordable and high-quality healthcare services.
– Asia Pacific is the fastest-growing and dominating region in the medical tourism market. Countries like Thailand, India, and Malaysia attract a large number of international patients due to their advanced healthcare infrastructure, skilled medical professionals, and cost-effective treatments.
– Key players operating in the medical tourism market include Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre, and Wooridul Spine Hospital. These players offer a wide range of medical services, maintain international quality standards, and have established themselves as trusted destinations for medical tourists.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
