The Global "Medical Tourism Market" is expected to grow at a CAGR of 15.35% during the forecasting period (2022-2029).
Medical tourism refers to people traveling to other countries to obtain medical treatment. People with rare conditions usually travel to countries where the treatment is better provided, which may not be available in their home country. This treatment may include a wide array of medical services; however, the most frequently availed services include cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment, and others. Availability of benefits such as better healthcare, latest technologies, innovative medicines, modern devices, better hospitality, and personalized care are some of the factors expected to drive the global medical tourism market over the forecast period (2019-2026).
Affordability is one of the major factors driving the global medical tourism market. For instance, according to OECD (Organization for Economic Co-operation and Development), patients in the U.S. can save between 30% to 50% of the cost for treatment such as heart issues, if they travel to Asia or Latin America for the same treatment. Also, the accessibility of good quality healthcare services, along with assistance from tourism departments and local governments, are the factors that drive the growth of the global medical tourism market.
Besides, the availability of the latest medical technologies in medical tourism hubs, throughout the world, is expected to fuel the market growth. Furthermore, due to the lack of availability of advanced treatment in some countries, patients choose to travel to other countries with advanced healthcare facilities.
Based on treatment type, the global Medical Tourism market is broadly segmented as dental treatment, cardiovascular treatment, cosmetic treatment, cancer treatment, neurological treatment, oncology treatment, and others. Among all these, cosmetic treatment accounted for the most significant medical tourism market share in 2018. Over the forecast period (2019-2026) cancer treatment segment is expected to show the fastest market growth. It is owing to the surge in the incidence of cancer worldwide. According to WHO (World Health Organization), 2018, the global cancer rate has risen to 18.1 million new cases and 9.6 million deaths. Globally, about 1 in 6 deaths is due to cancer. Also, cancer treatment is an expensive and prolonged treatment, hence reduced cost of treatment in different countries boosts the growth of the market. According to American Cancer Society, 2019, estimated number of new cancer cases and deaths will be 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States.
The global Medical Tourism market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region accounted for a major market share in 2018 and is projected to grow at a significant pace over the forecast period (2019-2026). It is owing to the considerable price difference in treatments, tourism-friendly nature of the countries, and lesser stringent regulations associated with cosmetic procedures. Furthermore, development in healthcare infrastructure and economy boost the market growth in Asia-Pacific. For instance, India attracted more than 4 million medical tourists in 2016, generating around €4 billion in health care revenue. Similarly, in Thailand, which has perhaps the most advanced medical tourism sector, 3.5 million foreign patients spent more than €4 billion on health care in 2016. In Singapore, medical tourism accounted for almost €1.6 billion with close to 900,000 patients in 2016.
Significant players of the global medical tourism market are Bumrungrad International Hospital, Mount Elizabeth Hospital, Apollo Hospitals Enterprise Limited; Fortis Healthcare Limited, Bangkok Chain Hospital, Asian Heart Institute; KPJ Healthcare Berhad, KPJ Healthcare Berhad, Asklepios Kliniken GmbH, and others. Majority of these prominent players are adopting a few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the global medical tourism market. For instance, in June 2018, BookDoc collaborated with Bumrungrad International Hospital in Thailand.
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