The medical tourism market is currently worth US$167.4 billion and is expected to reach US$441 billion by 2031
Call for cost-effective yet superlative treatment to drive medical tourism market
NEW YORK, NEW YORK, USA, June 24, 2022 /EINPresswire.com/ — Medical Tourism Market 2022
The global medical tourism market is currently worth US$167.4 billion and is expected to reach US$441 billion by 2031. The medical tourism market is expected to grow at a CAGR of 10.2% from a value estimated at over 162.7 billion 2020. Affordable international travel, increased medical tourism advertising, and increased medical travel for elective procedures are key trends in this space.
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Accessibility and affordability of high-quality health care facilities, portability of health insurance, support of local governments and tourism departments, and increased advertising and marketing strategies related to medical tourism are key factors driving the growth of the market. Furthermore, the availability of advanced medical technologies in medical tourism destinations also complements the expansion of the market.
Asian countries accounted for the largest market share owing to their excellent healthcare facilities at relatively low cost of treatment, availability of cheap flights, and increased marketing and online information about the availability of medical services .
Research indicates that nearly 14 million people travel each year for medical care. The healthcare vertical, in line with this number, is to launch medical devices as well as non-invasive surgery procedures. The main reason for the exponentiation of the medical tourism market is that patients are vying for fast and advanced medical care, that too, without suffering the waiting period.
Additionally, knee replacement, cosmetic surgeries, and dental work are cheaper in Dubai, Thailand, and Singapore. And here enact the medical tourism market. For example, Singapore receives 500,000 medical tourists every year.
Also, it is a known fact that the majority of cosmetic procedures do not fall under “medical insurance”. As such, people prefer low-cost cosmetic surgeries, which is possible by traveling to the destinations and enjoying treatments at lower rates, while pursuing their hobbies. It has been reported that patients end up saving 30-80% of all treatment costs through medical tourism. These medical tourism destinations facilitate cheap labor. The good part is that the patients could enjoy these medical tourism facilities even after the treatment.
Who holds the Medical Tourism Baton?
The countries mainly concerned by medical tourism are the Czech Republic, Spain, South Korea, Taiwan, Turkey, Colombia, Brazil, Singapore, Malaysia, Mexico and Costa Rica. Thailand has long held the number one spot in medical tourism. It has more than 450 private hospitals dedicated to medical tourism. The number is not going to decrease any time soon. Thailand’s target markets now include Vietnam, Cambodia, Myanmar, Laos and China. Prerequisites such as providing smart visas for those who want to invest in medical tourism are one of the smartest measures.
How is the medical tourism market classified?
The global medical tourism market, by treatment, covers dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, etc. By age group, these are medical tourism for children, medical tourism for adolescents, medical tourism for adults and medical tourism for the geriatric population. By application, these are therapeutic services and wellness services. By traveller, it is group travelers and independent travelers. Among these, fertility treatment dominates the market as it is among the common treatments used. Research indicates that 20,000 to 25,000 couples seek assisted reproduction services abroad each year. 4% of European citizens alone receive care in other countries. North America is also following the same path. The American population is more into cosmetic surgeries; regarding medical tourism.
How has Covid-19 affected the medical tourism market?
The Covid-19 outbreak has brought the medical tourism market to a halt with partial/full closures imposed in almost every corner of the world. This was the scenario between March 2020 and September 2021. However, the post-Covid era is expected to restore normalcy to the medical tourism market. The American Academy of Facial and Reconstructive Surgery (AAFPRS) surgeons said the demand for eye lifts and facelifts increased after July 2021.
What are the Key Stake-Holders saying?
The major players in the medical tourism market are Aditya Birla Health Services Limited, Bumrungrad International Hospital, Apollo Hospitals, Bangkok Chain Hospital, Fortis Healthcare, Prince Court Medical Center Sdn Bhd, BB Healthcare Solutions Ltd., Asian Heart Institute, KPJ Healthcare Berhad. , Livonta Global and Gleneagles Hospital. There are also notable developments to list. For example, the Medical Tourism Association (MTA), in June 2019, announced a partnership with KTO (Korea Tourism Organization) due to the greater complexity of Korea’s medical services to foreign patients. Egypt, in November 2021, announced the launch of a program with the aim of providing advanced therapeutic and medical services to foreign patients.
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Key insights from market research
Cancer treatment is expected to generate $74.1 billion in revenue by 2031 at a CAGR of 9.1%.
On the basis of age group, the adult segment accounted for the highest share of 45% in 2021. The segment has witnessed strong growth owing to growing adult awareness of healthy lifestyle.
Among the applications, therapeutic services have gained popularity, accounting for 53% market share, and the segment is expected to dominate throughout the forecast period with a growth rate of 9.4%.
On a traveler basis, group travelers hold the highest revenue share of 54% at a growth rate of 9.3%.
North America accounted for the largest share of the global medical tourism market in 2020, and a similar trend is expected to continue over the forecast years.
“Higher cost of treatment in developed countries is a key factor that is expected to drive demand for medical tourism in other regions over the next few years,” says an analyst at Persistence Market Research.
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