Medical Tourism Market is valued at USD 35.89 Billion in 2018 and expected to reach USD 113.20 Billion by 2024 with the CAGR of 21.1% over the forecast period.
Medical tourism refers to people traveling abroad to get medical treatment. This usually mentioned those who travel from less-developed countries to major medical centers in highly developed countries for treatment. For the individual curious about health services, cost is that the key factor involved within the decision to receive medical aid overseas. People are ready to pay travel, medical treatment and accommodation expenses in emerging medical tourism destinations for a lesser price than cost needed in home countries and receive quality medical aid at many health tourism destinations. Most patients choose medical tourism for elective procedures also as complex specialized surgeries like joint replacement, cardiac surgery, dental surgery, and cosmetic surgeries. Medical tourism has several benefits for the patients seeking medical help with limited budget. Within the most recent stage within the development of technological and medical facilities, diagnostics, and procedures makes medical tourism all the more useful.
Key Players for Global Medical Tourism Market Reports–
Global medical tourism market report covers prominent players are like Mount Elizabeth Hospital, Apollo Hospitals Enterprise Limited and Asian Heart Institute, Asklepios Kliniken GmbH, Bumrungrad International Hospital, and among others.
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Global medical tourism market report is segmented on the basis of medical treatment, and regional & country level. Based upon medical treatment medical tourism market is classified into cosmetology, dentistry, cardiology, orthopedic surgery, neurology, and oncology.
The regions covered in this Global Medical Tourism market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, medical tourism market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
News:Feb 26, 2016
E-tourist visa extension, medical tourism to boost sector
The Economic Survey has suggested further measures to boost the country’s tourism sector like improvements within the e-tourist visa, lower goods and services tax (GST) for related services and promotion of medical tourism, among others.There is a requirement for improvements within the e-tourist visa (eTV) and ordinary visa which include extension of the eTV window to 180 days rather than the present 30 days before the tour, need for multiple entry eTV rather than the prevailing single-entry-eTV .
Global Medical Tourism market Segmentation –
By Medical Treatment:-
Cosmetology, Dentistry, Cardiology, Orthopedic Surgery, Neurology, Oncology
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Rising Availability of high medical quality of cardiovascular surgery, cosmetic and dental surgery is one of the key factors which drive the growth of Medical Tourism market.
Availability of minimally invasive surgical procedures, dental surgery is expected to drive the market growth in the forecast period. Majority of the people arelooking for cosmetic surgeries travel abroad so as to avail high-quality cosmetic treatment but at 50% lesser cost, thereby driving industry growth across the forecast period.An estimated 17.9 million people died from cardiovascular disease in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. Oral diseases pose a major health burden for many countries and affect people throughout their lifetime, causing pain, discomfort, defect and even death. Oral disease affects 3.9 billion people worldwide. This increasing cardiovascular and oral disease leads to availability of high medical quality of cardiovascular surgery and dental surgery. Infection outbreaks during or after travel and Post-operative care quality can decrease is the factor which hampers the growth of medical tourism market. Increasing number of private hospitals, improvements in overall healthcare infrastructure and cheaper treatment costs are responsible for the growth of medical tourism market.
Asia pacific is dominating the Medical Tourism Market
Asia pacific is expected to dominate the growth of medical tourism market, owing to factors such as growth in prevalence of chronic diseases and surge in geriatric population. Nearly 300 million people suffering from chronic diseases in China. In Asia pacific chronic non-communicable disease prevalence will increase by at least 40% by 2030. Almost 80% of all deaths in people aged 60 years or over are attributable to chronic non-communicable disease. Additionally the North America is second most leading region for the growth of this market, due to increasing prevalence of chronic diseases. Cardiovascular disease remains the leading cause of death in the United States, responsible for 840,768 deaths in 2016. Chronic diseases affect approximately 133 million Americans, representing more than 40% of the total population of this country. By 2020, that number is projected to grow to an estimated 157 million, with 81 million having multiple conditions.
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