Market Research Future (MRFR) forecasts that the global medical tourism market is growing at a steady pace and it is expected to grow at a CAGR of 21.4% during the forecasted period (2017-2023. Medical tourism is one of the most dynamically growing industries today, driven by globalization and rising healthcare costs in developed economies. Moreover, many governments across the globe have taken up initiatives, to stimulate and enhance medical tourism, in a bid to improve patient quality care and boost the market. In addition, availability of the latest medical technologies and increasing compliance with international quality standards fuel the market growth. Moreover, the use of English as the primary working language helps to solve the problem of communication and ensures patient satisfaction, which in turn favors the market growth globally. Furthermore, health insurance portability, advertising, and marketing are some of the other crucial factors that augment the expansion of the medical tourism market.
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However, the fact that medical tourists are highly prone to various health risks after returning to their home country could potentially hamper the market growth in the coming years. But on the other hand, ever-evolving innovation and demonstrable achievements in medical research could very well mean an exponential growth for the market during the forecast period. In addition to this, medical tourism is supported by easier and cheaper international travel rate. Also, availability of cost-effective treatments, quality service & less waiting period, along with growing geriatric & middle-class population have aided the market’s successful foray into many regions.
The key players striving to make their mark in the global medical tourism market include Gleneagles Global Hospitals Group. (India), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), etc.
The report mentions that the global medical tourism market is segmented on the basis of treatment types.
The treatment type is sub-segmented into orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, fertility/IVF treatments, and others. The low cost of infertility treatment in various parts of the world and the modern assisted reproductive technology (ART) available, together make the segment of infertility treatments highly popular. For instance, the ART Bill 2010 provides a framework for married and unmarried couples, and also for single parents on the lookout for surrogacy options in India. Its objective is to regulate and investigate the ART procedure conducted across the nation.
The global medical tourism market is spread across majorly four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
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Globally, the Asia Pacific region dominates the market, in particular, India, due to rising developing healthcare infrastructure, increasing government support, and infusion of cost-effective treatments. Moreover, continuous innovation in the treatment methods coupled with presence of leading players offers a myriad range of opportunities for the market growth.
The Americas region has captured the second largest market share globally on account of readily available innovative healthcare solutions for diagnostics and treatment. Furthermore, increasing healthcare investments by government along with private sectors portray a highly positive outlook for the market in the region.
The European market, on the other hand, is showing a lot of promise as people from the region are constantly traveling to the America and Asia Pacific region to seek cost-effective treatments. The countries in the region, such as Poland, Belgium, Hungary, and Czech Republic are adding on to this growth in a big way. It has also been observed that Germany is attracting more number of foreign patients, because of the high level of medical care and technical advances offered by the healthcare system. It also enables the western medical travelers to reduce the waiting times which are unavoidable in the United Kingdom, Canada, and Ireland.
The Middle East & Africa is expected to exhibit limited growth due to limited access to the healthcare resources combined with lack of advanced treatment methods. However, medical tourism is touted as the next big thing in the region owing to increasing digitization, since international medical tourists are now able to book their procedures online, along with continuously widening range of healthcare-related services in the region.
Supreme Medicine Advisors (SMA) and Reproductive Medicine Associates of New York (RMA) have developed a program that is explicitly designed to meet the need of families in China, for reproductive medicine. This is to cater to the demand for healthier next generations in the country. The program aims to serve families with the most advanced medical technology and comprehensive & professional concierge services. With this collaboration, a large number of families in China will be able to access the sophisticated reproductive technology with convenience and with language and cultural support throughout the process. This collaboration, in its small way, encourages patients to seek medical assistance and also enables the global medical tourism market to grow phenomenally.
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