Medical Tourism Market Global Players:
Shouldice Hospital (Canada), Clemenceau Medical Center (Lebanon), Fortis Healthcare (India), Samitivej PCL (Thailand), Anadolu Medical Center (Turkey), Schön-Kliniken (Germany), Gleneagles Global Hospitals Group (India), Bumrungrad International Hospital (Thailand), Bangkok Hospital (Thailand), CHRISTUS MUGUERZA (Mexico), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), and Prince Court Medical Centre (Malaysia) are the notable players in the medical tourism market.
Medical Tourism Market Global Overview:
High and unpredictable healthcare costs in the developed economies such as the US and Canada have driven patients to the developing countries to seek medical help, in order to save costs on medical procedures. The developing countries are being challenged with the growing burden of chronic diseases, while healthcare costs show no sign of reduction. Amidst such situations, the medical tourism market is thriving. Market Research Future (MRFR) has launched a comprehensive report on the global medical tourism market, covering the key dynamics that can impel the growth of the market over the forecast period of 2017-2023. As per MRFR’s analysis, the medical tourism market is likely to reach USD 226,762.7 Mn at a CAGR of 21.4% by the end of 2023. The market was valued at USD 70,836.9 Mn in 2017.
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As per various studies, foreign patients generate more revenue in private hospitals than local patients do in most Asian countries. Medical tourism is an economical option for patients of western countries to seek medical help as the cost of healthcare in developed countries is exorbitant in such countries. Plus, Asian countries provide quality healthcare, which motivates patients to opt for medical tourism.
The cost of medical procedures varies strikingly among developed and developing countries. Angioplasty and other medical procedures, which costs around USD 57,000 in the US, can be attained at just USD 3,300 in India. Such difference is healthcare costs have resulted in an exodus of patients from developed countries to the developing countries. Moreover, the waiting time in such countries is quite less as compared to the US and Canada. Besides, attracting foreign tourists is a major strategy by developing counties to boost their economy and healthcare sector and are investing heavily on upgradation of healthcare infrastructure which is fueling the growth of the market.
Concurrently, the growth of the market can be impeded by obstacles such as language barrier and cost of travel. Certain medical treatments require months for recovery, which raises the cost of healthcare and can act as a headwind for the growth of the medical tourism market. Furthermore, travelling to distant countries with health complications can worsen the condition of patients which too remains a challenge for the growth of the market.
The medical tourism market has been segmented on the basis of type which includes neurology/neurosurgery treatments, orthopedic/spine treatments, fertility/IVF treatments, cosmetic treatments, cardiovascular/cardiology treatments, oncology/cancer treatments, and dental treatments. The cosmetic treatments segment is leading the global medical tourism market and offers lucrative growth opportunities. Developed countries provide sophisticated cosmetic treatments at cheaper prices, which lure patients from various parts of the world. Facial rejuvenation and breast augmentation and reconstruction are among the most sought-after cosmetic procedures. Growing demand for cosmetic treatments is likely to augment the growth of the market in the coming years.
Region-wise, the medical tourism market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The APAC accounts for 43.7% share of the global market and is leading the market. With a number of developing countries present in the region, who are investing heavily on their healthcare sector, the APAC medical tourism market is poised for growth. These countries are equipping their healthcare sector with state-of-the-art medical facilities, which paves the way for the growth of the market. Investment in procurement of advanced technological capabilities by the governments as well as private sector is also supporting the growth of the market. South Korea is a prime destination for cosmetic treatments. The APAC medical tourism market is likely to capture a CAGR of 22% over the forecast period.
The developing regions of the Americas is also experiencing growth spurts which would help the market tread forward in the coming years.
Europe is likely to exhibit remarkable growth in the coming years. As per the estimates of World Health Organization (WHO), Hungary is gradually emerging as a medical tourism hub in Europe. It is a popular place for dental treatments. Central and Eastern Europe are expected to establish themselves as medical tourism hotspots in the coming years.
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