Medical tourism is also known as medical travel or health tourism. This term usually refers to traveling to abroad or another country to seek healthcare services. Patients from different countries are traveling outside their home country for the purpose of receiving medical treatments and wellness service. Travelling abroad for medical treatment is not a recent trend, it has been gaining more momentum and media interest in the last decades. According to a report by Oxford Economics and Visa, around 11-14 million people travel abroad for healthcare services.
The Oxford Economics and Visa report estimates that around 11-14 million people travel abroad for healthcare services every year.
The Global Medical Tourism Marketwill generate an explosive double digit CAGR of 21.4% during the forecast period (2017-2023).
Market drivers include ease of travelling and development of air transport. Availability of cost-effective quality treatment in developing countries and rising geriatric population also propel market sales. Moreover, advancements in communications, adoption of in-vitro fertilization, surrogacy, retro-production, and assistance from tourism departments drive the industry.
High cost of treatment in developed countries is another strong driver of the market. It has been witnessed that the cost of treatments in the U.S. is almost 60 % higher than developing countries. Moreover, former Soviet economies, such as Poland, Slovakia, and others leverage their healthcare infrastructure for medical tourism, driving the market.
Availability and falling divergence of latest medical technologies throughout the world, growing penetration of health insurance and better prospects offered by medical tourism players are propelling the market to newer heights. International accreditation is a key factor, boosting worldwide medical tourism. Currently, over 600 health facilities globally are accredited by the U.S. Joint Commission International (JCI), which is growing by 20% each year.
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Key Players in the Global Medical Tourism Market
Some of the key players in this market are
- Asklepios Kliniken Verwaltungs gesellschaft mbH (Germany),
- Fortis Healthcare (India),
- Gleneagles Global Hospitals Group. (India),
- Prince Court Medical Centre (Malaysia),
- Samitivej PCL (Thailand),
- Christus Muguerza (Mexico),
- Anadolu Medical Center (Turkey)
Segments of Medical tourism market:
Treatment types – Orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, fertility/IVF treatments, and others.
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The Orthopedic/spine segment is expected to hold the greatest market shares by the value of 14.9 %, which is anticipated to generate USD 27, 902.8 million by 2023. Oncology/Cancer is estimated to be the fastest growing segment, at a CAGR rate of 21.9% during the forecast period.
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