As per the report published by Allied Market Research, the globalย medical tourism marketย accounted for $104.68 billion in 2019 and is projected to reach $273.72 billion by 2027, growing at a CAGR of 12.8% from 2020 to 2027.
Affordable good quality care, accessible information and care, and assistance and support from government agencies and associations drive the growth of the global medical tourism market. However, limited coverage, lengthy partial reimbursement by payers, and difficulties associated with travel, language barriers, and VISA approval issues hamper the market growth. On the contrary, overseas promotions offers and wide hospital networks under insurance coverage for cashless transactions are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic and lockdown across various countries resulted in unprecedented disruption of various businesses, including medical tourism. The Covid-19 outbreak created uncertainty in demand for several medical products and industrial applications.
- However, prolonged lockdown disrupted the supply chain and created a supply-demand gap as well as affected manufacturing productivity.
- The major medical tourism destinations such as China and India have witnessed adverse impact due to the Covid-19 outbreak and country-wise lockdown. Moreover, travel restrictions and suspension of cross-border travels affected medical tourism.
Medical Tourism Market Segmentation:
The global medical tourism market is segmented on the basis of type and region. Based on type, the market is classified into dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others. The cancer treatment segment generated the largest share in 2019, accounting for nearly one-fifth of the market. Moreover, the orthopedic treatment segment is projected to register the highest CAGR of 14.8% during the forecast period.
The global medical tourism market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across Asia-Pacific held the largest share in 2019, contributing to more than one-third of the market. In addition, the region is projected to register the highest CAGR of 13.6% during the forecast period.
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The global medical tourism market report includes an in-depth analysis of the major market players including Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre, Samitivej PCL, Seoul National University Hospital, and Wooridul Spine Hospital.
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