The process of traveling outside the country of residence to avail of medical treatment and care is known as medical tourism. Medical tourists avail different treatments such as cancer treatment, cardiovascular treatment, neurological treatment, and fertility treatment. The escalation in healthcare costs associated in developed countries has forced individuals to seek for affordable alternatives. This boosts the growth of the global medical tourism market.
Allied Market Research has just completed and published a study report with the title Medical Tourism Market Size was Valued at USD 104.68 billion in 2019 and is Projected to Garner USD 273.72 billion by 2027 registering a CAGR of 12.8% from 2020 to 2027.
Rise in healthcare costs especially in developed countries, such as the U.S., has resulted in patients seeking for affordable options in emerging markets such as India and Singapore. Affordability and accessibility of quality healthcare services along with assistance from tourism departments and local governments fuel the growth of the medical tourism market worldwide.
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Covid-19 scenario:
- The global medical tourism industry has been through an unprecedented disruption during the Covid-19 outbreak, which resulted in uncertainty in demand for various medical products and industrial applications.
- Prolonged lockdown, on the other hand, disrupted the supply chain which affected the manufacturing processesas well as created shortage of raw materials.
- China and India, which are amongst the major medical tourism destinations have undergone adverse impact due to the Covid-19 outbreak and country-wise lockdown. Also, travel restrictions and postponement of cross-border travels further affected the medical tourism market.
- The government bodies, however, are now initiating to loosen up the regulations, which may assist the industry to recoup soon.
Top Medical Tourism Companies: –
- 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
- Wooridul Spine Hospital.
Medical Tourism Market Segmentation: –
By Treatment Type
⦁ Dental Treatment
⦁ Cosmetic Treatment
⦁ Cardiovascular Treatment
⦁ Orthopedic Treatment
⦁ Neurological Treatment
⦁ Cancer Treatment
⦁ Fertility Treatment
⦁ Other Treatments
Based on region, the global medical tourism market across Asia-Pacific dominated in 2019, with more than one-third of the market. Additionally, the region is also anticipated to manifest the highest CAGR of 13.6% during the forecast period. This is owing to the availability of quality care at relatively low cost of treatments, inexpensive flights, and increase in marketing & online consumer information about the accessibility of medical services. At the same time, the market across North America is expected to grow at a CAGR of 11.4% during the forecast period.
Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are main factors responsible for new product launch?
- How big is the global & regional market in terms of revenue, sales and production?
- How far will the market grow in forecast period in terms of revenue, sales and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
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By Region Outlook
North America
⦁ U.S.
⦁ Canada
⦁ Mexico
Europe
⦁ UK
⦁ Germany
⦁ France
⦁ Italy
⦁ Russia
⦁ Rest of Europe
Asia-Pacific
⦁ China
⦁ Japan
⦁ India
⦁ Australia
⦁ Rest of Asia-Pacific
LAMEA
⦁ Brazil
⦁ UAE
⦁ Turkey
⦁ Saudi Arabia
⦁ Rest of LAMEA
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