Medical Tourism Market is Anticipated to Expand at a CAGR of Around 10.5% from 2019 to 2027
Transparency Market Research (TMR) has published a new report titled, ‘Medical Tourism Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global medical tourism market was valued at US$ 61.3 Bn in 2018 and is projected to expand at a CAGR of over 10.5% from 2019 to 2027.
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Overview
- Medical tourism refers to people traveling abroad to obtain medical treatment. In the past, this usually referred to those who traveled from less-developed countries to major medical centers in highly developed countries for treatment unavailable at home.
- Increasing Joint Commission International (JCI) accredited hospitals across the global drive the medical tourism market. Asia top medical tourism countries including China, India, Japan, South Korea, Singapore, Thailand, Malaysia, Philippines have more than 300 hundred Joint Commission International (JCI) accredited hospitals in 2016.
- Asia Pacific dominate the global medical tourism market in 2019 and the trend is anticipated to continue during the forecast period. Low medical cost, acceptance of advanced treatment and increasing health care infrastructure are anticipated to boost the growth of the medical tourism market in Asia Pacific. However, the regions is expected to gain more market share from developed markets such as Europe and North America during the forecast period from 2019 to 2027.
- Growth of the market in Europe is driven by high demand for medical treatment across the global and increasing health care expenditure in markets such as France, Italy and Germany. Moreover, increasing medical tourism market in Germany Italy Poland and UK in this region are expected to fuel the growth of the market in Europe.
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Low cost medical treatment and Advertising and marketing to Drive Global Medical Tourism Market
- Rise in health care costs in most of the developed countries is putting significant pressure on both health care providers and individuals. Health care access in several countries is regulated by government health care system and mired with delays and long waiting lists. This forces people to travel abroad to access the necessary medical treatment needs.
- Availability of more affordable treatment option in the developing countries such as India, Thailand, Malaysia, Turkey, and Singapore is also driving the medical tourism market
- The cost of surgery in Thailand, South Africa, or India is just one tenth the cost in the U.S and Western Europe. Knee replacement surgery in Thailand along with six days of physical therapy costs around one fifth that in the U.S.
- In this generation of social media, most of the patient population uses Internet as an alternative for finding information about medical care abroad. Hence, hospitals in the destination countries are focusing on inbound marketing to attract patients and spread awareness about the various facilities available.
- Social media marketing and blogging are few strategies adopted by hospitals to attract traffic to their websites. Government bodies in several countries are also providing grants, training, and medical tourism courses to spread awareness among providers and patients.
Orthopedic Surgery to Dominate Medical Tourism Market
- In terms of medical treatment, the global medical tourism market has been segmented into cosmetology, dentistry, cardiology, orthopedic surgery, neurology, oncology and others.
- Orthopedic surgery dominated the global medical tourism market in 2018 and the trend is projected to continue during the forecast period. Increasing sports injuries drive the segment globally. Major sports including Football (Soccer), Cricket, Rugby, Basketball, Baseball & Softball, Bicycling. Around 500,000 Americans leave the country each year for some sort of elective medical procedure, including orthopedic procedures. However, cardiology segment is expected to grow with the highest CAGR in the forecast period. Increasing demand for cardiovascular surgery drive this segment. US, India, Singapore and Israel dominate in the market across the global.
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Asia Pacific to Dominate Global Medical Tourism Market
- In terms of region, the global medical tourism market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global medical tourism market in 2018, followed by Europe.
- Asia Pacific accounted for major share of the global medical tourism market in 2018. The growth of the region is attributed to rising demand for medical treatments among medical tourists at low cost and high quality. According to an article published in CBI, Ministry of Foreign Affairs, European patients are increasingly travelling abroad for medical treatments as the price of European healthcare continues to rise and waiting lists are getting longer. About 14 million patients use medical services outside of their country of residence each year, according to Patients Beyond Borders.
- Increasing medical cost in developed countries such US and UK drive the medical tourism market in Latin America and Middle east & Africa region. Mexico, Costa Rica, Jordan, Turkey, Israel are dominate in this region for medical tourism market.
Competitive Landscape
The global medical tourism market is fragmented in terms of number of players. Key players in the global medical tourism market include Asklepios Kliniken GmbH, Fortis Healthcare Limited, Apollo Hospitals Enterprise Limited, Bangkok Chain Hospital Public Company Limited, Bumrungrad International Hospital, Saudi German Hospital (SGH) Group , Dr. Soliman Fakeeh Hospital, Bahrain Specialist Hospital , Hamad Medical Corporation,Al Zahra Hospital, Al Rahba Hospital, Zulekha Hospital, Samitivej PCL, Phyathai Hospitals Group, The Ac?badem Hospitals Group, Razavi Hospital, Jordan Hospital.
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