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Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), COVID-19 Impact Analysis, Regional Outlook, Growth Outlook, Price Trends, Competitive Market Share & Forecast, 2021-2027

  • Report ID: GMI3022
  • Base Year: 2020
  • Report Format: PDF

Industry trends

Medical Tourism Market size exceeded USD 10.1 billion in 2020 and is poised to grow at over 12% CAGR between 2021 and 2027.
 

Rising awareness regarding medical tourism among patients will be one of the major factors responsible for the market growth. Various healthcare centers of developing nations, including both public and private, along with the governments are undertaking initiatives for promotion of medical tourism and various advantages offered by them.
 

Medical Tourism Market

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Low cost of medical procedures in developing countries will boost the medical tourism market expansion. Patients from other countries flew to developing countries to save significantly in terms of medical care. Although the cost of medical treatments in developing countries is low, the quality is not compromised due to availability of resources at relatively lower costs.
 

In the last few years, governments have been successful in converting respective countries into a medical travel hub. However, the COVID-19 pandemic has significantly impacted the market, as patients or individuals were not allowed to travel to their medical destination for the treatment. This has plunged those countries who depend on medical tourism into an economic crisis. However, with steady decrease in the number of new and active cases of COVID-19 infection, the industry will slowly gain momentum.
 

Issue with patient follow-up and post-surgery complications may slow down the market growth

Increasing number of patients from developed economies are traveling abroad to avail medical treatments due to availability of low-cost treatment. However, even though after successful completion of the procedure, there may be chances of development of post-surgery complications.
 

Various bariatric procedures include medical devices such as intragastric balloon and adjustable gastric band that need to be removed after a period of 6 months to 12 months. In such circumstances, the patient must again travel to foreign country and get the necessary treatments for complications. Also, there is limited chance for follow-up that is an important aspect of a treatment procedure.
 

Availability of technologically advanced and minimally invasive surgical procedures for cosmetic purposes

Medical Tourism Market Share, By Application

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The cosmetic surgery segment accounted for 17% medical tourism market share in 2020. Cosmetic surgeries mainly include hair restoration, breast augmentation, facelift procedures, rhinoplasty, and other procedures. As the influence of aesthetics is growing among people, the demand for cosmetic surgeries is increasing across the world.
 

Furthermore, increasing influence of aesthetic and cosmetic surgical procedure among the rising geriatric population base will fuel the segment growth. Increasing prevalence of obesity will lead to high demand for various body contouring procedures, accelerating the market revenue growth. The average cost of cosmetic surgeries in U.S. ranges between USD 4,500 and 12,500. Therefore, majority of the people seeking cosmetic surgeries travel abroad to avail same quality of cosmetic surgery but at 50% lesser cost.
 

Availability of latest technologies and medical equipment in the European region

Medical Tourism Market Size By Region

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Europe medical tourism market size is estimated to observe more than 11.7% growth rate during the forecast period. Major factor driving the market growth is availability of latest technologies and medical equipment that are rarely available in developing regions. Also, the process of medical device approval in the European Union is much faster as compared to that in the U.S. Moreover, countries such as Turkey and Poland are world-class destinations for medical tourism. This is attributed to availability of skilled surgeons and other healthcare personnel.
 

Sophisticated healthcare system and high healthcare expenditure by government will positively impact the market revenue. Also, the stable political environment and availability of various international reimbursement policies will encourage medical patients to visit European countries for medical treatments.
 

Adoption of inorganic business strategies will pave growth opportunities for hospitals operating in the market

Prominent players operating in the market include Asklepios Kliniken GmbH, KPJ Healthcare Berhad, Apollo Hospitals, Fortis Healthcare and Bumrungrad International Hospital, among others. These hospitals adopt various strategies such as business and geographic expansion and marketing to sustain market position.
 

The market research report on medical tourism includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Application

  • Cardiovascular surgery
  • Cosmetic surgery
    • Hair transplant
    • Breast augmentation
    • Others
  • Dental surgery
  • Orthopedic surgery
  • Bariatric surgery
  • Fertility treatment
  • Oncology treatment
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Poland
    • Turkey
    • The Netherlands
  • Asia Pacific
    • India
    • Thailand
    • Singapore
    • Malaysia
  • Latin America
    • Mexico
    • Columbia
    • Costa Rica
  • Middle East & Africa
    • South Africa
    • UAE
    • Iraq
       

 

Authors: Sumant Ugalmugale, Rupali Swain

Frequently Asked Questions (FAQ) :

The global market size for medical tourism exceeded USD 10.1 billion in 2020 and is poised to grow at over 12% CAGR between 2021 and 2027.

Europe market size is estimated to observe more than 11.7% growth rate during the forecast period, owing to faster approval for medical procedures and the availability of latest medical equipment.

The cosmetic surgery segment accounted for 17% market share in 2020, with increased access to advanced technologies and minimally invasive procedures.

Prominent industry players include Asklepios Kliniken GmbH, KPJ Healthcare Berhad, Apollo Hospitals, Fortis Healthcare and Bumrungrad International Hospital, among others.

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Premium Report Details

  • Published Date: Jan 2021
  • Companies covered: 10
  • Tables & Figures: 152
  • Countries covered: 20
  • Pages: 130

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