Medical Tourism Market worth over $37 Bn by 2027

Medical Tourism Market size is set to surpass USD 37 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Increasing per-capita income of medical patients across the globe will drive the medical tourism market demand. Favorable exchange rates and various packages offered by traveling companies will fuel number of medical travelers. Many airline companies offer economical prices to attract large number of international travelers. This will further increase the affordability and encourage patients to travel abroad for availing medical treatments.
 

 

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Governments of various developing nations are taking initiatives to ease medical travel

Governments of various developing nations are taking initiatives to ease medical travel and attract large number of patients to boost medical tourism in the countries. For instance, in May 2017, government of Netherlands announced that it will issue electronic visa (e-visa) to patients of about 150 countries including U.S., UK, UAE, Iraq and other European & Asian countries for medical treatments in Netherlands. Also, the country is framing new policies for medical tourists that will assure simple, quick, and high-quality medical treatment for foreign patients. Furthermore, various private hospitals are offering attractive tour packages that caters to the overall needs of medical travelers ranging from transit to stay.
 

Browse key industry insights spread across 130 pages with 140 market data tables & 12 figures & charts from the report,Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Turkey, Poland, The Netherlands, India, Thailand, Singapore, Malaysia, Mexico, Columbia, Costa Rica, South Africa, UAE, Iraq), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-tourism-market

 

Long wait time for certain procedures in foreign countries will hamper the medical tourism market growth

Offering medical treatment to foreign patients are subject to availability of resources and healthcare personnel. Several medical treatments that are rare and available in few selected countries will lead to increase in wait time for availing surgery. Also, there are few procedures such as kidney transplantation, bone marrow transplantation, liver transplant that require proper matching of the organ. The patients must wait long to find a donor that matches with the recipient. Moreover, delays in visa approval and various anti-social activities in Iraq and Somalia are among other factors that may cause delay in receiving medical visa approval.
 

Increasing prevalence of osteoarthritis and rheumatoid arthritis in developed economies

The orthopedic surgery segment revenue in the medical tourism market was around USD 1.4 billion in 2020. Increasing number of medical travellers seeking orthopaedic surgery is attributed to increasing number of people suffering from osteoarthritis and osteoporosis. With increasing prevalence of osteoarthritis and rheumatoid arthritis in developed countries, the demand for orthopedic surgeries in foreign countries will increase in the future.
 

Also, orthopedic surgeries in U.S. costs between USD 28,000 and 110,000. This range is 25-75% higher when compared to surgery cost in developing countries. Moreover, the quality of surgery in developing countries comply with international standards and offer effective treatment. Employment of sophisticated equipment for performing surgical procedures in developing countries also contributes to increase in medical travel for availing orthopedic treatment. Other factors boosting medical tourism for orthopedic surgeries is increasing proportion of geriatric population in developed countries, that is more prone to fractures due to injury and fall.
 

Increasing number of people travelling to developing countries of Asia Pacific region

Asia Pacific medical tourism market accounted for 31% revenue share in 2020, due to increasing number of people travelling to developing countries of Asia Pacific region such as India, Thailand, Malaysia, and Singapore for availing medical treatments. Countries such as Thailand, India and Singapore are taking initiatives to attract majority of the foreign players for various medical procedures.
 

Furthermore, the cost of majority of the surgeries in Asia Pacific region is 50%-60% less as compared to developed countries such as the U.S. and UK. Majority of the surgeries offered by public and private healthcare institutions are compliant with international standards. Also, majority of the hospitals in the region offer technologically advanced treatments with employment of cutting-edge and sophisticated equipment.

 

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