Medical Tourism Market size worth over $37.2bn by 2027

Medical Tourism Market size is set to surpass USD 37.2 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Increasing per-capita income of medical patients is one of the major reasons driving the medical tourism market growth. 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. Better hospitality services provided by the medical tourism destination will also add to the number of foreign patient visits for medical purposes. Frequent upgradation of technology allows introduction of minimally invasive devices. Also, significant rise in number of people suffering from chronic conditions will lead to high demand for economical medical treatment.

 

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Governments of various developing nations are taking initiatives to ease medical travel and attract large number of patients to impel 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. Numerous initiatives undertaken by government for promotion and ease of medical travel will attract large number of foreign patients, thereby fostering the medical tourism market demand during the forecast timeframe.
 

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

Offering medical treatment to foreign patients are subject to availability of resources and healthcare personnel. A number of 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 have to wait long to find a donor that matches with the recipient, thereby restraining the market value. 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, thereby extending the waiting time. Long wait time for certain procedures in foreign countries will significantly bar industry expansion that may result in decline of revenue in the coming years.
 

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, 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
 

Increasing prevalence of osteoarthritis and rheumatoid arthritis in developed economies will boost the market revenue

The orthopedic surgery segment in the medical tourism market accounted for USD 1.4 billion in 2020. Medical tourism for orthopedic surgery will witness exponential growth in the future. Growing number of medical travellers seeking orthopedic surgery is attributable to rising 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 rise in the future that will spur the market growth. 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. 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 rise in medical travel for availing orthopedic treatment. Other factors boosting medical tourism for orthopedic surgeries is growing proportion of geriatric population in developed countries, that is more prone to fractures due to injury and fall.
 

Growing number of people travelling to developing countries of APAC region will drive the market expansion

Asia Pacific medical tourism market held for 31% of revenue in 2020. Increasing number of people travelling to developing countries of APAC region such as India, Thailand, Malaysia and Singapore for availing medical treatments will enhance the market value. Countries such as Thailand, India and Singapore are taking initiatives to attract majority of the foreign players for various medical procedures. For instance, policy makers in developing nations are formulating new policies that will significantly lower waiting period for medical travelers to avail treatments. In addition, 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. This ensures the quality of the procedure, thereby resulting in inclination of foreign patients in APAC region.
 

Hospitals undertake inorganic growth strategies to strengthen their business revenue

The eminent players operating in the medical tourism 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, geographic expansion and marketing to sustain market position.
 

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