According to the latest report by IMARC Group, titled “Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global medical tourism market is expected to exhibit strong growth during 2021-2026. Medical tourism refers to a planned trip across international borders to avail particular medical treatments. These treatments range from cardiac, cosmetic, ophthalmologic, dental, and psychiatric services to various procedures, such as stem-cell transplant and gender-reassignment operations. Some of the common considerations undertaken while selecting the destination include treatment costs, the availability of skilled medical professionals and advanced healthcare facilities, and distance. Apart from improving the quality of life, medical tourism offers several economic benefits, such as generating healthcare jobs, provision of the latest medical technologies, setting global healthcare standards, enhanced knowledge exchange, and increasing foreign revenues.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Tourism Market Trends:
The increasing healthcare costs in developed regions are majorly driving the global medical tourism market growth. In line with this, the availability of state-of-the-art medical facilities and high-quality patient care at affordable costs, particularly in emerging economies, are contributing to the market growth. The escalating demand for the latest healthcare technologies, innovative medicines, and modern medical devices, are other factors responsible for the emerging shift toward medical tourism. Apart from this, the increasing need for elective procedures, which are not covered by medical insurance, such as fertility treatments, bariatric surgeries, and dentistry, are also catalyzing the market growth. Additionally, the healthcare industry, in collaboration with the tourism sector, is adopting aggressive marketing strategies to spread awareness about the availability of different medical services across the globe. Along with this, they are offering comprehensive medical tourism packages to patients, which is acting as another growth-inducing factor. Furthermore, governments of various nations are instituting novel policies to incorporate foreign patients and promote the advancement of the medical infrastructure, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of around 10% during 2021-2026.
- Based on the type of treatment, the market has been classified into cosmetic, dental, cardiovascular, orthopedic, bariatric, fertility, ophthalmic treatment, and others. Among these, cosmetic treatment represents the dominant market segment.
- Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, North America holds the leading position in the market.
- The competitive landscape of the industry has also been examined, with some of the key players being Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, BB Health Solutions., Fortis Healthcare, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre, Samitivej, Seoul National University Hospital, UZ Leuven, etc.
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