The global medical tourism market reached a value of US$ 46 Billion in 2019. Medical tourism refers to organized travel across countries to receive medical treatment. It usually involves traveling abroad for maintenance, enhancement or restoration of health through advanced healthcare facilities and treatment methods. The services are often availed for elective surgeries and the treatment of various dental, cosmetic, cardiovascular, orthopaedic and neurological diseases, along with other critical ailments, such as cancer. They also enable the patients to receive high-quality treatment and other healthcare facilities at affordable costs.
The thriving medical industry across the globe is one of the key factors driving the growth of the market. Patients are increasingly adopting medical migration, owing to high treatment expenditures for chronic ailments in several developed nations. Furthermore, the availability of state-of-the-art medical facilities at affordable costs in various developing countries is attracting patients from all over the world. Healthcare centers are focusing on providing improved healthcare, innovative medicines, modern devices and personalized care to patients, thereby providing a boost to the market. Additionally, healthcare organizations and centers are also offering comprehensive medical tourism packages to patients, which include all travel-related services ranging from ticket booking to accommodation and medical insurance. Moreover, growing consumer awareness regarding the availability of advanced medical facilities is another factor favoring the market growth. Other factors, including the implementation of favourable government policies promoting the growth of the medical infrastructure and extensive research and development (R&D) activities, are projected to drive the market further. From 2021, however, the market is expected to recover and register double digit growth during 2020-2025.
Breakup by Treatment Type:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the medical tourism compaines 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.
Key Questions Answered in This Report:
The demand for medical tourism services has increased significantly on account of the restrictions implemented by the government, which include the travel across countries to receive medical treatment and enhancement or restoration of health through advanced healthcare facilities and treatment methods.
The global medical tourism market size was reached a healthy growth in 2019.
Leading medical tourism manufacturers are Aditya Birla memorial hospital, Apollo hospitals, Fortis healthcare, Asian heart institute, Barbados fertility center, BB health solutions, Seoul national university hospital, etc.
The medical tourism market is anticipated to exhibit a CAGR of 8% during 2020-2025.
The global medical tourism market is primarily drivers including the implementation of favorable government policies promoting the growth of the medical infrastructure and extensive research and development (R&D) activities
As per the IMARC Group estimates, the global medical tourism market will reach double digit growth by 2025.
At present, North America enjoys the leading position in the market, on account of the high medical services rate in the region.
The market has been analyzed on the basis of the treatment type into cosmetic, dental, cardiovascular, orthopedic, bariatric surgery, fertility, ophthalmic and others.
Based on the end user industry type, the market has been divided into diagnostics, research laboratories, point of care testing and others.
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