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.
The availability of state-of-the-art medical facilities at affordable costs in various developing countries is another factor attracting patients to access healthcare treatment from all over the world. Along with this, inadequate insurance benefits in various countries and the growing demand for surgeries that are not covered by medical insurance have prompted healthcare organizations to offer comprehensive medical tourism packages to patients. These packages include all travel-related services, ranging from ticket booking to accommodation and medical insurance. However, the industry is facing challenges due to travel restrictions imposed by the governments across the globe in response to the ongoing spread of coronavirus (COVID-19) disease.
The numerous benefits offered by the medical facilities in certain countries, including personalized care, modern devices, innovative medicines and latest technologies, represent the primary factor propelling the global medical tourism industry. These advancements have prompted Individuals to travel from developing to developed economies for receiving medical treatment of improved quality. They are also seeking medical care for rare conditions, including stem-cell transplants and gender-reassignment operations, that are not available in their home country. Apart from this, rapid globalization, improving access to air travel and availability of relevant information over the internet have promoted medical tourism among the masses.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical tourism market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, type, service, organization size, and verticle.
Breakup by Treatment Type:
Among these, cosmetic treatment represents the dominant market segment, accounting for the majority of the total market share. Since cosmetic treatments are considered to be elective procedures, their costs are not covered by medical insurance plans. The cost of cosmetic procedures, however, are considerably lower in numerous developing countries, which has impelled individuals to opt for medical tourism in order to access better quality healthcare services at affordable prices.
The growth of the medical tourism market are answerable the increasing number of private and government hospital, improvements in healthcare infrastructure and responsible cheaper treatment. It is most important leads of revenue statistics in developing economics to improve their healthcare business. The demand of medical tourism increase in the number of private hospital to improve treatment quality, analysis of personal care, modern technologies are responsible of the growing international patients.
Breakup by Region:
At present, North America holds the leading position in the market. This can be attributed to the availability of improved medical services in the region, along with the presence of highly qualified medical professionals with expertise in numerous fields, especially in neurology and oncology.
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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