Global Medical Tourism Market - 2022-2029

Global Medical Tourism Market - 2022-2029

Market Overview

The global medical tourism size was valued around US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 15.35% during the forecast period (2022-2029).

Medical tourism refers to people traveling to other countries to obtain medical treatment. People with rare conditions usually travel to countries where the treatment is better provided, which may not be available in their home country. This treatment may include a wide array of medical services; however, the most frequently availed services include cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment, and others.

Market Dynamics

The rising disease burden among the population globally, as well as the availability of advanced medical technologies for the treatment of various chronic health disorders, as well as the support and assistance provided by the tourism department and the governments of the source and host destinations, and rising government investments to build strong and advanced healthcare facilities are also boosting the medical tourism market.

The easy accessibility of medical treatments in developing countries is expected to drive market growth.

Healthcare services are relatively expensive in industrialized countries such as the US and the UK. Overall medical treatment spending in developing countries is lower due to low labor costs, affordable medication availability, and low travel and lodging fees. For instance, according to OECD (Organization for Economic Co-operation and Development), patients in the US can save between 30% to 50% of the cost for treatment such as heart issues if they travel to Asia or Latin America for the same treatment. Also, the accessibility of good-quality healthcare services, along with assistance from tourism departments and local governments, are the factors that drive the growth of the global medical tourism market. Furthermore, countries including Singapore, India, and Thailand, have reduced customs duties and taxes on hospital services to minimize the cost of medical treatments. The supportive regulatory scenario and lesser expenditure will drive market growth in the forecast period.

Difficulties following up on medical procedures are expected to hamper the market growth.

The number of patients coming abroad for medical treatment is increasing; if the procedure is successful, the patient must remain in the country for an extended period in case of post-surgery complications. If this is not achievable, patients must return to the designated foreign country for rapid treatment, which is expected to be a significant restraint in the medical tourism demand. Moreover, challenges in following up with healthcare specialists once the patients return home are the factors the market is expected to get hampered in the forecast period.

COVID-19 Impact Analysis

The COVID-19 epidemic had a significant impact on the medical tourism industry. Because of stringent regulations on the movement of people and goods, the market's growth rate slowed dramatically. During the pandemic, the suspension of major transportation services, such as airlines with due risk of infection, significantly dropped medical tourists in destination centers. Moreover, the lack of availability of doctors and specialists and pharmaceutical production also hampered market growth. Thus, from the above statements, the market got affected. However, the situation is expected to improve gradually in the forecast period.

Segment Analysis

Cancer Treatment segment is expected to hold the largest market share in medical tourism

The cancer treatment segment accounted for the largest market share in 2021. The segment benefits because of the increasing prevalence of cancer worldwide. For instance, according to the International Agency for Research on Cancer, approximately 19.3 million new cancer cases and approximately 10 million cancer-related deaths were reported globally in 2020. Rise in Breast cancer prevalence among the female population, accounting for approximately 11.7% of new cancer cases in 2020, followed by lung cancer (11.4%) and colorectal cancer (10.0%). The rapid advent of many effective cancer treatments, including targeted therapies, chemotherapy, and radiation therapy, is fueling the global growth of the medical tourism market. Cancer treatment is costly, so patients increasingly turn to medical tourism to receive treatment in other nations to reduce treatment costs. This is projected to enhance the growth of this segment even further during the predicted period.

Geographical Analysis

Asia Pacific region holds the largest market share in the global medical tourism

The Asia Pacific accounted for the largest market share in 2021. The increased government and private sector spending on healthcare infrastructure development attract many patients in this region. Moreover, expanding medical research institutes and the pharmaceutical industry supports market growth in this region. In addition, Asia Pacific has become popular among medical tourists due to the availability of excellent treatment facilities at reasonable prices for foreign medical tourists. Furthermore, the rising demand for cosmetic surgery is propelling the market forward. Health insurance programs do not cover cosmetic treatments; thus, the consumer must bear the cost. The Asia Pacific offers cosmetic surgery at a low cost. The US and Europe are the two major source markets for Asia Pacific medical tourism. For instance, in the United States, Rhinoplasty costs approximately $5,483 in the United States, whereas it costs approximately Rs 1, 00,000 - 1, 50,000 in India. Thus, from the above statements, the Asia Pacific region accounted for the largest market share in the forecast period.

Competitive Landscape

Major key players in the medical tourism are Asian Heart Institute, Fortis Healthcare Limited, Aditya Birla Memorial Hospital, Barbados Fertility Center, Apollo Hospitals Enterprise, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre Seoul National University Hospital, Samitivej PCL, and Wooridul Spine Hospital.

In October 2022, a new digital platform called Croatian ZagrebMed for enhancing health and medical tourism is slated to start in May 2022. The platform will bring together approximately 20 of Croatia's major health institutes from various fields of medicine.

Apollo Hospitals Enterprise Ltd:

Overview:

Apollo Hospitals Enterprise Ltd (Apollo Hospitals) is a provider of healthcare services. It provides healthcare, clinical and diagnostic services, medical BPO, third-party administrative services, and health insurance. In addition, the organization offers business support services, telemedicine services, education, training programs, research services, and other non-profit projects. Apollo Hospitals treats heart, orthopedic, spinal cord, cancer, gastroenterological, neurological, urological, kidney, critical care, and preventative health care. Across the globe, the corporation operates 72 hospitals, 4,529 pharmacies, over 120 primary care clinics, over 700 diagnostic clinics, and over 500 telemedicine units. It has hospitals in India, Bangladesh, Mauritius, and the UK.

Product Portfolio:

The International Patient Department at Apollo Hospitals was established to assist patients in planning and preparing their travel plans to the hospital. Apollo Hospitals strives to provide world-class medical care and procedures and ensure patients feel most comfortable and at ease during treatment.

The global medical tourism report would provide an access to an approx. 45+market data table, 40+figures and 180pages.