Medical Tourism Market Forecasts to 2028 – Global Analysis by Type (International, Domestic), Service Provider (Private, Public), Healthcare Service (Medical Treatment, Alternative Treatment, Wellness), Age Group (Adolescent, Children, Adults, Geriatric), Travellers (Group Travelers, Independent Travelers), Application, End User and By Geography
According to Stratistics MRC, the Global Medical Tourism Market is accounted for $22814 million in 2022 and is expected to reach $75224.6 million by 2028 growing at a CAGR of 22% during the forecast period. People travel abroad for medical care that may not be offered in their home country, a practise known as medical tourism. Patients looking for top-notch medical care are flocking to developed countries with state-of-the-art medical infrastructure. The price of receiving medical care varies greatly between nations. A region's potential as a centre for medical tourism will therefore depend on aspects such as price and access to excellent medical care. The market is booming as people's disposable incomes increase across many emerging countries.
According to the Medical Tourism Association (MTA), every year around 14 million people globally travel to other countries for medical care. According to the World Tourism Organization, the number of tourists declined by 84% in the Asia Pacific region in the year 2020 as compared to the year 2019. According to the American Academy of Facial and Reconstructive Surgery (AAFPRS) surgeons, there has been an increase in the appointments and treatments for a facelift, eyelift, among others in July 2021.
Market Dynamics:
Driver:
Low medical treatment costs
In wealthy nations, the price of healthcare services is comparatively expensive. Due to affordable medications, low labour costs, and low travel and lodging costs, the overall cost of medical treatment is lower in underdeveloped countries than in developed ones. Although there may be benefits, the standard of care is not diminished and is comparable to that offered by wealthy nations. During the projected period, a favourable regulatory environment and lower costs will increase market size for medical tourism.
Restraint:
Difficulties in following up after medical procedures
Patients are travelling more frequently for medical treatment overseas, but once the procedure is properly finished, it is imperative that the patient remain in the country for an extended amount of time in case of post-surgery difficulties. Patients must return to the specified foreign nation for rapid treatment if this is not possible, which is likely to become a significant limitation on the demand for medical tourism. The industry's growth may also be constrained by the need for air travel after surgical procedures and the challenge of following up with healthcare providers once patients return home.
Opportunity:
Expansion of Inbound Medical Travel to Raise Market Potential
The globe is getting closer to implementing improved medical facilities for value-based care as a result of growing technology developments in the healthcare sector, including those related to medical devices, surgical techniques, wearable healthcare, connected healthcare, etc. With the help of information and communication technology, telemedicine, and telehealth, patients from all over the world may now easily schedule appointments, consult doctors, and receive high-quality care. This has caused the rate of inbound tourism to underdeveloped countries to increase. Consequently, the desire for affordable treatment and its accessibility
Threat:
Pandemic Outbreaks Resulting in Travel Restrictions
Medical tourism is entirely dependent on international travel capabilities. A pandemic outbreak or strong country government restrictions on receiving medical care overseas impede the market's expansion. For instance, the World Tourism Organization claims that the COVID-19 pandemic's introduction caused a nearly global fall in tourism. This subsequently had an effect on the sector, limiting market expansion due to a fall in the demand for medical technologies and procedures among passengers from abroad. As a result, this factor is responsible for lowering market value during the projected period and is expected to delay the return to pre-pandemic growth for a longer period of time.
Covid-19 Impact:
The COVID-19 epidemic had a detrimental effect on the market's expansion as a whole. Non-emergency elective standards of care, including cosmetic surgery, dental surgery, and hair transplantation, among others, had to be delayed due to the rising number of COVID-19 patients in 2020 and beyond. Several wellness facilities, hospitals, and medical tourism service providers temporarily stopped operating during the pandemic. However, it is projected that the business will show a favorable development trajectory in the years to come thanks to the global economic recovery and a general easing of travel restrictions.
The bariatric surgery is expected to be the largest during the forecast period
The number of patients having weight-loss surgery has sharply grown recently. The increase is being attributed to a number of factors; including upgraded technologies and dynamic pricing with insurance companies picking up some of the tab. Global obesity cases are on the rise, which will benefit the bariatric surgery sector of the medical tourism market. Due to bad eating habits and an increase in the number of people leading sedentary lives, the bariatric surgery segment, anticipated to hold largest share in the medical tourism market during the forecast period.
The cardiovascular segment is expected to have the highest CAGR during the forecast period
During the forecast period, the cardiovascular surgery is anticipated to have the highest CAGR growth rate in the most lucrative segment. The expansion of this market is being driven by an increase in cardiovascular disease occurrences and deaths. poor eating patterns and people's sedentary lifestyles. Cardiovascular illnesses are primarily caused by rising cigarette use and physical inactivity. With expanding urbanisation, rising employment, and rising fast food consumption worldwide, it is anticipated that there would be an increase in cardiovascular cases in the upcoming years.
Region with highest share:
Due to the availability of high-quality care at reasonable prices for treatments, the availability of cheap flights, and an increase in marketing and online consumer information about the availability of medical services, Asia-Pacific held the largest market share for medical tourism. The government's substantial expenditures to upgrade the healthcare system also aid in the expansion of this sector.
Region with highest CAGR:
Due to the expanding medical infrastructure and facilities for medical tourists in various countries, Europe held the top spot in the industry. Even though the epidemic caused travel and tourism to be disrupted, which resulted in a fall in the number of tourists visiting the European region, several nations have since launched full-fledged plans to offer better facilities and services. To encourage medical tourism to the nation, Europe stated that the country's borders would be opened to travellers who had received the appropriate vaccinations.
Key players in the market
Some of the key players in Medical Tourism market include Apollo Hospitals Enterprise Limited, Samitivej PCL , Samitivej PCL, Shouldice Hospital, Clemenceau Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad, Fortis Healthcare Limited, Asklepios Kliniken GmbH & Co. KGaA, Max Healthcare, Raffles Medical Group, Narayana Health, Aditya Birla Memorial Hospital, Asian Heart Institute, Barbados Fertility Center, Prince Court Medical Centre, ITL World, Global Healthcare Connection Inc., Medical E-Med sol Pvt. Ltd., Christus Muguerza Super Specialty Hospital
Key Developments:
In August 2022, Apollo Hospitals on expansion mode in Gurugram and Chennai. Apollo Hospitals announced the acquisition of a hospital asset in Gurugram with a potential of 650 beds over 7 lakh square feet from Nayati Healthcare and Research NCR Private Limited, for a consideration of around ₹450 crore. Spread across 5.63 acres of land, the acquisition marked the entry of the group in Haryana.
In May 2021, Fortis Healthcare announced demerging its hospital business Fortis Hospitals into Manipal Hospitals and selling its 20% stake in diagnostics company SRL.
In October 2020, The Indian Railway Catering and Tourism Corporation (IRCTC) partnered with Chennai-based Apollo Hospitals to offer hassle-free travel for people who travel for medical care. IRCTC is also looking to expand the service to neighbouring countries such as Sri Lanka and Bangladesh in collaboration with airline services and other travel facilitators in those countries.
Types Covered:
• International
• Domestic
Service Providers Covered:
• Private
• Public
Healthcare Services Covered:
• Medical Treatment
• Alternative Treatment
• Wellness
Age Groups Covered:
• Adolescent
• Children
• Adults
• Geriatric
Travellers Covered:
• Group Travelers
• Independent Travelers
Applications Covered:
• Cardiovascular surgery
• Cosmetic Surgery
• Orthopedic surgery
• Dental surgery
• Bariatric surgery
• Oncology treatment
• Fertility treatment
• Other Applications
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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