Medical Tourism Market Is Estimated To Witness High Growth Owing To Increasing Demand for Cost-effective Healthcare Services
The global Medical Tourism Market is
estimated to be valued at US$ 32,733.7
million in 2019 and is expected to exhibit a CAGR of 12.4% over the forecast period 2019-2027, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
The Medical Tourism Market refers to the travel of people from their home
country to another country for medical treatment. This can include a wide range
of treatments and procedures such as dental work, cosmetic surgery, organ
transplantation, fertility treatments, and more. The main advantage of medical
tourism is the cost savings associated with receiving treatment in countries
where medical expenses are significantly lower than in the patient's home
country. Additionally, medical tourism allows patients to access specialized
treatments and procedures that may not be available or affordable in their home
country.
Market Key Trends:
One key trend in the Medical Tourism Market is the increasing demand for
cost-effective healthcare services. With rising healthcare costs in developed
countries, many patients are opting to travel abroad for medical treatment
where the costs are lower. This trend is driven by various factors such as
availability of high-quality healthcare facilities, skilled medical
professionals, and state-of-the-art medical technology in popular medical
tourism destinations. In addition, the ease of international travel and
advancements in communication technology have made it easier for patients to
research, plan, and book medical treatments abroad.
To cater to the growing demand for medical tourism, hospitals and healthcare
providers in popular medical tourism destinations are increasingly focusing on
offering specialized treatments and procedures, providing personalized care and
support for international patients, and adopting international quality
standards and accreditation.
However, the Medical Tourism Market also faces challenges such as concerns over
quality of care, language barriers, varying healthcare regulations and
standards across countries, and associated travel risks. As the market
continues to evolve, players in the industry are expected to address these
challenges and capitalize on the opportunities presented by the
PEST Analysis:
Political: The political factors influencing the medical tourism market include
government regulations and policies related to healthcare, investment in
healthcare infrastructure, and political stability in popular medical tourism
destinations. For example, some countries may have strict regulations on
medical procedures or may offer incentives to attract medical tourists.
Economic: Economic factors such as exchange rates, healthcare costs, and income
levels play a crucial role in the growth of the medical tourism market. Lower
healthcare costs in certain countries compared to developed nations can drive
medical tourism. Additionally, the economic growth of emerging economies can
result in increased disposable income and affordability of medical treatments
abroad.
Social: Social factors such as demographics, cultural differences, and
healthcare preferences of individuals impact the medical tourism market.
Factors like long waiting times for treatments in home countries, preference
for alternative or traditional medicine, and availability of specialized
treatments abroad can influence individuals to opt for medical tourism.
Technological: Technological advancements in healthcare, particularly in
medical procedures, telemedicine, and electronic medical records, are
significant drivers of the medical tourism market. Innovative treatments,
state-of-the-art facilities, and access to specialized doctors and equipment in
popular medical tourism destinations attract patients seeking advanced and
high-quality healthcare services.
Key Takeaways:
The global Medical Tourism Market is expected to
witness high growth, exhibiting a CAGR of 12.4% over the forecast period from
2019 to 2027. This growth can be attributed to the increasing demand for
cost-effective healthcare solutions, long waiting times for treatments in home
countries, and advancements in medical technology.
Asia is projected to be the fastest-growing and dominating region in the
medical tourism market. Countries like India, Thailand, and Malaysia are
popular destinations due to factors like lower healthcare costs, availability
of advanced medical procedures, and government support for medical tourism.
These countries have well-established medical infrastructure and a large pool
of skilled healthcare professionals.
Key players operating in the medical tourism market include Asian Heart
Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre,
Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group,
Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre, and Wooridul
Spine Hospital. These key players have a strong presence in popular medical
tourism destinations, offer a wide range of medical services, and ensure
high-quality patient care.
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