Medical Tourism Market (2018-2025) Focus to Lift Revenue with Top Growth

Affordable good quality care available in different countries across the globe is anticipated to significantly drive the growth of the medical tourism market. Furthermore, rise in prevalence of various diseases such as cardiovascular diseases, cancer, neurological diseases, and others, which require a high level of expertise and advanced equipment to attain precision is the key factor that augments the market growth.

Medical Tourism Market size was valued at $53,768 million in 2017 and is projected to reach $143,461 million by 2025, growing at a CAGR of 12.9% from 2018 to 2025.

The process of traveling outside the country of residence to avail of medical treatment and care is known as medical tourism. Medical tourists avail of different treatments such as cancer treatment, cardiovascular treatment, neurological treatment, fertility treatment, and others. The escalation in healthcare costs associated with developed countries has forced individuals to look for affordable alternatives. This boosts the growth of the medical tourism market.

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The report provides an extensive competitive analysis and profiles of the key market players such as Apollo Hospitals Enterprise Limited; Fortis Healthcare Limited; Asian Heart Institute; KPJ Healthcare Berhad; NTT Medical Center Tokyo; Seoul National University Hospital, UZ Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, Barbados Fertility Center, Prince Court Medical Centre, and Samitivej PCL.

Affordability, availability, and accessibility of good quality healthcare services coupled with support and assistance from tourism departments & local governments fuel the market growth.

In addition, the increase in the incidence of cancer and other serious ailments is anticipated to drive the demand for healthcare services, which in turn is expected to boost the growth of the medical tourism market. Limited coverage and lengthy partial reimbursement offered by insurance companies along with difficulties associated with cross border travel, such as language barriers, connectivity, documentation, and VISA approval issues, are projected to impede the market growth. Conversely, wider hospital networks under insurance coverage for cashless transactions serves as an opportunity for the growth of the medical tourism market.

Based on treatment type, the cancer treatment segment accounted for the highest market share in 2017 due to the surge in the incidence of cancer worldwide. This is projected to increase the number of cross-border travelers seeking good quality cancer treatment.

In addition, cancer treatment is an expensive and prolonged treatment, hence reduced cost of treatment in different countries fuels the growth of the market. Furthermore, due to the lack of availability of advanced treatment in some countries, patients choose to travel to other countries that offer advanced healthcare facilities.

Key Findings of the Medical Tourism Market:
• North America occupied nearly one-third share of the global medical tourism market in 2017.
• The cancer treatment segment is anticipated to grow with the highest CAGR throughout the forecast period.
• The cosmetic treatment segment accounted for around two-fifths share of the market in 2017.
• Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.

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North America accounted for the highest market share due to recent joint commission international (JCI) accreditations to hospitals (JCI accreditation is considered the gold standard in global health care), which makes them a preferred choice for medical tourists. In addition, advanced specialized treatments for cancer, neurological, and cardiovascular ailments also serves as a growth factor for the medical tourism market in North America.

Asia-Pacific possesses the highest market potential due to the availability of good quality care at a cost of less than 70% of the cost of services in North America. In addition, significant investments by the government to improve healthcare infrastructure also contributes toward the growth of this market.

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