Medical Tourism Market to Hit $143,461 Million by 2025
The process of traveling outside the country of residence to avail medical treatment and care is known as medical tourism. Medical tourists avail different treatments such as cancer treatment, cardiovascular treatment, neurological treatment, fertility treatment, and others. The escalation in healthcare costs associated in developed countries, has forced individuals to look for affordable alternatives. This boosts the growth of the medical tourism market.
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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, increase in 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 market growth. Conversely, wider hospital network under insurance coverage for cashless transactions serve 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 surge in 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 lack of availability of advanced treatment in some countries, patients choose to travel to other countries that offer advanced healthcare facilities.
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Key Findings of the Medical Tourism Market:
o North America occupied nearly one-third share of the global medical tourism market in 2017.
o The cancer treatment segment is anticipated to grow with the highest CAGR throughout the forecast period.
o The cosmetic treatment segment accounted for around two-fifths share of the market in 2017.
o Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
North America accounted for the highest market share due 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 less than 70% of the cost of services in North America. In addition, significant investments by government to improve healthcare infrastructure also contributes toward the growth of this market.
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
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