Medical Tourism Market to Reach 53.51 USD Billion by 2028; Availability of Lower-cost Care to Aid Market Expansion
Medical tourism has gained immense traction across the world, especially across developed regions. The Medical Tourism Association (MTA) reports that more than 14 million individuals worldwide travel to other countries for medical treatment each year. Moreover, according to a report by McKinsey & Company, 40% of people travel to countries to seek medical care from highly trained professionals and through advanced healthcare technology. Availability of lower-cost treatment in numerous countries for various conditions will support medical tourism market growth during the forecast period.
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April 2021 - HexTransforma Healthcare unveiled Brit-Med - a novel medical tourism platform - to allow patients worldwide to search, compare, and avail the desired treatment.
Travel Restrictions Hampered Medical Tourism Market Outlook during 2020
The outbreak and rapid spread of the COVID-19 pandemic led to strict containment measures across most countries. In the Asia Pacific region, for example, the number of tourists declined by 84% in 2020, compared to 2019, as per the World Tourism Organization. Social and travel restrictions enforced to limit the spread of the coronavirus outbreak affected the market for medical tourism to a great extent. The market dynamics have been also impacted by the postponement of non-essential and elective surgeries amid rising COVID-19 cases. However, the market is set for recovery as the COVID-19 situation improves and country borders reopen.
On the basis of healthcare services, the market is classified into wellness treatment, medical treatment, and alternative treatment. The wellness treatment segment is further broken down into rejuvenation procedures, cosmetic procedures, and others. The medical treatment segment is divided into cardiac procedures, dental procedures, orthopedic & spine procedures, oncology procedures, and others.
By service provider, the market is bifurcated into private and public.
In terms of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/medical-tourism-market-100681
The report offers:
• Major growth drivers, restraints, opportunities, and potential challenges for the market.
• Comprehensive insights into the global as well as regional developments.
• List of key industry players.
• Major strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Rise in Inbound Medical Travel owing to Low-cost Care to Augment Market Growth
Medical tourism market growth will be accelerated by the expansion of inbound medical travel. Continuous developments in healthcare in terms of medical devices, wearables, surgical procedures, and connected technologies have enabled better healthcare delivery. Telemedicine, telehealth, and other technologies are allowing patients to book appointments, consult doctors, and avail quality care from anywhere in the world. These factors have led to increased inbound medical travel in developing nations such as India and Thailand.
The lower cost of treatments in developing countries compared to developed countries will sustain the growth of medical tourism in the forthcoming years. The Medical and Health Tourism Congress (MHTC) reports that medical treatment in Asian countries is much cheaper than private hospitals in developed countries such as the U.S. For instance, a heart bypass surgery would cost USD 13,000 in Thailand, compared to USD 113,000 in the U.S.
Despite rapid developments in the field, the COVID-19 pandemic has affected medical tourism market growth. Considering the highly uncertain nature of the pandemic, with new COVID-19 variants emerging in different countries, the market could experience some roadblocks during 2021-2028.
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Rising number of Medical Tourists in North America to Foster Market Growth
North America is anticipated to have a substantial chunk of the medical tourism market share over the projected timeframe. In 2020, the regional market generated USD 3.00 billion in terms of annual revenue. Growth is attributable to the high rate of medical tourists in the U.S. to receive cardiac, orthopedic, and other forms of medical care.
The market in Europe is expanding owing to the presence of well-established healthcare infrastructure and the availability of advanced medical facilities. France, Spain, Belgium, and the U.K. are expected to witness a rising number of medical tourists in the coming years.
Meanwhile, in the Asia Pacific region, the market is driven by the availability of lower-cost medical care.
List of Key Players Present in the Market
• Bumrungrad International Hospital (Bangkok, Thailand)
• Apollo Hospitals (Chennai, India)
• Bangkok Chain Hospital (Nonthaburi, Thailand)
• Fortis Healthcare (Delhi, India)
• Asian Heart Institute (Mumbai, India)
• KPJ Healthcare Berhad (Kuala Lumpur, Malaysia)
• Livonta Global (Ahmedabad, India)
• Gleneagles Hospital (Mumbai, India)
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