Medical tourism involves traveling across international borders to access medical treatment, which is not available in patients’ respective country. It generates direct foreign exchange income and adds to the overall economy of countries as well as offers business and employment opportunities to residents. In addition, medical tourism helps in growth relevant industries including, healthcare devices, pharmaceuticals, and tourism.
Moving ahead, governments in various countries are increasingly investing in water supply facilities and public transport system to attract high-end tourists to capitalize on growth of medical tourism market. Over the forecast period 2020-30, the medical tourism market will grow at a tremendous CAGR.
Global Medical Tourism Market – Growth Drivers
Lengthy waiting times and high treatment expenses of medical procedures are substantially influencing customers to opt for medical tourism. These factors are further backed by cheaper and easier overseas travel. Additionally, medical tourism offers relaxation from strict regulations from the insurance companies.
Medical expertise in tandem with international recognition are driving overseas patient flow, thus, expanding international medical tourism. For instance, the U.S. Joint Commission International (JCI) has accredited over 600 healthcare departments and hospitals across the world.
After Surgery Complications to Hamper Market Growth
While the medical tourism market is making significant strides, it brings tourists to vicinity of health risks after they return including, deep vein thrombosis, paratyphoid, and amoebic dysentery. Inadequate post-operative care and lack of proper rest are responsible for such adverse health conditions. Strict paper works, issues associated with visa approval, and limited reimbursement are further having a negative impact on the medical tourism market.
Impact of COVID-19 on Medical Tourism Market
The COVID-19 pandemic is having fatal impacts on the medical tourism market. International travels have come to a standstill in order to curb the spread of the coronavirus. Studies suggest halts in international travel for further six months will result in loss of US$ 3 Bn. Moreover, health resources of many countries are getting exhausted in terms of medical services.
That said, as governments gradually relax travel restrictions, patients will focus on hygiene and personalized treatment. They will opt for countries where there is continual sense of social distancing, and availability of proper transport facilities. Many countries are coming up with new visa policies, as well as asking for medical certificate from designated healthcare institutions. Further, tele-medicines and tele-consultation will gain upward trend in near future.
Regional Analysis of Medical Tourism Market
South and Southeast Asia will remain at forefront in the medical tourism market, primarily driven by supportive government policies. Thailand, South Korea, and Malaysia are among the highly preferred medical tourism destinations. Thailand, in particular, has approximately 500 private hospitals and the number is anticipated to grow significantly. Furthermore, growth in infrastructure, and low cost treatment are proliferating medical tourism market in Asia.
Medical Tourism Market: Competitive Landscape
Market players are focusing on offering excellent service quality, and optimum patient convenience at relatively cheaper costs for several treatments. For instance, Apollo Cradle and Children Hospital has launched its app to provide tele-consultation and medications for children who cannot visit hospital.
Further, various players are entering into mergers & acquisition (M&A), and to uphold hegemony in medical tourism market. For instance, Bumrungrad International Hospital (Bangkok) has collaborated with IBM Watson for better cancer care.
- Heart Institute
- Apollo Hospitals
- Prince Court Medical Centre
- Gleneagles Hospital
- Min-Sheng General Hospital
- Samitivej Sukhumvit Hospital
- Raffles Medical Group
- Clemenceau Medical Centre
- Bangkok Hospital
- Bumrungrad International Hospital
- Fortis Healthcare Ltd.
- Wooridul Spine Hospital
- KPJ Healthcare Berhad
- Anadolu Medical Centre
- Asklepios Klinik Barmbek.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Taxonomical Analysis of Medical Tourism Market
Medical tourism market can be segmented on the basis of the following,
By Treatment Type
- Dental Treatment
- Cosmetic Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- Other Treatments
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