The global medical tourism market size is anticipated to gain impetus from the advancement of medical treatment at minimal cost and better medical experience. Also known as surgical tourism or health tourism, medical travel receives complete support from governments so as to promote the exceptional healthcare services offered. In the past few years this sector has gained immense recognition. As per the Global Healthcare Resources, an average of 11 million people travel to different corners of the world for medical assistance every year and this counts to an estimated 3-4% of the global population. A recent report by Fortune Business Insights titled, “Medical Tourism Market Size, Share and Global Trend By Type (Domestic, International), By Treatment (Cosmetology, Dentistry, Cardiology, Orthopedic Surgery, Neurology, Oncology, Other), and Geography Forecast till 2026,”offers insights into the market and its prime growth trajectories.
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The Report Focuses on key Factors such as:
- Competitive landscape of the market
- Key drivers, restraints, current trends, challenges, and future opportunities of the market
- Impact of COVID-19 on worldwide travel
- Major industry developments of the market, and other interesting insights
- List of players in the market and the strategies adopted by them to gain momentum in the market.
Drivers & Restraints-
Increasing Demand for Better Healthcare Services at Efficient Prices
The increasing number of complicated chronic diseases and the availability of advanced treatment at minimal cost are the two key factors boosting the medical tourism market growth. In addition to this, governments of various nations are promoting the growth of exceptional healthcare services, thereby contributing to the rapid growth of the market. On the contrary, poor quality outcomes, lack of transport and network infrastructure, and slow response time may cause major hindrance to the market in the coming years.
Nevertheless, the growing demand for the latest medical technologies at affordable rates is likely to create lucrative growth opportunities for the market in the coming years.
Cosmetology Segment Covered Major Shares Owing to Rising Popularity of Cosmetic Surgeries
Based on segmentation by treatment, the cosmetology segment held the largest medical tourism market share in 2018. This is attributable to the increasing beauty standards worldwide, the popularity and success rates of Botox, and other surgeries followed by the rising popularity of cosmetic surgeries especially by players located in Brazil and the U.S.4
North America Covered Highest Share on Account of Better Quality Treatment Offers
Based on regional segmentation, North America earned the highest revenue in 2018 on account of the increasing emphasis on better quality treatment at efficient prices. Besides this, the rise in geriatric population, and the increasing inclination towards aesthetic surgeries are also adding a boost to the regional market. On the other side, the Middle East and Africa and Asia Pacific markets are expected to witness progressive growth in the coming years on account of the improving healthcare infrastructure with better therapeutic experience for the patient, and minimal treatment cost. The World Health Organization estimates 1.5 million people traveling to Thailand as medical tourists.
Players are engaged in private-public partnerships and investing massively for providing better accommodation facilities to tourists coming for treatment purposes. This will help attract more revenue to the market. Besides this, players are also engaging in the construction of new clinics, which can accommodate more visiting physicians and specialists namely gynecologists, gastroenterologists, obstetricians, and others. Such strategies are likely to help players gain a significant position in the market competition.
Key Industry Developments of the Medical Tourism Market include:
2015 – A report by Medical Tourism states India holds the highest quality of medical tourism destinations at the lowest cost. This is possible due to the public-private partnerships to ensure quality diagnosis and comfort simultaneously. This strategy is likely to help India emerge as one of the major hubs of medical tourism.
June 2019 – The construction of a 1500 square foot clinic located in Causeway Bay, China was declared by Clear bridge Health to ail both medical tourists and domestic patients. This newly constructed clinic will hold the accommodation for numerous vising specialists and physicians such as gastroenterologists, gynecologists, obstetricians, and others.
Fortune Business Insights™ lists out the names of market manufacturers. They are as follows:
- Apollo Hospitals Enterprise Limited
- Bangkok Chain Hospital
- Asklepios Kliniken GmbH
- Bumrungrad International Hospital
- Asian Heart Institute
- KPJ Healthcare Berhad
- Fortis Healthcare Limited
- Mount Elizabeth Hospital
- Other players
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Name- Raginee Sarkar
Raginee currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and marketing content, blogging, film scripting, and news reporting. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.
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