The Global Medical Tourism Market Size is expected to reach
Westford, USA, May 24, 2022 (GLOBE NEWSWIRE) — In a developed country, the expense of medical treatment is extremely high. Although the treatments are of high quality, the operations are considered to be on the pricey side. Aside from that, the key healthcare goods are likewise fairly expensive. This scenario puts a huge strain on healthcare systems all across the globe, especially given the recent spike in litigation costs. Healthcare providers should be aware of both direct and indirect costs, as well as how implementing prevention techniques might save money in the long run. People in wealthy countries are unable to afford the high costs of medical treatment. Insurance companies do not cover all medical expenses, forcing patients to seek treatment in other nations. In comparison to Western nations, Asia, the Middle East, and South America deliver high-quality medical services at a significantly reduced cost. There are companies that tend to all of the tourist’s medical and non-medical needs while they are on vacation. Hence, this is likely to influence the medical tourism industry growth during the forecast period.
Read market research report, ” Global Medical Tourism Market is segmented By Treatment Type (Cosmetic Treatment, Oncology Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Treatment, Fertility Treatment, Ophthalmic Treatment, and Other Treatments) & By Region- Forecast and Analysis 2020-2027” by SkyQuest
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The availability of lower-cost treatment choices combined with higher-quality care is the key reason for the offshore medical tourism market growth and popularity. Patients can save anywhere from 30% to 80% on their entire treatment expenses. The key reason for lower treatment costs in medical tourism locations is the low cost and simple availability of medical personnel. Further, patients’ urgent medical needs prompt them to look for medical tourism destinations as a viable alternative; which also contributes to the medical tourism market revenue growth. Advances in hospital administration have resulted in beneficial developments in the medical tourism industry. Hospitals are enticing medical tourists with luxurious accommodations and convenient treatment options. Following treatment, patients can make use of tourism amenities.
The Global Medical Tourism Market segmentation is done on the basis of treatment types such as cosmetic treatment, oncology treatment, cardiovascular treatment, orthopedics treatment, bariatric treatment, fertility treatment, ophthalmic treatment, and other treatments. Among these, the fertility treatment segment is projected to hold the most substantial share in the market during the forecast period. One of the most widespread therapies for which medical tourists choose to travel across foreign borders is fertility treatment.
Another fastest-growing part of the medical tourism industry is fertility tourism, often known as reproductive tourism. In 2020, approximately 49% of patients came from other regions of Asia, and 25% came from the African continent, according to internal reports from Nova IVF Fertility 2020. According to the same source, the number of African patients seeking infertility treatment in India climbed by 46% in 2020, while the number of international patients seeking infertility therapy in India increased by 8%. This results in an increased medical tourism market share across the globe.
Among the regions, the Asia-Pacific region is likely to hold a substantial share in the market. The presence of emerging economies such as Thailand, India, Singapore, South Korea, and Malaysia among many others are the prominent countries that offer their latest and most advanced medical services to medical tourists. According to the Medical Tourism Index, India is the tenth most popular destination all around the world. In addition, bypass surgery in India costs roughly USD 10,000, compared to USD 113,000 in the United States. Furthermore, nations such as Singapore, Malaysia, and South Korea are likely to gain traction throughout the forecast period as a result of a rise in patients seeking aesthetic operations.
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Further, in India, the major medical tourism market drivers include the increasing presence of multi-specialty hospitals and skilled medical professionals. Low-cost treatment and better-quality healthcare are further supporting the growth of the Indian medical tourism market. According to the India Brand Equity Foundation (IBEF), major surgery treatment in India costs about 20% less than in Western countries. The country is also attracting medical tourists from emerging nations owing to inadequate advanced medical facilities in many of these countries. The Indian medical tourism market is expected to double, owing to the cohesive policies related to medical visa approvals. India competes mainly with Thailand and Singapore for medical tourism in Asia.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
SkyQuest has segmented the Global Medical Tourism Market based on Treatment Type and Region:
- Global Medical Tourism Market By Type (Revenue, USD Million, 2020 – 2027)
- Cosmetic Treatment
- Oncology Treatment
- Cardiovascular Treatment
- Orthopedics Treatment
- Bariatric Treatment
- Fertility Treatment
- Ophthalmic Treatment
- Other Treatments
- Global Medical Tourism Market By Region (Revenue, USD Million, 2020 – 2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
List of Key Players of Medical Tourism Market
- Bumrungrad International Hospital (Thailand)
- Apollo Hospitals (India)
- Bangkok Chain Hospital (Thailand)
- Fortis Healthcare (India)
- Asian Heart Institute (India)
- KPJ Healthcare Berhad (Malaysia)
- Livonta Global (India)
- Gleneagles Hospital (India)
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