psalexa

Medical Tourism Market Size, Share, Trends, Growth and Forecast to 2030

  • Publishing: July 2021
  • Report Code: LS10198
  • Available Format: PDF

Medical Tourism Market Overview

The medical tourism market is projected to experience robust growth in the coming years, primarily due to the high healthcare costs in developed countries, bettering healthcare infrastructure in emerging economies, increasing awareness on the subject, rising compliance with international surgery standards, reducing overseas airfares, and government support for the sector.

Orthopedic treatment, dental treatment, cardiovascular treatment, cosmetic treatment, general treatment, fertility treatment, and oncological treatment are the various purposes for which people travel out of their home country. Historically, the medical tourism market has been dominated by cosmetic treatment, which is generally costly and not included in insurance plans. This is why, people visit emerging economies, particularly in the Asia-Pacific (APAC) region to get aesthetic procedures at much lower rates than developed countries.

In the coming years, oncology treatment would grow the fastest in the medical tourism market, because of a steady rise in the prevalence of cancer across the world. According to the World Health Organization, the disease was responsible for 9.6 million deaths in 2018, becoming the second largest cause of global mortality. Similarly, the National Cancer Institute of the U.S. estimated the number of new cancer cases in the country, for 2018, at 1,735,350 and associated deaths at 609,640. Several developed countries have exorbitant cancer treatment costs, while a lot of underdeveloped countries lack facilities altogether or have substandard facilities.

APAC is expected to be a lucrative region, considering the future medical tourism market growth. Several countries here have less stringent regulations regarding surgical procedures, compared to Western nations, and they also focus strongly on promoting themselves to tourists, including those coming for healthcare services. In the regional industry, Malaysia and India are expected to experience fast progress, due to their high treatment standards and low treatment costs, improving healthcare infrastructure, presence of a large number of skilled practitioners, technologically advanced disease management methods, and government initiatives to offer better healthcare.

Medical Tourism Market Dynamics

Drivers

The high cost of surgeries in developed countries is a key reason for the prosperity of the medical tourism market. Even though a lot of procedures are covered in insurance policies, they often still end up costing a lot for patients. On the contrary, the expenditure for cosmetic treatments is generally not reimbursed by insurers, as such procedures are considered elective and people’s life doesn’t always depend on them. This is why an increasing number of people are traveling to emerging economies to get treatments at significantly lower costs.

As per estimates, certain procedures cost up to 80% less in developing nations compared to developed nations. The primary reason behind this is the low labor cost in such countries, which allows hospitals and other healthcare centers to hire skilled professionals at a comparatively lower salary. As a result, the operational expenditure for healthcare firms in developing countries is lower than in Western nations. This leads to cost-effective treatment for patients, which drives the medical tourism market.

Medical Tourism Market Competitive Landscape

Asian Heart Institute, Apollo Hospital Enterprise Limited, Min-Sheng General Hospital, KPJ Healthcare Berhad, Bumrungrad International Hospital, Fortis Health Ltd., Min-Sheng General Hospital, Bangkok Hospital Medical Center, Samitivej Sukhumvit, Prince Court Medical Center, and Raffles Medical Group are the major healthcare providers operating in the medical tourism market.

Place An Order
USD 4900 USD 6400 USD 8400
Customized Report Solution

Get a bespoke market intelligence solution

 
We are committed to ensuring the highest level of client satisfaction
Quality Acknowledgement
Quality Acknowledgement

Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you

Unmatched Standards
Unmatched Standards

Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights

Reach Us
Reach Us Whenever You Need Us

With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required

Data Security
Complete Data Security

We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws