Growing awareness and adaptation of medical tourism among the people, is fuelling the demand of medical tourism market. Moreover, government is taking initiative for the medical tourism as it contributes to economy of country are also expected to boost the market growth.
The Global Medical Tourism Market was valued at USD xxx billion in 2020, and it is expected to reach USD xxx billion by 2027, with a CAGR of xx%, during the forecast period.
High healthcare costs in developed countries and thereby high demand for treatment in developing regions are accelerating the industry at a rapid pace. In addition, to provide better medical treatment to patient and growing demand for advance medical technology are benefiting the industry. Moreover, rising awareness about medical tourism among the people is also the propelling factor for the growth of the target market. Furthermore, the rising infertility and increasing demand for the cost-effective IVF treatment are accelerating the medical tourism.
The increasing initiatives by the several governments in the developing regions to support medical tourism will create lucrative opportunities in the market. Many hospitals have reimbursement policies through the medical health insurance policies and medical claim are creating opportunity for the rapid growth of the global medical tourism market. Medical tourism is mentioned for the group of people travelling to other countries where patients can get better medical treatment with advance technology in less cost. Medical tourism gives rise to more opportunities of jobs in healthcare sector. And also, it makes the medical treatment assessable and affordable. For example, treatment of cancer and heart diseases is more expensive in developed countries, so people migrate to other developed country for better treatment in low price. For instance, as per the report of (WHO) World Health Organization, the total price in India for the heart bypass surgery is US$ 10,000, in America it is US$ 113,000, in Poland the price of 7,410 US$, and in Malaysia US$ 9,000. Similarly, for the angioplasty, America costs 47,000 US$, in India it costs 11,000 US$, in Poland is costs 7,300 US$, in Singapore 13,000 US$. However, the lengthy process for the documentation, insufficient insurance coverage, and issues related to post-surgery follow up and complications are the factors which limits the medical tourism market growth. Outbreak of Covid 19 further negatively impacted the market as many countries restricts the travel across the border.
The global medical tourism market has been segmented based on the treatment type and region. By treatment type the market is segmented into fertility treatment, cosmetic surgery, dental surgery, cardiovascular surgery, bariatric surgery, orthopedic surgery, and oncology treatment. Oncology treatment segment accounted significant share in the global medical tourism market in 2020. Whereas medical tourism for cosmetic surgery growing at the faster pace during the forecast period.
Geographically, countries in the Asia Pacific region are expected to observe the fastest growth during the forecast period. This can be attributed to availability of technologically advanced treatment, well equipped hospitals, quality care, and cost effectivity. Additionally, investment by market players to enhance medical tourism is likely to propel the industry growth.
Key players operating in the medical tourism industry are Apollo Hospitals Enterprise Ltd., Seoul National University Hospital, Aditya Birla Health Services Ltd., Fortis Healthcare Limited, Barbados Fertility Centre, Asian Heart Institute, Healthbase, Samitivej Hospital Group, BB Healthcare Solutions, and UZ Leuven.
By Treatment Type
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