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 XXX %, during the forecast period (2021-2027).
Medical tourism refers traveling to another country for the medical treatment. People usually travelled from the underdeveloped or less developed countries to the developed countries for the better medical treatment or from developed countries to developing countries to. Medical tourism proves beneficial for the development of economy of country and gives access to the new innovative technology in the healthcare sector.
For the better and superior treatment quality and advancement of technology is the major propelling factor for the of the global medical tourism industry. In addition, the cost of treatment is less and get appropriate treatment is another driving factor for the growth of the target market. are also pushing the market to grow at a faster rate. Furthermore, the growing attention to the provision of medical tourism and the growing demand for cosmetics treatment, cardiovascular treatment, and oncology are benefiting the target market. Besides this, easy international travelling opens the way for medical tourist is the other factor for the growth of global medical tourism market. However, the patient may get complication for post-surgery follow up is the major restraining factor for the growth of target market.
By Treatment Type
Based on treatment type, the cardiovascular treatment and oncology segment was accounted for a significant share of medical tourism's market share in 2020, owing to factors such increase in number of cardiac and cancer patients and availability of advanced treatment in lesser price in developing countries or adjacent countries.
Based on region, the market has been categorised into North America, Europe, Asia-Pacific, Latin America, and Middle East Africa. Asia Pacific accounted for the significant share in the market. The dominance is expected to continue owing to numerous factors such as, availability of advanced IVF treatment and cosmetic surgeries in the region, investment by market players, and cost effectivity. Additionally, government initiatives in favour of the industry are accelerating the market growth during the forecast period.
The COVID-19 outbreak has made a slight negative impact on medical tourism market. Lockdown in many countries and restriction on the cross-border travels hamper the growth of the market. Additionally, pandemic already created burden on the healthcare facilities. Hence, many hospitals are currently not serving for cross-border patients. Large percentage of medical tourism happened for cosmetic surgery. Negative impact on cosmetic industry also affects the medical tourism market for cosmetic surgery segment.
|1||The upsurge in medical problems such as cancer, infertility, and heart problems||Positive|
|2||Ban on international flight due to lockdown in COVID- 19 pandemic||Negative|
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