Medical Tourism Market
projected to reach $143,461 million by 2025, growing at a CAGR of 12.9% from
2018 to 2025.
The process of traveling outside the country
of residence to avail medical treatment and care is known as medical tourism.
Medical tourists avail different treatments such as cancer treatment,
cardiovascular treatment, neurological treatment, fertility treatment, and
others. The escalation in healthcare costs associated in developed countries,
has forced individuals to look for affordable alternatives. This boosts the
growth of the medical tourism market.
Affordability, availability, and
accessibility of good quality healthcare services coupled with support and
assistance from tourism departments & local governments fuel the market
growth. In addition, increase in incidence of cancer and other serious ailments
is anticipated to drive the demand for healthcare services, which in turn is
expected to boost the growth of the medical tourism market. Limited coverage
and lengthy partial reimbursement offered by insurance companies along with
difficulties associated with cross border travel, such as language barriers,
connectivity, documentation, and VISA approval issues, are projected to impede
market growth. Conversely, wider hospital network under insurance coverage for
cashless transactions serve as an opportunity for the growth of the medical
tourism market.
Based on treatment type, the cancer
treatment segment accounted for the highest market share in 2017 due to surge
in incidence of cancer worldwide. This is projected to increase the number of
cross-border travelers seeking good quality cancer treatment. In addition,
cancer treatment is an expensive and prolonged treatment, hence reduced cost of
treatment in different countries fuels the growth of the market. Furthermore,
due to lack of availability of advanced treatment in some countries, patients
choose to travel to other countries that offer advanced healthcare facilities.
Key Findings of
the Medical Tourism Market:
- North America occupied nearly one-third
share of the global medical tourism market in 2017.
- The cancer treatment segment is
anticipated to grow with the highest CAGR throughout the forecast period.
- The cosmetic treatment segment accounted
for around two-fifths share of the market in 2017.
- Asia-Pacific is anticipated to grow at
the highest rate during the analysis period, followed by LAMEA.
North America accounted for the highest
market share due recent joint commission international (JCI) accreditations to
hospitals (JCI accreditation is considered the gold standard in global health
care), which makes them a preferred choice for medical tourists. In addition,
advanced specialized treatments for cancer, neurological, and cardiovascular
ailments also serves as a growth factor for the medical tourism market in North
America. Asia-Pacific possesses the highest market potential due to the
availability of good quality care at a cost less than 70% of the cost of
services in North America. In addition, significant investments by government
to improve healthcare infrastructure also contributes toward the growth of this
market.
The report provides an extensive competitive
analysis and profiles of the key market players such as Apollo Hospitals
Enterprise Limited; Fortis Healthcare Limited; Asian Heart Institute; KPJ
Healthcare Berhad; NTT Medical Center Tokyo; Seoul National University
Hospital, UZ Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital,
Barbados Fertility Center, Prince Court Medical Centre, and Samitivej PCL.
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