Medical Tourism Market: Current Analysis and Forecast (2021-2024)
Medical tourism occurs when consumers elect to travel across international borders to receive some form of medical treatment. This treatment may span the full range of medical services, but most commonly includes dental care, cosmetic surgery, elective surgery, and fertility treatment. There has been a shift towards patients from richer, more developed nations traveling to less developed countries to access health services, largely driven by the low-cost treatments available in the latter and helped by cheap flights and internet sources of information
The medical tourism industry faces unreliable data when defining and measuring the market by the number of patients. According to the Medical Tourism Association, about 14 million people in the world travel to other countries in search of medical care annually. It is an activity worth between 50 and 70 thousand million dollars. Moreover, the global number of medical tourists has reached 50 million, and an annual increase of 25% is expected in the next decade, as revealed by OCED.
The factors such as cost savings, availability of hospital beds, good surgeons, and doctors are some of the factors which are driving the medical tourism market. In a study, it was found that Satisfied medical tourists can save from 25% to 75% of the costs. Depending on the type of medical service they require, the savings amount can reach up to 90%. This varies depending on the country and the type of procedure that is performed.
Some of the facts on the Medical Tourism Industry:
Medical services in Panama cost between 40% and 70% less than in the United States or Canada.
In Hungary, one can save from 40% to 50% of the cost in dentistry and cosmetic surgeries.
Mexico is the favorite destination for Americans, offering from 25% to 35% in medical services savings. There are nine hospitals certified by the Joint Commission International.
India provides health care services at a cost 20% lower than the United States. In Thailand, the cost is 30% less.
Singapore has 13 hospitals accredited by the Joint Commission International, with services costing 35% less than in North America
Based on the Treatment Type, the Medical Tourism market is segregated inti Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment and Others. The cancer treatment segment generated revenue worth USD XX million in 2020 and is expected to reach USD XX million by 2024.
For a better understanding of the market adoption of the Medical Tourism market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. Asia-Pacific constitutes a major market for the Medical Tourism industry and generated revenue of USD XX Million in 2020 owing to the availability of quality care at economic rate and inexpensive flights.
Some of the major players operating in the market are 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 and Barbados Fertility Center. Several M&As along with partnerships have been undertaken by these players to develop Medical Tourism solutions.