Medical Tourism Market Size is Projected to Reach USD 162 Billion By 2026 Expanding at CAGR of 13.0%
The globalnbsp;medical tourism marketnbsp;is expected to reach the market value of around $162 billion by 2026 and is expected to grow at a CAGR of nearly 13% in terms of revenue during the period 2018 - 2026.
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Medical tourism is defined for the benefits of medical treatment in some form by traveling across countries, which might not be easy to get in the travelersrsquo; nation of origin. This treatment may include a wide cluster of therapeutic services. However, medical tourism includes affordable services such as elective surgery, cosmetic surgery, fertility treatment, and dental care. Rising medical costs in the U.S. and Europe with the enhanced principle of healthcare technology in developing nations like India and China are boosting the growth of the medical tourism industry. On the other hand, factors such as rising geriatric population over the world, high medical insurance costs in developed regions, and the availability of affordable world-class medical facilities in emerging economies are also flourishing the demand for medical tourism worldwide. Furthermore, in developing countries, is expected to accelerate the forthcoming medical tourist flow through gradual innovation and certain achievements in medical research. Also, increasing healthcare investments by various government and private sectors are the factors estimated to further sustain the market growth. However, stringent documentation processes, limited insurance coverage and issues related to visa approval are some of the deterring factors for the global market.
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Orthopedic Surgery Is Projected To Enhance The Market Share For Medical Tourism
As per segmentation, a larger percentage of revenue is likely to build up through the orthopedics segment, which held a noteworthy share of the market in 2017. Increase in patients, as well as cost, may be a challenge for orthopedic practices; hence, there is a lot of anticipation expected in the coming period. In addition, most the orthopedic professionals have already seen the clinical archiving system and electronic health record which makes diagnostic images handier than they used to be, as well as it has improved communication with radiology. During the forecast period, new innovations and health information technology are developed to make surgery minimally invasive, easier and faster for both surgeons and patients. For instance, nowadays treating broken bones is a lot easier with advanced intramedullary rods, and X-ray imaging. Furthermore, less invasive surgeries will be rising in the future as new technologies continue to emerge. Increase in a number of outpatient cases due to arthroscopy and related procedures. However, getting people in and out with minimum recovery to follow can lead to better patient satisfaction.
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Asia-Pacific Has A Major Share For Medical Tourism By Offering Lower Cost
The region that could dominate the market in Asia-Pacific is estimated to expand market during the upcoming period. As developing countries have growing technological advancements and quality administrations in the medical and healthcare sector, hence the Asia-Pacific medical tourism market is foreseen to witness powerful development during the forecast period. Recently, a wide flow of patients is towards Asia, Particularly Thailand, India, South Korea, Malaysia, and India. Furthermore, most of the patients are from the U.S and Europe, they are searching for good quality and affordable price, this factor is considered as the major driver for the Asia-Pacific region. Moreover, Asia-Pacific is estimated to be the fastest developing regional section and will continue to hold its position over the forecast period prior from upgrading medicinal services foundation and presence of proper government activities favoring development.
Many players are attracted by increasing medical tourism market and essential existing demand, and are expanding their business through advanced development in products. Some of the key players operating in the global medical tourism market, profiled in the report include Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital Medical Center, and among others.
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