Trending News: The COVID-19 Fallout – Medical Tourism Market Key Growth Factors and Opportunities in 2020-2027
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The worldwide spread of COVID-19 has adversely affected the global medical tourism market. Nevertheless, the market is likely to recover by Q1/Q2 of 2022. Due to a lockdown declared across the globe, many countries closed the borders and restricted travel to prevent COVID-19 spread, which is hampering the global growth. However, the increasing interest amongst people regarding better-quality healthcare treatment is likely to help the market to grow during the forecast period. For instance, India has launched M-visa facility to help foreigners to enter the country for healthcare treatment.
The global medical tourism market is likely to observe a decline in the growth due to the COVID-19 pandemic all over the world. According to a new research report published by Research Dive, the global medical tourism market is projected to reach up to $142.2 billion and grow at a CAGR of 11.7% during the forecast period from 2019 to 2026.
Though there is a decline in the growth rate, the market is anticipated to recover by the end of Q1/Q2 of 2022. Comprehensive analysis on drivers, growth opportunities, restraints, vital segments, and strategies implemented by major market players are further provided in the report to better understand the pandemic effect on the global industry.
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Key Features of the Market
– Our analysts stated that the advancements in technology and rising interests of people regarding better-quality healthcare treatment are the major factors boosting the growth of global medical tourism market.
– The predicted market size of the medical tourism industry post COVID-19 pandemic is $44.2 billion in 2020, which is a drastic decline from $73.7 billion before the pandemic situation.
– However, risk associated with travel after surgery, quality of staff members, and language barrier are factors restricting the market growth in the coming future.
Strategies & Initiatives to Sustain in Pandemic Situation
Many countries across the globe are investing more in developing facilities of medical tourism by inviting well-known medical specialist from Mayo Clinic, Cleveland, Clinic, and Harvard Medical International. Besides, other countries are implementing different strategies to increase the medical tourism market growth. For instance, M-visa is introduced by India that allow foreigners to enter the country and this visa can be issued in less time.
Moreover, in Singapore doctors are treating people to maximum of three different locations, which is based on the guidelines of MOH (Ministry of Health) to prevent the spread of coronavirus.
The major players of the global medical tourism market Shouldice Hospital, Prince Court Medical Centre, Bangkok Hospital, Gleneagles Global Hospitals Group, Clemenceau Medical Centre, and Anadolu Medical Centre.
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As per the report, the global medical tourism market is estimated to witness impressive growth post-coronavirus pandemic. People are seeking medical tourism due to the benefits such as easy accessibility of medication and availability of treatment coupled with low cost. This will help the market to grow exponentially during the forecast period.
Countries such as India, Thailand, and Singapore are gaining popularity owing to availability of treatment with reduced cost. For instance, the coronary bypass surgery in the U.S. costs for $113,000, while in other countries such as Singapore, Thailand, and India costs only 5-10% of the total spending. Thus, this will demand for medical tourism in the forecast period, thereby, fueling the growth of global market after COVID-19 pandemic.
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