Global Medical Tourism Market is expected to foresee significant growth during the forecast period. Asia-Pacific to witness the highest growth
Global Medical Tourism Market is expected to reach the market valuation of US$ XX million by 2024 expanding at a reasonable CAGR of XX% during the forecast period (2021-2024) from US$ XX million in 2020. 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 global medical tourism market is witnessing an uptick on account of the rising prevalence of chronic disease owing to the adoption of a sedentary lifestyle, eating habits, and the need for economical and good treatment among end-users. As per Medical Tourism Statistics, around 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.
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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
As per the Centers for Disease Control and Prevention, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment costs. But, during the pandemic, almost all international flights were canceled. During the week of June 1, 2020, the number of scheduled flights in the US had dropped 65.1% compared to the demand within the same week of June 2019. Similarly, Chinese passenger travel dropped by almost 87 million passengers. Although there has been a slow recovery in air flight demand since coronavirus restrictions were gradually lifted, demand remains abysmally low.
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Based on the Treatment Type, the market is mainly fragmented into Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others. The cancer treatment segment dominated the market in 2020 and gathered XX% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. The demand for this segment is witnessing an uptick on account of the surging number of cancer patients, globally. As per National Cancer Institute, In 2020, an estimated 1,806,590 new cases of cancer will be diagnosed in the United States and 606,520 people will die from the disease.
Additionally, the report provides detailed initiatives that are being taken in the field of Medical Tourism. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. Asia-Pacific region dominated the market with US$ XX million in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of the rising demand for personalized treatment and the low cost of treatment.
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Global Medical Tourism Market Segmentation
Market Insight, by Treatment Type
- Cancer Treatment
- Orthopedic Treatment
- Fertility Treatment
- Cardiovascular Treatment
- Neurological Treatment
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of World
Top Company Profiles
- 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