Global Medical Tourism Market Is Estimated To Witness High Growth...

Global Medical Tourism Market Is Estimated To Witness High Growth Owing To Increasing Demand For Advanced Healthcare Services And Cost-effective

Posted 2023-10-10 12:06:56

The Global Medical Tourism Market is estimated to be valued at US$ 32,733.7 million in 2019 and is expected to exhibit a CAGR of 12.4% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The medical tourism market involves traveling to different countries for medical treatments or procedures, often for cost savings or access to specialized treatments. The market offers a range of healthcare services, including elective procedures, specialized surgeries, dental treatments, cosmetic surgeries, and fertility treatments, among others. With advancements in technology and increasing globalization, patients are seeking opportunities to receive high-quality healthcare at affordable prices. The medical tourism market provides these patients with access to internationally accredited medical facilities and highly skilled medical professionals. Medical tourism not only offers cost savings but also allows patients to combine medical treatments with leisure activities and explore new destinations.

Market Dynamics:
The two major drivers fueling the growth of the medical tourism market are increasing demand for advanced healthcare services and cost-effective treatment options. The high cost of medical treatments in developed countries and long wait times for specialized procedures have made medical tourism an attractive option for patients seeking timely and affordable healthcare. Additionally, the availability of internationally accredited medical facilities, state-of-the-art infrastructure, and highly skilled healthcare providers in medical tourism destinations contribute to the market growth. Moreover, the rise in healthcare technology, improved transportation, and growing awareness among patients regarding the availability of diverse treatment options in different countries are further driving market growth.

SWOT Analysis:

Strength: The medical tourism market is experiencing high growth, with a forecasted CAGR of 12.4% over the period of 2019-2027. This growth is primarily attributed to the increasing demand for affordable and high-quality healthcare services from patients in developed countries. Furthermore, the availability of advanced medical facilities, skilled healthcare professionals, and cost-effective treatment options in popular medical tourism destinations strengthens the market's position.

Weakness: One weakness of the medical tourism market is the potential risk associated with undergoing medical procedures in foreign countries. Patients may face language barriers, cultural differences, and difficulties in post-treatment follow-ups, which can affect the overall patient experience. Additionally, lack of insurance coverage for medical tourism and limited reimbursement options could discourage some potential patients from seeking treatment abroad.

Opportunity: The medical tourism market presents two significant opportunities. Firstly, the rising prevalence of chronic diseases and the aging population in developed countries create a greater need for specialized treatments, which can be conveniently accessed through medical tourism. Secondly, advancements in technology and telemedicine enable remote consultations, pre-surgical evaluations, and virtual follow-ups, enhancing the convenience and accessibility of medical tourism services for patients.

Threats: Two major threats faced by the medical tourism market include the potential for medical malpractice lawsuits and the risk of infectious diseases. In cases where medical treatments go wrong, patients may pursue legal action against healthcare providers, damaging the reputation of the medical tourism industry. Additionally, the occurrence of infectious disease outbreaks in popular medical tourism destinations can deter potential patients from seeking treatment abroad.

Key Takeaways:

The global Medical Tourism Market Share is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period, due to increasing demand for affordable and high-quality healthcare services from patients in developed countries.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the medical tourism market. The region offers a wide range of healthcare services at a lower cost compared to developed countries, attracting a large number of medical tourists.

Key players operating in the medical tourism market include Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre, and Wooridul Spine Hospital. These players contribute significantly to the growth and development of the medical tourism industry.