The global medical tourism market 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.
Medical tourism belongs to those people, who are travelling to a country other than their own to obtain medical treatment and facilities. In the earlier period, this was referred to those who traveled from less-developed countries to highly developed countries where major medical centers where available for treatment. However, in recent year’s people from developed countries travel to developing countries for low priced medical treatments. This may drive medical services unavailable or illegal in the home country. Mainly medical tourism is for surgeries such as cosmetic or others or similar treatments, though people also travel for fertility tourism and dental tourism. Also, people rarely travel to other countries where the treatment is better understood. Therefore, in medical tourism almost all types of health care are available including convalescent care, psychiatry, alternative medicine, and even burial services.
The factors thriving the market growth include availability, accessibility, and affordability of good quality healthcare services with good support and assistance from tourism departments & local governments. Furthermore, the increasing the prevalence of cancer and other serious ailments are expected to drive the demand for healthcare services, which in turn is likely to impel the medical tourism market. The factors that are projected to hinder market growth includes lengthy partial reimbursement and limited coverage offered by insurance companies along with difficulties related with cross border travel such as connectivity, VISA approval issues, and language barriers.
Medical tourism market is segmented into medical treatment such as cosmetology, dentistry, cardiology, orthopedic surgery, neurology, and oncology. In this market oncology treatment is projected to grow with the highest rate in the coming years due to the rising incidence of cancer cases all over the world. As cancer treatment are costly and the procedures continue for a long time; hence the availability of good quality treatment at affordable prices motivates several patients to prefer medical tourism.
The market research study on “Medical Tourism Market (By Medical Treatment: Cosmetology, Dentistry, Cardiology, Orthopedic Surgery, Neurology, Oncology) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, offers a detailed insights on the global medical tourism market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. Information about porter's five forces analysis is also covered under the report scope. The report provides insights on global medical tourism market, its medical treatment, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global medical tourism market size and volume, and segment markets by type, application, and geography along with the information on companies operating in the market. The medical treatment market analysis is provided for major regional markets including North America, Europe, China, Southeast Asia, Japan and India followed by major countries. For each region, the market size and volume for different segments has been covered under the scope of report. In 2017, Asia-Pacific is dominating the market for medical tourism and is likely to maintain its foothold for upcoming years. Increase in market share in the forecast period due to increasing preference of the medical tourism across the developing nations of the region. Furthermore, China holds the largest market share in the Asia-Pacific region; this is due to better the healthcare services and the lower cost of the treatment in China. The players profiled in the report include Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital Medical Center, and among others.
Market By Medical Treatment
Market By Geography
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