The Global Medical Tourism Market to Surge at a CAGR of 11.04% by 2027

The rise in the medical tourism market is mostly owing to the high expense of various treatments in the majority of developed countries. Furthermore, limited insurance coverage for some treatments combined with some medical interventions not supported in the native country, additional benefits provided by destination countries such as cost-effective treatment, superior hospitality, individualized care, and rising government initiatives and collaboration to promote medical tourism, among others, are some of the key factors expected to drive the medical tourism healthcare services during the forecast period (2022-2027).

LAS VEGAS, Aug. 2, 2022 /PRNewswire/ — DelveInsight’s Medical Tourism Market Insights report provides the current and forecast market, forthcoming device innovation, individual leading companies’ market shares, challenges, medical tourism market drivers, barriers, and trends, and key medical tourism companies in the market.

Key Takeaways from the Medical Tourism Market Report

• As per DelveInsight analysis, Asia Pacific is anticipated to dominate the global medical tourism market during the forecast period. 
• Leading medical tourism companies such as Apollo Hospitals Enterprise Ltd., Fortis Healthcare, Samitivej PCL., KPJ Healthcare Behard, Prince Court Medical Centre, Medanta The Medicity, WockhardtHospitals, Metro Group of Hospitals, Penang Adventist Hospital, Zulekha Healthcare, Asian Institute of Medical Sciences, Hospital CMQ, San Javier Hospital, Médica Sur, Kameda Medical Center, Universal Hospital, Cocoona Centre for Aesthetic Transformation, Fakih IVF Fertility Centre, 97.7 B&H hospital, BLK-MAX Super Specialty Hospital, and several others are currently dominating the medical tourism market.
• In July 2021, to encourage medical and wellness tourism in India, the Ministry of Tourism established the ‘National Medical & Wellness Tourism Board’.
• In March 2021, Athina Global Health, in partnership with Liberty International Tourism Group, launched its Global Medical Value Travel services.

To read more about the latest highlights related to the medical tourism business, get a snapshot of the key highlights entailed in the Global Medical Tourism Market Report

Medical Tourism

Medical tourism is described as coordinated cross-border travel for improved medical treatment choices. Medical tourists cross international borders to maintain, improve, or recover their health by using low-cost healthcare facilities and treatments that are unavailable in their own country. Medical tourists go for various therapies, including dental, neurological, and cardiovascular care, among others. The treatment comprises a full range of medical services but most commonly includes dental care, cosmetic surgery, elective surgery, and fertility treatment.

Medical Tourism Market Insights

Among all regions, Asia Pacific is estimated to have a significant proportion of the global medical tourism market in 2021 and will maintain its medical tourism market position during the forecast period. This dominance is due to improvements in healthcare infrastructure, the availability of excellent healthcare services, the adoption of technologically advanced medical gadgets, and other factors in the region. Furthermore, the region’s countries’ increased emphasis on hospitality and lightening of official procedures has attracted many patients from abroad, leading to medical tourism market growth.

Additionally, government activities in the region to encourage medical tourism services could be a driving force for the medical tourism market. For example, the Government of India (GoI) stated in April 2022 that the Ayush visa would be available shortly under the ‘Heal in India’ programme to boost medical tourism in the traditional medicine sector.

To know more about why the Asia Pacific is leading the market growth in the medical tourism market, get a snapshot of the report Medical Tourism Market.

Medical Tourism Market Dynamics

The medical tourism market is currently gaining pace as a result of the exorbitantly expensive cost of various treatments and medical tourism healthcare services in the home countries. Furthermore, the increased prevalence of numerous ailments in developed countries, such as cardiovascular disease, cancer, and others, could significantly augment the medical tourism market.

Furthermore, the government of various medical tourism destination countries’ ongoing efforts to provide services such as easy booking procedures and services such as direct contact with healthcare professionals, visa issuance on arrival, booking appointments, and other recreational activities attract inbound medical tourism, thereby expanding the medical tourism market.

Additionally, an increase in hospitalisation and insurance facility facilitation through bilateral agreements among governments might pave the door for medical tourism, boosting the medical tourism market.

However, factors including patient follow-up and post-surgery difficulties are expected to stymie the medical tourism market.

Moreover, the COVID-19 pandemic had a significant impact on the medical tourism market. This was primarily owing to travel restrictions imposed by several countries around the world to prevent the spread of the virus. Furthermore, the temporary suspension of elective surgical procedures had an effect on the medical tourism market. However, with the introduction of new vaccinations and widespread immunisation campaigns around the world, healthcare systems are returning to routine, and the industry is likely to recover.

Get a sneak peek of the medical tourism countries @ Best Countries for Medical Tourism

Scope of the Medical Tourism Market Report

• Coverage: Global
• Study Period: 2019–2027
• Market Segmentation By Treatment Type:  Cosmetic Treatment, Cardiovascular Treatment, Orthopaedics Treatment, Bariatric Treatment, Cancer Treatment, and Other Treatments
• Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
• Key Medical Tourism Companies: Apollo Hospitals Enterprise Ltd., Fortis Healthcare, Samitivej PCL., KPJ Healthcare Behard, Prince Court Medical Centre, Medanta The Medicity, WockhardtHospitals, Metro Group of Hospitals, Penang Adventist Hospital, Zulekha Healthcare, Asian Institute of Medical Sciences, Hospital CMQ, San Javier Hospital, Médica Sur, Kameda Medical Center, Universal Hospital, Cocoona Centre for Aesthetic Transformation, Fakih IVF Fertility Centre, 97.7 B&H hospital, BLK-MAX Super Specialty Hospital, among others
• Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

DelveInsight Analysis: The medical tourism market size is expected to grow at a CAGR of 11.04% to reach USD 58.2 billion by 2027.

Which MedTech key players in the medical tourism market are set to emerge as the trendsetter explore @ Medical Tourism Agencies

Table of Contents 

Interested in knowing how the medical tourism market will grow by 2027? Click to get a snapshot of the Medical Tourism Healthcare Services

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SOURCE DelveInsight Business Research, LLP