Ottawa, Nov. 18, 2021 (GLOBE NEWSWIRE) – The world medical tourism market Cut was reached at USD 102.6 billion in 2020. The global medical tourism market is primarily driven by the growing demand for inexpensive treatments for various chronic diseases available in developing countries. Sometimes the treatment for some diseases is quite expensive in the country of origin, therefore, in order to get cheap and advanced treatments, people choose to visit foreign countries. The increasing burden of disease among the global population and the increased accessibility of various latest therapies are promoting the growth of the medical tourism market. Globalization is a critical aspect of the medical tourism industry. Globalization has resulted in the free flow of medical technologies, health professionals, patients, drugs and capital which constitute the development of the medical tourism industry. The increasing investments by the government in the development of tourism infrastructure and the construction of strong and advanced health facilities are significantly propelling the growth of the global medical tourism market.
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The increasing prevalence of chronic diseases and the availability of various treatments related to fertility, cancer, cardiovascular health and orthopedics are increasing the demand for the medical tourism market. The medical tourism market is mainly affected by various factors such as climate, geopolitical relations between countries, political stability and local regulations. Favorable government policies related to VISA and other permits play a crucial role in the growth of the market.
Scope of the Medical tourism market
|Cover of the report||Details|
|Market size in 2020||$ 102.6 billion|
|Growth rate from 2021 to 2030||CAGR 10.8%|
|Fastest Growing Market||Europe|
|The biggest market||Asia Pacific|
|Year of reference||2021|
|Forecast period||2021 to 2030|
|Covered companies||Samitivej PCL, Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, Prince Court Medical Center, Aditya Birla Memorial Hospital, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, Wooridul Spine Hospital|
Based on region, Asia-Pacific is the dominant and fastest growing market in the global tourism market. This can be attributed to the availability of cheap air travel and the availability of specialized, advanced and affordable treatments for various chronic diseases. In addition, the availability of cheap cosmetic surgery and cosmetic treatment facilities is boosting the growth of medical tourism in this region. Cosmetic treatments are not covered by health policies and therefore people increasingly prefer Asia-Pacific for the availability of inexpensive cosmetic treatments. In addition, the growing government initiatives to promote tourism in the region, coupled with increased investment for the development of sophisticated healthcare infrastructure, are expected to contribute exponentially to the growth of the market in the coming years. . Countries such as Thailand, Singapore, India, and China are the top destinations for medical tourists due to the availability of advanced medical technologies at affordable prices. The growing burden of disease in developed regions like North America and Europe attracts medical tourists to the Asia-Pacific region.
The medical tourism market is highly dependent on foreign policies, regulations and geopolitical relationships between countries which can negatively impact the growth of the medical tourism market. Also, the availability of advanced treatment at higher costs in regions like Europe and North America might hamper the market growth during the forecast period.
The rapid development of various new technologies and increased investment in research activities to develop improved and effective drugs and medical devices is expected to present a huge growth opportunity for market players in the foreseeable future. For example, the development of targeted therapies, gene targeting therapies, laser treatments, and various other advanced treatments are the major growth drivers of the global medical treatment market.
The recent COVID-19 outbreak has had a negative impact on the medical tourism market. Almost all the countries on this planet have closed their borders and closed their destinations to tourists. Most of the scheduled medical tourism has been postponed or delayed indefinitely. In addition, disruptions in the supply chain have led to shortages of drugs and medical devices due to the lack of raw materials. Therefore, such pandemics could have a devastating effect on the market in the years to come.
Gender based, the cancer segment has dominated the global medical tourism market. This is simply attributed to the huge demand for cheaper cancer treatment. In addition, the prevalence of cancer is increasing in the world population. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer-related deaths were reported in 2020 worldwide. The prevalence of breast cancer in the female population is increasing, accounting for approximately 11.7% of new cancer cases, followed by lung cancer which represented 11.4% and colorectal cancer represented 10.0% in 2020. Hence the availability of advanced cancer treatment. is expected to drive the growth of the segment and is expected to maintain its dominance throughout the forecast period.
The market is moderately fragmented with the presence of several local businesses. These market players strive to gain higher market share by adopting strategies, such as investments, partnerships, acquisitions and mergers. Companies are also investing in the development of improved products. Moreover, they also focus on keeping prices competitive.
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By type of treatment
- Dental treatment
- Cardiovascular treatment
- Cancer treatment
- Cosmetic treatment
- Orthopedic treatment
- Fertility treatment
- Neurological treatment
- North America
- Asia Pacific
- South Korea
- Rest of the world
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