Medical Tourism Market Analysis, Trends, Opportunity, Market Size and Segment Forecasts 2017-2025
The global medical tourism market stood at US$46.46 billion in 2016. Expanding at a robust CAGR of 14.9% during 2017–2025, the global market is expected to reach a worth of US$160.8 billion by 2025 end.
Affordable, High-Quality Care in Emerging Economies reinforcing Medical Tourism Market Growth
The drive for the medical tourism market stemmed from the rising need for affordable, high-quality of medical care among the worldwide patient populations. The concern related to the rising healthcare costs in several of the developed countries over the past few years, notably the U.S., has led patient populations look for venues that have at least same quality of care but at less expenditure. This has been a significant trend driving the evolution of the medical tourism market.
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Several emerging economies in various parts of the world are turning into promising medical tourism destinations as these offer better access to care to the patient populations, especially in cosmetic surgeries, dental work, and orthopedic surgeries. The growth in the global medical tourism market is increasingly supported by a number of governmental programs for the same. Increasing spending by several hospital chains and labs to incorporate cutting-edge technologies in their health care workflows is a key proposition expected to catalyze the rapid expansion of the medical tourism market over the assessment period. These advances are catalyzing the demand for healthcare services in medical tourism related to neurology, oncology, orthopedics, cosmetology, and dentistry.
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Rising Demand for Advanced Orthopedic Surgeries and Cardiology Care in Medical Tourism open Lucrative Avenues
The rising incidence of accidental injuries among the global populations is propelling the demand for advanced orthopedic surgeries, thus boosting the medical tourism market. The rise can be attributed in a large part to sports-related injuries and accidents. This is a notable factor bolstering the demand for medical tourism for the medical specialty. The steady decline in cost of medical care and healthcare services for patients who need cardiology treatments in developing economies is another notable factor boosting the medical tourism market.
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The rise in number of hospital chains in emerging economies and efforts by these to bring innovations in diagnostic and therapeutic technologies is also creating new, exciting avenues in the medical tourism market. In recent years, the advent of attractive medical care packaging by prominent hospital chains has expanded the potential of the medical tourism market.
Among the various specialties in the medical tourism market, orthopedics held a sizeable revenue share in 2016. The demand in the segment is expected to increasingly bolster the expansion of the overall medical tourism market over the assessment period. This can be attributed to the rising demand for affordable and high-quality orthopedic surgeries among the global populations.
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Of the key regional markets for medical tourism, Asia Pacific excluding Japan (APEJ) contributed the leading share in 2016. The emergence of several economies as lucrative medical tourism destinations, attributed to their advanced healthcare infrastructure, is the key factor propelling the regional market growth. A major part of the worldwide demand for medical tourism is expected to come from India, Singapore, and Thailand.
A growing number of global hospital chains and medical labs in the medical tourism market are focusing on boosting the technological competencies of the medical equipment. In addition, most players are increasingly investing in product portfolio diversification to gain a better hold over the global medical tourism market, notes Transparency Market Research (TMR). Several players are also focusing on entering into partnership and collaborations to consolidate their shares and also to gain a stronghold in the global medical tourism market. Top players operating in the medical tourism market include Bumrungrad International Hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Bangkok Chain Hospital, Asklepios Kliniken GmbH, and Mount Elizabeth Hospital.