Global Medical Tourism Market: Snapshot
The global medical tourism market has gained popularity in the recent years as a result of advancing medical services being made available in a cost-effective manner. Various medical services such as neurology, oncology, orthopedic surgery, dentistry, cosmology, and cardiology are available to medical tourists. Increasing awareness of regular medical treatments and advancing technology for better treatment options are raising demand for medical treatment. As medical treatment is quite expensive in Western countries, there has been a rising incidence of patient travel to developing countries where treatments are usually cost-effective. These expensive healthcare treatments have pushed patients to look for options in other regions, thus boosting medical tourism in developing nations.
The excepted CAGR for the global medical tourism market is 14.9% for the forecasted period 2017-2025, considering that market gained a value of US$46.46 bn in 2016. The estimated value could reach at a US$160.8 bn by the end of 2025.
Orthopedics having the Highest Market Share for Medical Tourism due to Increasing Accidental Injury
Researchers authoring the report segment the world medical tourism market on the basis of medical treatment and region. As per the segmentation, a larger percentage of revenue is anticipated to accumulate through the orthopedics segment, which held a significant share of the market in 2016. Increasing number of sports events and accidents witnessed annually could be a considerable factor that catapults this segment. Hundreds of thousands of surgeries have been performed by thousands of surgeons annually. Orthopedics is a branch that specializes in bones and muscle correcting, whereas cosmetology deals with diseases related to the skin and offers various treatment options such as wrinkles, plastic surgery, skin coloration, rhinoplasty, and those for complete external appearance.
Dentistry consists of disorders, diagnosis, prevention, and treatment of diseases related to oral cavity. Globally, demand for orthopedics, dentistry, and cosmetics treatments has made telling contributions to the world medical tourism market. Medical tourism for cardiology treatment is seen to grow at a high rate in Asia Pacific, mainly in India and Singapore, as the treatment is available at low cost and with advanced technology.
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Asia Pacific Grows as Prominent Market for Medical Tourism by Offering Lower Cost
The international medical tourism market is segmented into five regions – Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa (MEA). The region that could dominate the market is Asia Pacific expected to gain more market share during the forecasted period. Other regions viz. Latin America and the MEA are also expected to grow significantly as medical treatment cost is higher in the U.S. and European countries.
Taking into account revenue accumulated for medical treatment, Mexico and Turkey could be more preferred destinations for medical tourism. Europe is also expanding its treatment facilities as the number of patients travel is increasing in France, Germany, Italy, and the U.S. The competition in this market is getting fierce with increasing number of players and establishment of newer hospitals with better facilities.
Bumrungrad International Hospital, Mount Elizabeth Hospital, Bangkok Chain Hospital, KPJ Healthcare Berhad, and Asklepios Kliniken GmbH are some of the main players of the international medical tourism market.