Market Analysis:
Global Medical Tourism Market is prognosticated to have a healthy growth at a whopping 21.4% CAGR over the assessment period (2017-2023). Diseases and ailments are a part and parcel of every individual’s existence. Till date, people have not accepted any form of defeat when it comes to syndromes which afflict them. So, for their pursuit for existence, distance indeed is a minor hurdle, thus travelling to another country for healthcare has been and is likely to be a growing trend for many more years to come.
Medical tourism in simple terms can be defined as travelling across different countries with an aim to avail some form of medical treatment which may be available or may not be in the home country of the traveler. This treatment includes various medical services but the services that are most frequently availed include fertility treatment, elective surgery, neurological disease treatment, orthopedic treatment, cancer treatment and others. In medical tourism, the word tourism has been put as often people stay in a new country post completion of their treatment.
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Thus, the traveler can reap the perks of their visit through day trips, sightseeing or taking part in any traditional tourism activity. A wide array of medical services can be attained through medical tourism and some of its advantages include accessibility of advanced equipment, no waiting period, low cost treatment, low-cost consulting fee, accessibility of medical experts, treatment-cum-leisure destination and specialty treatment.
There are many factors that is driving the growth of the medical tourism market. Some of these factors as per the Market Research Future (MRFR) report include accessibility and affordability of superior quality healthcare services, assistance from local governments and tourism departments, accessibility of advanced medical technologies in the leading medical tourism hubs across the world, benefits such as personalized care, better hospitality, modern devices, innovative medicines, latest technologies and better healthcare, minimal waiting period, burgeoning geriatric population and rising spending power especially of the middle class. On the contrary, factors such as travel expenses and communication barriers may create a challenge in the medical tourism market growth.
Key Players:
Leading players profiled in the medical tourism market include Schoen-Kliniken, Gleneagles Global Hospitals Group, Fortis Healthcare, Prince Court Medical Centre, Anadolu Medical Center, Clemenceau Medical Center, CHRISTUS MUGUERZA, Samitivej PCL, Bumrungrad International Hospital, Bangkok Hospital, Shouldice Hospital, Asklepios Kliniken Verwaltungsgesellschaft mbH and others.
Feb 2019- The much-awaited International Conference on Medical Tourism and Global Health will be held from March 7, 2019. The 4-day conference has been planned by IIM Kozhikode with an aim to create a platform for academia and industry for interacting, deliberating and creating knowledge resources which will prove beneficial for all stakeholders. The second phase will be held from 11-13 March, in Jaipur, India.
Market Segmentation:
Market Research Future report offers an all-inclusive segmental analysis of the medical tourism market on the basis of type.
Based on type, the medical tourism market is segmented into dental treatments, oncology/cancer treatments, cardiovascular/cardiology treatment, cosmetic treatments, fertility/IVF treatment, orthopedic/spine treatments and neurology/neurosurgery treatment. Of these, the cosmetic treatment market segment is expected to be the most lucrative during the assessment period owing to the increasing demand for breast reconstruction and facial rejuvenation treatments. Besides, the cost-effective prices for cosmetic procedures at the various medical tourism destinations will fuel the growth of the medical tourism market.
Regional Analysis:
Based on region, the medical tourism market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, the market in the APAC region is expected to maintain ascendancy during the assessment period owing to investments being made in the cutting-edge medical machinery and technological advancements. South Korea is the largest contributor as it is the most sought-after destination especially for cosmetic procedures. Central and Eastern Europe too represent a vital regional segment that is expanding by leaps and bounds for establishing itself as a favorable medical tourism destination during the assessment period.
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