Medical Tourism Market 2022 – 2031
New Study Reports “Medical Tourism Market 2022 Global Market Opportunities, Challenges, Strategies and Forecasts 2031” has been Added on PMR.
This report provides in depth study of “Medical Tourism Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. Medical Tourism Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Call for Cost-Effective but Superlative Treatment to drive the Medical Tourism Market
The global medical tourism market is expected to witness a whopping CAGR of 21.1?tween 2022 and 2031, reaching US$ 441 Bn by 2031.
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Research states that close to 14 Mn people travel every single year for medical care. The healthcare vertical, in sync with this number, is into launching medical devices as well as non-invasive surgery procedures. The major reason behind the exponentiation of medical tourism market is the fact that patients are vying for quick and advanced medical care, that too, without undergoing the waiting period.
Additionally, knee replacement, cosmetic surgeries, and dental treatment cost less in Dubai, Thailand, Singapore. And are promulgating medical tourism market herein. For instance – Singapore does receive 500K medical tourists every single year.
Also, it’s a known fact that majority of cosmetic procedures don’t fall under the gambit of “medical insurance”. As such, people prefer low-cost cosmetic surgeries, which is feasible by traveling to the destinations and availing treatments at lower rates, that too, along with pursuing leisure interests. It has been reported that patients end up saving 30-80% of the entire costs of treatment through medical tourism. These medical tourism destinations facilitate cheap labor. The good part is that patients could enjoy these medical tourism facilities even after treatment.
Who is holding the Baton of Medical Tourism?
Countries basically into medical tourism include Czech Republic, Spain, South Korea, Taiwan, Turkey, Colombia, Brazil, Singapore, Malaysia, Mexico, and Costa Rica. Thailand has been on the topmost position with regards to medical tourism since long. It has over 450 private hospitals catering to medical tourism. The number is not going to decrease anytime soon. The markets targeted by Thailand as of now include Vietnam, Cambodia, Myanmar, Laos, and China. Prerequisites like provision of smart visas for those interested in investing in medical tourism is one of the smartest moves.
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How is the Medical Tourism Market classified?
The global medical tourism market, by treatment, spans dental treatment, cosmetic treatment, cardiovascular treatment, orthopaedic treatment, neurological treatment, cancer treatment, fertility treatment, and likewise.
By age group, it’s medical tourism for children, medical tourism for adolescents, medical tourism for adults, and medical tourism for geriatric population.
By application, it’s therapeutic services and wellness services.
By traveller, it’s group travellers and independent travellers. Out of these, fertility treatment dominates the market as it is amongst the common treatments availed.
Research states that 20K to 25K couples do seek assisted reproductive technology services abroad every single year. 4% of the citizens from Europe alone do receive treatment in the other countries. North America is also walking along the similar path. The US population is more into cosmetic surgeries; as far as medical tourism is concerned.
How has Covid-19 affected the Medical Tourism Market?
The outbreak of Covid-19 did halt the medical tourism market with partial/total lockdowns being imposed in almost every corner of the world. This was the scenario between March 2020 and September 2021. However, the post-Covid era is expected to restore normalcy to the medical tourism market. The American Academy of Facial and Reconstructive Surgery (AAFPRS) surgeons have stated that demand for eyelift, facelift have surged post July 2021.
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What do the Key Stake-Holders have to say?
The key stake-holders in medical tourism market include Aditya Birla Health Services Limited, Bumrungrad International Hospital, Apollo Hospitals, Bangkok Chain Hospital, Fortis Healthcare, Prince Court Medical Centre Sdn Bhd, BB Healthcare Solutions Ltd., Asian Heart Institute, KPJ Healthcare Berhad, Livonta Global, and Gleneagles Hospital. There are also noteworthy developments to list out. For instance – Medical Tourism Association (MTA), in June 2019, did announce partnership with KTO (Korea Tourism Organization) due to higher complexity of the medical services rendered by Korea to the overseas patients. Egypt, in November 2021, did announce launching a program with the intention of providing advanced therapeutic and medical services to the foreign patients.
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