Medical Tourism Market Size, Share, Growth Factors, Competitive Landscape and Industry Forecast to 2027

(MENAFN- iCrowdNewsWire)

Market Research Future (MRFR) expects the Medical tourism market to capture an impressive growth rate of 21.4?tween 2017 and 2023,

Primary Boosters and Deterrents

The COVID-19 outbreak and the subsequent lockdown has led to travel bans, flight cancellation and weakened supply chains. These factors have been unfavorable for the medical tourism industry, creating a huge demand-supply imbalance. Medical devices are witnessing a decline in the manufacturing rate while the novel coronavirus has also led to severe economic downfall, thereby affecting the medical tourism sector. Despite the worsening business conditions, it is projected that the market will remain resilient during the analysis period owing to the government efforts to curb the escalating cases of SARS-CoV-2.

High availability of an array of benefits such as use of latest technologies, better healthcare, modern devices, innovative medicines, personalized care, and better hospitality foster the market demand. The market growth in the coming years will also be bolstered by the mounting demand for surgical procedures that do not come under insurance, including gender reassignment operations, dental reconstruction, cosmetic surgery, and fertility treatment. Unmet medical requirements prompt the patients to look for medical tourism hubs with cost-effective treatment options. Innovations in hospital management have render the medical tourism field quite lucrative and the provision of comfortable and luxurious stay in hospitals also foster immense growth. Medical tourists also enjoy the services as well as facilities provided post-treatment, which helps boost the retention rate.

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The key competitive strategies generally employed by players include expansion, acquisition, and product innovation. Eagerness to use the latest technologies such as AI can set a region apart from other markets. AI and similar technology help the medical tourism industry manage huge volumes of unstructured medical data, which in turn helps doctors reach much more informed decisions. With medical tourists coming from various countries bring along medical records, the existing systems are unable to handle the load. However, healthcare systems leveraging the potential of artificial intelligence has bolstered the growth of the medical tourism sector.

Market Segmentation

The global market for medical tourism has been considered with respect to treatment type.

The treatment types covered in the market study include fertility/IVF treatments, dentistry treatments, cosmetic treatments, orthopedic/spine treatments, cardiovascular/cardiology treatments, neurology/neurosurgery treatment, and oncology/cancer treatments.

Thailand is known for the highest number of cosmetic surgeries and therefore, this treatment type is expected to take the lead in the country over the years. Meanwhile, medical procedures including hip replacement, gastric bypass, and knee replacement are lower priced in India as compared to developed countries like the UK and the US. Costa Rica is mostly visited by the medical tourists for dentistry treatments.

Regional Insight

Medical tourism market can be geographically segmented in terms of Europe, Asia Pacific or APAC, MEA or Middle East and Africa and the Americas.

The APAC market is significantly ahead of other regions, given the dense concentration of fast-emerging countries, and therefore, owns the highest share of 43.7%. The top market growth boosters include the large—scale spending on technological innovations as well as development of modern medical equipment and machinery. South Korea is one of the most popular markets for medical tourism, in view of the substantial number of cosmetic procedures in the country. The APAC market is expected to zoom ahead at a promising rate of 22% over the forecast period, thanks to Thailand's reputation of being a highly popular destination for medical tourists looking for cost-effective cosmetic treatment options. Soaring number of private hospitals, upgradation of the healthcare infrastructure, and lower priced treatment lines are also responsible for the regional market growth.

Eastern & Central Europe form a highly profitable market for medical tourism and seems to be making tremendous progress backed by the high availability of state-of-the-art technologies as well as medical equipment. Also, faster approval rates for new medical devices in the European Union compared to the U.S. further adds to the market value. Countries like Poland and Turkey have made name as world-class hubs for medical tourism, as a result of the vast pool of skilled healthcare professionals and surgeons. Furthermore, Turkey has emerged as a prominent market for cosmetic procedures that include hair restoration procedures along with fertility disorder treatment. Sophisticated medical system along with substantial healthcare spending supported by the government also facilitate market expansion in the region. The rapidly emerging market trend in the region is the heightened demand among patients for minimal invasive surgical procedures.?

Top Market Firms

Noted firms in the global market for medical tourism include Schoen-Kliniken, Bangkok Hospital, Fortis Healthcare, Samitivej PCL, CHRISTUS MUGUERZA, Anadolu Medical Center, Prince Court Medical Centre, Asklepios Kliniken Verwaltungsgesellschaft mbH, Bumrungrad International Hospital, Gleneagles Global Hospitals Group, Clemenceau Medical Center, Shouldice Hospital, to mention a few.

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