Asia-Pacific To Grab The Lion's Share In The Medical Tourism Market

2024-10-11 05:00:54

(MENAFN- Straits Research) Introduction

The medical tourism market's most prominent driver is the emergence of affordable healthcare choices, with increased quality services. Shifting patient preference towards minimally invasive and low-cost procedures and advancement in healthcare administration bolsters the market growth. Globally, the healthcare systems are offering incentives and comfortable stay with affordable plans to invite medical assistance seeking visitors.

Key Highlights

The medical tourism market was valued at USD 241,134.28 million in 2019 and is expected to grow at a CAGR of 6.4%.
The cardiovascular treatment segment holds the largest share in the market
The bariatric surgery segment is expected to grow at a significant rate due to the rising prevalence of obesity across the globe.
Asia-Pacific leads the medical tourism market. India's medical tourism is growing at a rate of 18% every year and is predicted to reach about USD 9 billion by 2020.

Competitive Players

MOHW Hengchun Tourism Hospital

Apollo Hospitals Enterprise Ltd.

Bumrungrad International Hospital

Mount Elizabeth Hospitals

Raffles Medical Group

Dr. B. L. Kapur Memorial Hospital

Kasemrad Hospital International Rattanathibet

Mission Hospital

Bangkok Hospital

Miot Hospital

Penang Adventist Hospital

Aditya Birla Memorial Hospital

Asian Heart Institute

Barbados Fertility Center

Fortis Healthcare Limited

KPJ Healthcare Berhad

NTT Medical Center Tokyo

Prine Court Medical Center

Recent Developments

In September 2024, Global Care, a non-hospital medical tourism company, raised USD 3 million in a Series A funding round led by 35North India Discovery Fund – II. The funds will be used to build clinical excellence through strategic consulting and facilitating convenient access to patient care.

Analyst Opinion

As per our analyst, medical tourism is experiencing robust growth due to disparities in treatment costs and technological advancements. Countries like India and Costa Rica attract patients with their more affordable care compared to pricier destinations such as Canada. The rise of AI technologies, such as HealthStay's innovations, is streamlining the process and enhancing patient experiences.

Strategic partnerships, like ShareTrip's with Malaysia's Health Tourism Council, are expanding access to high-quality care at competitive prices. The Asia-Pacific region leads with cost advantages, while Europe grows rapidly for its top-tier facilities.

Our analysts forecast ongoing market expansion driven by rising healthcare costs in developed countries, technological advancements, and increased affordability in developing nations. Despite challenges like regulatory disparities and quality concerns, the future of medical tourism remains optimistic, with continued growth anticipated.

Segmentation

By Treatment Type

Cardiovascular Treatment

Orthopedic Treatment

Cosmetic Treatment

Bariatric Treatment

Dental Treatment

Ophthalmology Treatment

Infertility Treatment

Others

By Service Provider

Public

Private

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