According to the report, global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024.
(TRAVPR.COM) UNITED STATES - August 29th, 2018 - According to the report, global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024.
Modern healthcare at affordable prices is offered to medical tourists in various countries at different level of economic development. Western population travel to other countries for their medical treatment. Long waiting lists, increasing healthcare costs, and limitations on the availability of treatment options, coupled with the ease of travel, medical tourism is gaining popularity. Medical tourism offer growth opportunities for healthcare providers. The medical tourism industry is evolving quickly and also increasing awareness levels among individuals across the world. Emerging market economies with medical expertise and medical facilities at low cost, coupled with attractive tourism sites, are expected to drive medical tourism market over the forecast period.
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Medical tourism is one of the significant sectors of the global economy. The number of medical tourists has increased substantially from 350,000 Westerners in 2003 to 750,000 Americans by 2007. In India, medical tourism increased between USD 50 billion and USD 69 billion. Medical tourism in Asia grew to USD 4.4 billion by 2012. The medical tourism industry is also dynamic and volatile due to various factors such as economic climate, travel restrictions, geopolitical shifts, domestic policy changes, political instability, advertising practices and innovative, and new treatment options contribute towards a shift in the pattern of consumption and production of health services in a domestic and overseas market.
The medical tourism market is segmented on the basis of treatment type into cancer treatment, orthopedic treatment, fertility treatment, cardiovascular treatment, neurological treatment, and others. Orthopedic and cardiovascular treatment segment is expected to grow at significant growth rate. Orthopedic is the medical condition associated with muscles and bones. It consists of a surgical procedure for the correction of the musculoskeletal system. Cardiovascular diseases are one of the leading causes of death across the world. The high cost associated with the treatment of these diseases may influence patients to seek treatments abroad.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is expected to generate major revenue share in the medical tourism market. The largest share in the region is attributed due to the availability of highly educated and skilled medical practitioner and research experts coupled with frequently developing healthcare facilities. As per the estimates of Centers for Disease Control and Prevention (CDC), up to 750,000 of the United States residents travel abroad for the treatment every year. The most common treatment includes heart surgery, dental procedure, and cosmetic surgery.
Some of the key players in medical tourism market include Fortis Healthcare, Bumrungrad Hospital Public Co. Ltd., Bangkok Dusit Medical Services, Asian Heart Institute, Prince Court General Hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Samitivej Sukhumvit, Spire Healthcare, Medanta, Min-Sheng General Hospital, IHH Healthcare Berhad, Raffles Medical Group, and others.
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