Introduction
Medical tourism can be defined as an organized travel across international borders to avail medical treatment of some form, which may or may not be available in the travelers’ home country.
Medical tourists travel across international borders for the maintenance, enhancement, or restoration of their health through affordable healthcare facilities & treatments available in other countries, which are comparatively expensive in their own country.
Factors that are driving the global medical tourism market is the Affordability and accessibility of high-quality healthcare services, assistance from tourism departments, latest medical technologies.
The COVID-19 pandemic has medical tourism industry. It has been observed that, overall tourism market faced a downfall of 60% in 2020. But the condition is expected to recover during post-COVID period due to travelling relaxations
Table of Contents
Market Overview
The global medical tourism market is expected to grow to $245.70 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 20.30% CAGR.
Affordability and accessibility of high-quality healthcare services and assistance from tourism departments and local governments are the key factors that drive the market growth.
Some of the key players in the market are Bumrungrad International Hospital, Asian Heart Institute, Fortis Healthcare, Yanhee International Hospital, Bangkok Hospital, Apollo Hospitals Enterprise.
Increasing competition in this market is expected to drive innovation, thereby helping the industry to overcome the existing challenge of pricing pressure faced by the prominent players in the market.
The market players are continuously striving to introduce new improvements to the existing services focused on the anticipated consumer demands and market trends.
APAC dominated the global medical tourism market in 2020.
Key Trends
Wider hospital network under insurance coverage for cashless transactions is expected to serve as an opportunity for the market expansion.
The provision of luxurious stay and comfortable treatment options by the hospitals is expected to attract many medical tourists in future
Key Market Players
Some of the key players in the market are Bumrungrad International Hospital, Asian Heart Institute, Fortis Healthcare, Yanhee International Hospital, Bangkok Hospital, Apollo Hospitals Enterprise.
Increasing competition in this market is expected to drive innovation, thereby helping the industry to overcome the existing challenge of pricing pressure faced by the prominent players in the market.
The market players are continuously striving to introduce new improvements to the existing services focused on the anticipated consumer demands and market trends.
Growth Drivers and Challenges
Affordability and availability of good quality healthcare services is driving the market growth.
Rising number of medical tourists due to high treatment costs in their native countries
Availability of the latest medical technologies and growing compliance on international quality standards are also driving the market growth
Limited coverage and lengthy partial reimbursement by payers is expected to impede the market during the forecast period.
Difficulties associated with travel, language barriers, availability, documentation, and VISA approval issues is challenging the medical tourists from travelling.