The global Medical Tourism market is anticipated to increase at a 19.1 % CAGR to reach value USD 98.5 Billion in 2030
Health is wealth and to achieve that people go to any limits which is a must hence medical tourism comes into the picture.
Covid-19 Impact & Market Status
The COVID-19 outbreak had a negative impact on the market's overall growth. Non-emergency optional levels of care, including plastic procedures, oral surgery, and hair organ transplants, among many others, had to be pushed back due to the increasing number of COVID-19 cases in 2020 and then beyond. Some many wellness centres, healthcare facilities, and healthcare tourist providers temporarily halted operating during the pandemic. However, it is predicted that the sector will show a positive trendline in the years to come thanks to the global improving economy and a general easing of travel restrictions.
Significance in this Industry
Medical care expenses in emerging economies will influence measurements. Health care system is relatively expensive in developed nations like the U.S. and the UK. Due to reasonably priced pharmaceutical drugs, low labour costs, and low travel and lodging costs, the ultimate cost of medical diagnosis is lower in developing countries than in developed ones. Although there may be benefits, the standard of care is not diminished and is comparable to that offered by developed nations. In terms of reduction of medical procedures, nations like India, Singapore, and Thailand have lowered custom charges and taxes on hospital services. However, during forecast period, a favourable legal authority and lower costs will boost business size for international care.
Having an edge over others
Notwithstanding the numerous factors that are advantageous to the market, there are a few obstacles that prevent medical tourism from expanding. The dignity of health tourism, for example, is threatened by the lack of oversight over the informational content of the involvement. The informativeness that is available on the website varies greatly, and the web's lower entry barrier gives non - qualified individuals a head starts in the wellness services industry. Without careful examination, this could cause the industry serious problems. Additionally, patients commonly seek out compare prices because of the healthcare costs.
Health sector has always been into the necessary segment which has grown over the period of time gradually and has given a rise in the global medical tourism market.
Journeys outside of one's country of domicile in order to receive medical treatment is known as medical tourism. Lawmakers, scientists, and the mainstream press are all taking notice of the rise in medical tourism. The phrase previously referred to patients travelling to advanced nations from less developed ones in search of therapies not offered in their native countries.
There are various medical agencies around the world that decide whether or not a certain drug is endorsed throughout their country (FDA, EMA, etc.), so the inspiration could also be due to medical services that are inaccessible or not licenced in the home land. Including within Europe, despite the possibility that treatment plans will be approved by the European Medical Agency (EMA), a number of nations have their own review bodies to determine whether the same treatment plan would be "cost-effective." As a result, patients may experience variations in treatment plans, especially in the availability of these drugs, which may be open source to the economic stability of the specific healthcare system.
The popularity for such offerings will increase as a result of onerous regulations on particular medical care. The medical field has mushroomed in recent years as more people travel to emerging economies for reduced, elevated medical care. The comfort of domestic travel after healing and advantages like minimal to no queuing system have created conditions for these services.
Suppliers of health tourism have emerged as middlemen connecting prospective patients with doctors, provider healthcare facilities, and other organisations. Some American surgeons have travelled to Mexico to treat patients from their country after signing up with medical tourism companies. The idea is to convince self-insured American employers to offer this expense option to their employees as a way to save money while still offering enhanced care by allaying fears about travelling abroad. For patient populations with postintervention health problems, companies that specialise in healthcare value travel frequently offer nurse counsellors. They might also assist in providing the patient with resources for aftercare when they revert back.
A growing subset of health tourism is circumvention tourism. Traveling to a location where healthcare care is legal but prohibited at home is known as circumvention tourism. This can involve travelling for procedures like physician suicidal behaviour and abortion that are not yet legal in the patient's country of residence. Abortion tourism is most prevalent in Europe because it is so easy to move between the continent's nations. The most abortion-related tourism occurs in Ireland and Poland, two European nations with stringent abortion laws. Particularly from Poland, it is believed that nearly 7,000 women travel to the UK every year, in which the National Health Service offers free abortion services.
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Key market players of the industry here being are apollo hospitals, fortis healthcare, Asian heart institute, KPJ healthcare berhad, NTT Medical centre Tokyo, Seoul National University Hospital, Aditya Birla Memorial Hospital, Prince Court Medical Centre.
Latest Innovations in the Global Medical Tourism Market: A Snapshot
- Technology in health sector has been a boon with every innovation being a blessing in disguise to every soul being saved. A wide range of services, including various necessary therapies as well as different types of conventional and complementary therapies, can be acquired through health tourism. Going abroad for in vitro fertilisation, surrogacy arrangement pregnancies, and other forms of assisted reproduction technology is known as breeding tourism, also known as procreative outsourcing.
Key Segments of the Global Medical Tourism Market
Application Overview, 2019-2029 (USD Billion)
- Cardiovascular Surgery
- Cosmetic Surgery {Hair Transplant, Breast Augmentation}
- Dental Surgery
- Orthopaedic Surgery
- Bariatric Surgery
- Fertility Treatment
- Oncology Treatment
Regional Overview, 2019-2029 (USD Billion)
- North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of medical tourism market in 2029 was USD 54.52 billion.
The medical tourism market is growing at a CAGR of 22.1% over the forecast period.
The application of the medical tourism market Cardiovascular Surgery, Cosmetic Surgery, Dental Surgery, Orthopaedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment and other.