Medical Tourism Market is anticipated to grow at a CAGR of ~23.0% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Medical Tourism Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global medical tourism market is estimated to be over US$ ~15.0 Billion in 2018. It is anticipated to grow at a CAGR of ~23.0% from 2019 to 2030.

Rising healthcare costs in developed countries are forcing people to seek medical care in countries providing quality healthcare services at affordable costs. The significant growth of the medical tourism market can be attributed to the affordability and accessibility of good healthcare services in other countries. According to the Centers for Disease Control and Prevention, thousands of U.S. residents travel abroad for medical care each year.

Medical tourism involves patients traveling to another country to avail medical care at a lower cost with quality care. Other factors influencing medical tourism include the lower price of treatment as compared to the home country, technological advancement, lesser stringent regulation, and immediate availability of medical procedures. Hospitals that facilitate medical tourism provides services from basic consultation to full-service treatment. Most of the medical tourism facilitators provide non-medical facilities such as visas, travel, lodging, and tourism making it a more convenient stay for the patient and their family. In 2018, Malaysia’s Sunway Medical Centre has been awarded Medical Tourism Hospital of the year along with Bumrungrad International hospital in APAC. It is also recognized for the oncology & neurology service for the same year. 

However, factors which may hinder market growth include language and culture barrier and risk of blood clots after surgery due to flying. Prior preparations are required when having surgery in a country where English is not a primary language. Also, physicians and surgeons are concerned about the quality of care provided. Local doctors are hesitant to take follow-up care of the patient who has received care outside the country. Moreover, outbreaks of infectious diseases among medical tourists that underwent surgery are restraining the medical tourism market.

Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, in detail along with the table of contents:

Asia Pacific is estimated to grow at the fastest CAGR during the forecast period. This growth is attributed to factors such as improved healthcare infrastructures, low treatment costs, a surge in a number of hospitals, and less stringent regulations. Along with technological advancements and quality medical services are also driving the market growth.

Some prominent players in the medical tourism market include Fortis Healthcare, Apollo International, Asian Heart Institute, Samitivej PCL., SEOUL NATIONAL UNIVERSITY HOSPITAL, Barbados Fertility Center, Prince Court Medical Centre, UZ Leuvan, Wooridul Spine Hospital, and ADITYA BIRLA HEALTH SERVICES LTD, among others.

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