Medical Tourism Market by Treatment Type (Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Bariatric Treatment, Neurological Treatment, and Fertility Treatment) - Global Analysis & Forecast 2019-2030
Report ID : 176 | Published Date : May 2020 | Pages : 180 | Region : Global | Report Code : HS-3
Medical Tourism Market Introduction & Overview
“Medical Tourism” refers to the process of traveling outside the country of residence to seek healthcare services. The most common types of procedures that patients pursue during medical tourism are orthopedic treatment, bariatric treatment, and fertility treatment among others. It is a revenue-generating industry and also aids in employment creation. This also benefits citizens’ access to quality healthcare services at affordable costs.
The global medical tourism market is mainly driven by a low-cost treatment, good quality medical services, world-class facilities, and access to the latest technologies. People travel to countries where a particular disease/condition is well understood. Also, well-developed healthcare infrastructures and surgeon expertise are driving the medical tourism market. Moreover, investments from government authorities are attracting high-end medical travelers. Also, medical tourism packages offered by the healthcare providers are further pushing the medical tourism market.
Furthermore, medical tourism also maximizes spending on travel and tourism. Post-treatment, people prefer to stay back for relaxation, sight-seeing, and leisure. Packages offered by large hospitality destinations include comprehensive wellness and rejuvenation packages. Therefore, medical tourism not only contributes to the economic growth of a country but also fosters relations between nations. The global medical tourism market is segmented by treatment type and region.
Medical Tourism Market By Treatment Type
Based on treatment type, the medical tourism market is segmented into cosmetic treatment, cardiovascular treatment, orthopedic treatment, bariatric treatment, neurological treatment, fertility treatment, and other treatments. Medical insurance in the local market does not cover elective surgeries such as cosmetic surgery and gender reassignment surgery among others. Cheaper rates and less stringent regulations in other countries makes people to travel for medical care.
Medical Tourism Market By Region
On the basis of region, the global medical tourism market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is expected to witness the highest CAGR, with market growth centered in and around China, Malaysia, Thailand, and India among others. The medical tourism growth of this region can be attributed to factors such as the adoption of advanced technologies and expanding healthcare sectors. Moreover, the promotion of medical tourism by the government to generate substantial revenue as well as create political associations with other countries, which is one of the major growth drivers.
Medical Tourism Market Prominent Players
The prominent players present in the global 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.