The global medical tourism market size is expected to reach USD 207.9 billion by 2027, expanding at a CAGR of 21.1%, according to a new report by Radiant Insights, Inc. Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It provides employment and business opportunities for residents. Moreover, it helps in the growth of associated businesses such as pharmaceuticals, healthcare devices, and tourism. Government support to maintain the general reputation and political stability of the host country is a key influencing factor that drives the market.
Government authorities are willing to invest in local enterprises to capitalize on the growth of the market. Such government bodies are authorizing projects that help in the overall development of infrastructure in the country such as the public transport system and water supply facilities to attract high-end travelers.
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Medical tourism has led to a rise in state-of-the-art healthcare facilities in developing countries to attract foreign nationals, resulting in fast growth of healthcare infrastructure in such countries. Moreover, healthcare providers now offer comprehensive tourism packages that include services ranging from ticket booking to hotel stay and healthcare insurance.
Further key findings from the report suggest:
• Thailand dominated the market in terms of revenue in 2019 pertaining to the huge difference in treatment cost in comparison to developed countries. Around 2.8 million people visited Thailand to seek medical care in 2018 owing to low cost and good quality healthcare services
• In 2016, Thailand ranked 18th in the International Healthcare Research Center’s Medical Tourism Index. Moreover, the country ranked 13th on the same index in terms of quality of facilities and services provided owing to well-developed healthcare infrastructure and an increasing number of healthcare professionals
• In Thailand, Asia’s first largest private hospital, Bumrungrad International Hospital, is also the first hospital to receive JCI accreditation and ISO 9001 certification. Till date, over 53 private hospitals have received JCI accreditation
• Singapore, Colombia, Taiwan, and Spain are some of the fastest growing medical tourism destinations in medical tourism market. Medical tourism is one of the important factors for revenue generation for these countries. They have an advanced healthcare infrastructure and skilled manpower to cater to international patients
• Thailand is popular for cosmetic procedures and India is most preferred for cardiovascular and orthopedic procedures. Brazil and Costa Rica are preferred for dental procedures.
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Table of Contents
Chapter 1 Methodology
1.1 Research Methodology
1.1.1 Information procurement
1.2 Information or Data Analysis
1.3 Market Formulation & Validation
1.4 Region Wise Market Calculation
1.4.1 Region Wise Market: Base Estimates
1.4.2 Global Market: CAGR Calculation
1.5 Model Details
1.5.1 Commodity flow analysis (Model 1)
1.5.2 Volume price analysis (model 2)
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Industry Outlook
3.1 Market Segmentation
3.2 Market Variable Analysis
3.2.1 Market Driver Analysis
3.2.1.1 Rising number of medical tourists due to high treatment costs in their native countries
3.2.1.2 Limited insurance coverage in some countries attracts patients to medical tourism destinations
3.2.1.3 Easier treatment accessibility for patients
3.2.2 Market Restraint Analysis
3.2.2.1 Fear of infectious diseases risks the demand for medical tourism
3.2.2.2 Lack of geographical and cultural proximity
3.3 Penetration & Growth Prospect Mapping
Continued…
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