Medical Tourism Market 2020-2025
As we all they know, the world has been struck with a deadly disease about the coronavirus outbreak, which as basically shut down our entire life. Several fields have been affected by the fatal disease. The losses incurred both local as well as international. Travel, tourism, every institution that encouraged any gathering has been shut down.
Medical tourism refers to a global phenomenon wherein the individuals travel outside the country of their residence for the sole purpose of receiving better medical care. The number of patients and mobility can be accurate based on a quantitative as well as a qualitative shift in the pattern across the globe under all circumstances.
Medical tourism has been permitted by several countries keeping in mind the health issues faced by people all over the world. It seems to be on the path of recovery after receiving several blows from the ongoing pandemic. The mass cancellation felt like a hit to the hospital industries responsible for catering the medical tourism and foreign patients. However, the rate of recovery shows some light at the end of the tunnel and is also quite promising.
On account of the factors mentioned above the medical tourism market is anticipated to exhibit a CAGR of around 8% during 2020-2025.
Top five countries for Medical Tourism:
- India- for patients in need of cardiac and orthopaedic surgeries, India is growing in medical travel popularity.
- Singapore- with a healthcare system that ranks sixth in the world, according to the World Health Organisation, Singapore attracts thousands of international patients each year.
- South Korea.
Under the title of ‘medical tourism market: global industry trends, share, size, growth, opportunity and forecast’, according to the latest report by IMARC Group, the global tourism market recently is experiencing strong growth. It refers to the worldwide phenomenon where the individuals travel outside their country of residence to receive medical care internationally because of legal reasons or low availability in their own country.
The mobility of international patients can indeed be based on qualitative and quantitative shifts in a pattern all across the world. Some international patients travel from underdeveloped countries and developing countries to seek a second opinion in their treatment or to avail better treatment available incompetent states for improved qualities facilitated by advance healthcare infrastructure. In contrast, some patients travel to underdeveloped countries to receive treatment at a more affordable cost.
Additionally, several patients travel overseas to seek medical care of various rare treatment, including stem-cell transplantation and other gender- reassignment operations, that are not available in their home countries. Some of the most common procedures that patients pursue during medical tourism include dental care, cosmetic surgery, fertility treatment and elective surgery that might be traditionally illegal in certain countries or are not approved by FDA under their health insurance.
Global medical tourism market trends:
The treatment of certain chronic diseases is associated with the global market, which is driven by high medical treatment costs. Along with this, there is also a significant rise in the state of the art medical facilities that has been recently emerging economies has better resulted in a willful expedition of the number of patients to all the neighbouring developed countries to access better quality, better-equipped healthcare services at a comparatively affordable price.
The accessibility has further been facilitated by the availability of all inexpensive and affordable flights and also the easy availability of the essential pieces of information regarding medical advances and services readily available online on the internet. Numerous healthcare providers are extending their medical tourism by offering packages that include services such as ticket booking, hotel accommodations for patients as well as their carers and additional, medical insurance. These offers along with the inadequate and uncomfortable insurances available in different countries and the constant rise in demand for various surgeries that are not covered by traditional FDA approved medical insurances is providing a great thrust to the market growth.
Furthermore, there are multiple benefits including personalized care, modern types of equipment and devices, innovative and improved medicines and also the latest technologies that are offered by the healthcare sector of individual countries, in confluence with significant growth in the medical infrastructure that was supported by the favourable government initiatives that are creating a relatively positive outlook for the market.
Market break up by treatment type:
- Cosmetic treatment
- Dental treatment
- Cardiovascular treatment
- Orthopaedic treatment
- Bariatric treatment
- Ophthalmic treatment
Market breakup by type:
Market breakup by end-user:
- Research laboratories
- Point of care testing
Market summary: on the geographical front, the market has been segregated into:
- North America (the united states and Canada)
- Europe (Germany, France, Italy, Spain, Russia, and others)
- Asia pacific (china, japan, India, south Korea, Australia, Indonesia and others)
- Latin America (Brazil, Mexico and others)
- Middle east
The competitive landscape of the market has been examined with the detailed profiles of some key players:
- Aditya birla memorial hospital
- Apollo hospitals enterprise limited
- Asian heart institute
- Barbados fertility centre
- BB healthcare solutions
- Fortis healthcare
- KPJ Healthcare Berhad
- Prince court medical centre
- Seoul national university hospital
- UZ Leuven
As the novel coronavirus (COVID-19) crisis/pandemic has taken all over the world, IMARC has been continuously tracking all of the change taking place in the market along with all the different kind of purchase behaviours of the consumers globally. The estimates of IMARC group about all the latest market trends and the forecasts are being done and improved considering the impact novel coronavirus has had globally.