report published this month by Fortune Business Insights says the global medical tourism market size is anticipated to gain impetus from the advancement of medical treatment at minimal cost and better medical experience.
Also known as surgical tourism or health tourism, medical travel receives strong support from governments so as to promote the exceptional healthcare services offered. In the past few years, this sector has gained immense recognition.
A reported average of 11 million people travel to different corners of the world for medical assistance every year and this amounts to an estimated 3-4% of the global population. The report, published in June 2020 by Fortune Business Insights titled, “Medical Tourism Market Size, Share and Global Trend by Type (Domestic, International), By Treatment (Cosmetology, Dentistry, Cardiology, Orthopedic Surgery, Neurology, Oncology, Other), and Geography Forecast till 2026,” offers insights into the market and its prime growth trajectories.
Increasing demand for better healthcare services at competitive prices
The increasing number of complicated chronic diseases and the availability of advanced treatments at minimal cost are the two key factors boosting the medical tourism market growth, says the new report.
In addition to this, governments of various nations are promoting the growth of exceptional healthcare services, thereby contributing to the rapid growth of the market. On the contrary, poor quality outcomes, lack of transport and network infrastructure, and slow response time may cause major hindrance to the market in the coming years.
Nevertheless, the growing demand for the latest medical technologies at affordable rates is likely to create lucrative growth opportunities for the market in the coming years.
Based on segmentation by treatment, the cosmetology segment held the largest medical tourism market share in 2018. This was attributable to increasing beauty standards worldwide, the popularity and success rates of Botox and other surgeries followed by the rising popularity of cosmetic surgeries especially by players located in Brazil and the US.
Based on regional segmentation, North America earned the highest revenue in 2018 on account of the increasing emphasis on better quality treatment at efficient prices. Besides this, the rise in geriatric population, and the increasing inclination towards aesthetic surgeries are also adding a boost to the regional market. On the other side, the Middle East and Africa and Asia Pacific markets are expected to witness progressive growth in the coming years on account of the improving healthcare infrastructure with better therapeutic experience for the patient, and minimal treatment cost. The World Health Organisation estimates 1.5 million people travel to Thailand as medical tourists.
Players are engaged in private-public partnerships and investing massively for providing better accommodation facilities to tourists coming for treatment purposes. This will help attract more revenue to the market. Besides this, players are also engaging in the construction of new clinics, that can accommodate more visiting physicians and specialists namely gynaecologists, gastroenterologists, obstetricians, and others. Such strategies are likely to help players gain a significant position in the market competition.
Source: Fortune Business Insights
Photo: Pantai Hospital, Kuala Lumpur at Night – by PulauKakatua19