Market is poised to exhibit an impressive 30.05% CAGR. At this pace, its valuation is expected to increase from US$424.96 mn in 2017 to US$3.5 bn before 2024.
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Medical tourism is also defined as the travel of patients from their home country to different destinations for the purpose of medical treatment. These medical services could be sophisticated treatments such as Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, Oncology or even routine health check-ups. The medical tourism industry is emerging due to rise in healthcare expenditure in developed countries coupled with the availability of cost effective treatments in developing countries. The high cost of treatment in developed countries is seen as a prime reason for the migration of patients to other destinations.
Medical tourism market is now targeted by many countries' hospitals and governments worldwide for further growth and investment. Asia Pacific provides the best medical tourism market development and promotion example on a regional scale. Government tourism agency also working to increase medical tourism market where it is not yet established. As per OECD estimates, 50 million medical tourists travel worldwide annually. In 2016, the American Society of Plastic Surgeons (ASPS), stated that there were 17.1 million cosmetology procedures were in the U.S. alone. The International Society of Aesthetic Plastic Surgeons (ISAPS) published that 9 percent surgical and non-surgical cosmetic procedures were increase worldwide over the last year. Approximately 23,626,909 cosmetic procedure were accounted in 2016 out of which 39 percent rise in labiaplasty.
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Low cost medical treatment demand and rise in compliance to international quality standards drive medical tourism market worldwide. Rise in health care costs in most of the developed countries is putting significant pressure on both health care providers and individuals. Health care access in several countries is regulated by government health care system and mired with delays and long waiting lists. According to the 2004 estimates of Institute of Medicine, around 18000 patients die each year as they could not afford treatment for conditions or diseases.
Orthopedics Segment Held Lead on the Basis of Revenue in 2016
The global medical tourism market can be segmented on the basis of medical treatment and region. On the bases of medical treatment, medical tourism market can be further segmented into Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, Oncology and Others. Orthopedics is a branch of medicine which deals with conditions concerning bones and muscles. It majorly involves the surgical procedures for correcting the musculoskeletal system. Cosmetology is a branch of medicine which deals with the treatment options concerning skin, wrinkles, skin coloration, unwanted hair, plastic surgery, rhinoplasty and overall external appearance. A branch of medicine that is concern with the study, diagnosis, prevention and treatment of disorders and conditions related to oral cavity called Dentistry. In term of revenue, Orthopedics segment held a significant share of the medical tourism market in 2016.
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Asia Pacific Emerges as Lucrative Market for Medical Tourism
In terms of region, the medical tourism market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the leading market for global medical tourism market, followed by Europe, Latin America, Middle East & Africa and North America. In terms of revenue, the Thailand holds a major share of the medical tourism market in Asia Pacific region. The market in Europe is expanding rapidly, due to increase in the number of medical travel patient, especially in UK, Germany, Italy and France, Moreover, the market in Latin America and Middle East & Africa projected to expand significantly in the near future due to high medical treatment cost in United State and Europe region. Developing economies such as India and Thailand are projected to contribute to growth of the market in APAC between 2017 and 2025, due to better health care infrastructure, economic growth, increase in the number of insurance payers, growth of the private health care sector, and increase medical tourism education awareness.
Key players operating in the medical tourism market are Bumrungrad International Hospital, Bangkok Chain Hospital, Asklepios Kliniken GmbH, Fortis Healthcare Limited, Apollo Hospitals Enterprise Limited, Mount Elizabeth Hospital, Jordan Hospital, The Ac?badem Hospitals Group, Al Rahba Hospital and KPJ Healthcare Berhad.
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