3 Key Insights on US$ 65 Bn Opportunity in Global Medical Tourism Market
Driven by various government policies and initiatives to ease medical tourism along with the availability of premium-quality treatment at comparatively low prices in developing countries, the Global Medical Tourism Market is Forecasted to reach nearly US$ 100 Bn by 2028 says Ken Research Study.
Medical tourism is the process of organized travel outside the country to avail medical care. Medical tourists travel across the countries to use low-cost healthcare treatments and facilities to maintain, improve, or restore their health.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Lack of Healthcare Insurance Coverage and Inadequate Insurance Benefits Encourage Market Growth
The rising demand for treatments that are not covered under insurance such as reproductive therapy, aesthetic surgery, dental reconstruction, gender reassignment surgery, and others coupled with rising awareness regarding medical tourism among patients to save cost, is anticipated to augment the growth of the Global Medical Tourism Market. Moreover, the lengthy waiting period for medical services in some countries is also attracting patients to seek medical treatment in different countries, especially in developing countries. However, difficulties associated with VISA approval, travel, availability of medical documents, and others may impede the growth of the market.
According to Ken Research estimates, the Global Medical Tourism Market – valued at around US$ 25 Bn in 2017 and estimated to reach nearly US$ 45 Bn by 2022 – is further expected to grow to around US$ 100 Bn opportunity by 2028.
2. High-Quality Treatment at Affordable Rates is Driving the Market Growth
The high prices of medical treatments in home countries are encouraging patients to travel to different countries to seek premium-quality treatment at comparatively low cost, which is likely to boost the demand for the market. The high-quality treatment can be easily availed at a lower cost, especially in developing countries like India, Thailand, Malaysia, and others. Cost savings and additional benefits offered to visitors namely cutting-edge technology, superior hospitality, individualized care, breakthrough medicines, and improved healthcare are some of the major factors driving the growth of the market.
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The below graph depicts the comparison of prices of Heart bypass (CABG) treatment in the USA and India.
3. Difficulty with Patient Follow-Up is the Most Significant Barrier to the Growth of the Market.
Follow-up care is necessary after every treatment but it is very difficult in the case of medical tourism. If the patient is back in his own country and in case of any complications post-surgery, it would be difficult to offer follow-up care as well as it will be very expensive. The rising concerns regarding the complications after surgery and difficulty in follow-up in the case of medical tourism may decrease the demand for the market. In addition, partial reimbursement for treatment in the case of medical tourism is also expected to hamper the growth of the Global Medical Tourism Market.
According to the Fortis Group of Hospitals in India, it receives around 2,800 to 3000 international patients in a month on an average basis. It is also observed that patients with shorter stays face difficulties in physically meeting the medical personnel in case of post-surgery complications and follow-ups.
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Key Topics Covered in the Report
- Snapshot of the Global Medical Tourism Market
- Industry Value Chain and Ecosystem Analysis of the Medical Tourism Market
- Market size and Segmentation of the Global Medical Tourism Market
- Historic Growth of the Overall Global Medical Tourism Market and Segments
- Competition Scenario of the Medical Tourism Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Medical Tourism Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Medical Tourism Market
- Future Market Forecast and Growth Rates of the Global Medical Tourism Market and by Segments
- Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
- Analysis of the Medical Tourism Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Production/Supply and Consumption/Demand Hubs in Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Medical Tourism Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Profiled in the Report
- Aditya Birla Health Services Ltd.
- Apollo Hospitals Enterprise Ltd.
- Fortis Healthcare
- Asian Heart Institute
- KPJ Healthcare Berhad
- Nippon Telegraph and Telephone East Corporation
- Samitivej PCL
- Wooridul Spine Hospital
- Seoul National University Hospital
- Prince Court Medical Centre
Notable Emerging Companies Mentioned in the Report
- Bangkok Hospital Group
- Bumrungrad International Hospital
- Livonta Global
- Max Healthcare
- Klinikum Medical Link
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Private Hospitals Chains
- Medical Tourism Service Providers
- Medical Associations
- Governmental Regulatory Bodies
- Financial Institutions
- Investors for Hospitals
- Tourism Service Providers
- Medical Equipment Manufacturers
- Medical Researchers
- Pharmaceutical Products Manufacturers
- Hotel Chains Focused on Medical Tourists
- Health-tech Companies
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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Ankur Gupta, Head Marketing & Communications
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