A new report titled “Medical Tourism Market by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024” has been published by Zion Market Research. According to the report, global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024.
Modern healthcare at affordable prices is offered to medical tourists in various countries now. Western tourists travel to other countries for their medical treatment at affordable costs. Long waiting lists, increasing healthcare costs, and limitations on the availability of treatment options, coupled with the ease of travel are increasing the popularity of medical tourism. Medical tourism offers growth opportunities for healthcare providers. The medical tourism industry is changing quickly and also increasing awareness levels among individuals across the world.
Medical tourism is one of the significant sectors of the global economy. The number of medical tourists has increased considerably from 350,000 Westerners in 2003 to 750,000 Americans by 2007. In India, medical tourism increased between USD 50 billion and USD 69 billion.
Medical tourism in Asia grew to USD 4.4 billion by 2012. The medical tourism industry is also dynamic and volatile due to various factors such as economic climate, travel restrictions, geopolitical shifts, domestic policy changes, political instability, advertising practices and innovative and new treatment options.
The Asia Pacific dominated the medical tourism market in 2017 with significant revenue share.
Europe contributed to significant revenue share in 2017. The growth is attributed to increasing flow of patients, healthcare experts as well as advancement in medical technology in the region. Medical tourism has also developed in Poland.
The Latin America market is projected to experience lucrative growth during the forecast period. Market growth is particularly expected in Brazil and Mexico.
Some of the key players in medical tourism market include Fortis Healthcare, Bumrungrad Hospital Public Co. Ltd., Bangkok Dusit Medical Services, Asian Heart Institute, Prince Court General Hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Samitivej Sukhumvit, Spire Healthcare, Medanta, Min-Sheng General Hospital, IHH Healthcare Berhad, Raffles Medical Group, among others.
Tags: medical tourism