The global medical tourism market that accounted for 104.68 Billion dollar in 2019 is projected to reach 273.72 Billion dollar by 2027, registering a CAGR of 12.8 per cent from 2019 to 2027 in terms of value, according to Valuates Reports.
The medical tourism market is growing due to factors such as affordability and cost-effectiveness, immediate treatment, travel opportunities, availability of medical experts, no or limited insurance coverage, and availability of advanced equipment.
Furthermore, the global medical tourism market is driven by the affordability and accessibility of high-quality healthcare treatments, as well as aid from tourist departments and local governments, a release said. The medical tourism industry is predicted to develop due to the availability of cutting-edge medical technologies in medical tourism centers around the world.
TRENDS INFLUENCING GROWTH
The availability of lower-cost treatment choices combined with higher-quality care is the key reason for the growing popularity of the medical tourism market. The key reason for lower treatment costs in medical tourism locations is the low cost and simple availability of manpower.
During the forecast period, the fertility treatments section of the medical tourism market is expected to rise. One of the most frequent therapies for which medical tourists choose to travel across foreign borders is fertility treatment. Fertility tourism, sometimes known as reproductive tourism, is one of the fastest-growing segments of the tourism industry.
Since cosmetic surgery is not covered by most health insurance policies and must be paid for out of cash, cheaper costs in other countries appeal to international patients. They save money by traveling to places and taking advantage of lower-cost therapy while enjoying leisure activities in the destination country. This trend is expected to augment the medical tourism market.
Furthermore, persons without or with limited insurance coverage who cannot afford to pay for healthcare in their home country opt to seek treatment in other countries.
Preference towards privacy or anonymity by patients undergoing surgeries, especially cosmetic procedures is expected to drive the medical tourism market. Individuals take a vacation for medical treatment in order to dodge inquiries from friends and family about the necessary surgery. People who choose cosmetic procedures such as breast enlargement do not want to tell others about it.
MEDICAL TOURISM MARKET SHARE
Based on region, Asia-pacific is expected to be the most lucrative. This is due to the availability of high-quality care at a reasonable cost of treatment, the availability of low-cost flights, and a rise in marketing and online consumer information about medical services Furthermore, the government’s large efforts in improving healthcare infrastructure contribute to the market’s growth in the region.