The ever increasing cost of medical treatment, availability of skilled labor, higher rate of chronic diseases and relaxed government policies are the major factors driving the global medical tourism market. The global industry is expected to grow at a CAGR of over 10% during the forecast period reaching USD XX million by 2025.
Singapore, Malaysia, Thailand, Costa Rica, India, Turkey and Dubai are the most popular destinations in regards to medical tourism. Improved healthcare infrastructure, economic benefits related to the medical treatment and growing number of standard medical centers and hospitals have resulted in developing the health tourism market in these countries over the past few year and this trend is anticipated to continue over the forecast period.
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Most of patients travelling abroad for treatment belongs to U.S. as it saves them nearly 20% - 80% of the treatment cost. Patients travel across the borders for the treatment dental and cosmetic treatment, as they are not insured or underinsured which results in skyrocket price of the treatment. Rising demand for minimally invasive surgeries and the number of geriatric patient has resulted in these patients traveling abroad for medical treatments as well as vacations for recuperating.
Several packages are being offered by the hospitals which include the post-operative care, spas and other wellness program. The availability of online consultation by the healthcare professionals and the availability of translators in the hospitals to overcome the language barrier by the patients is fueling the growth in the medical tourism industry.
The increasing number of JCI accredited hospitals, economic and market attractiveness, high infrastructure and health related investments, and significantly lower cost of treatment in the Asia Pacific region is anticipated to make it the fastest growing market during the forecast periods. In Asia Pacific region, India and Thailand are having tremendous potential for growth as the cost saving on medical treatment and surgeries is nearly 50%-80%. The presence of doctors with specialization, hospitals with international medical care standards and ease in visa processing is expected to drive the growth of the medical tourism in the country over the next few years.
Thailand is among one of the most popular destinations with nearly 2 million patients travelling for medical treatment in 2015 with a spending of about 3 billion. The country has over 50 JCI accredited healthcare outlets, the highest in Asia Pacific. Government is taking efforts on developing healthcare tourism market by focusing on the development of local hospitals and the healthcare centers to meet the international standards to attract more medical tourist. Thailand government offers care to tourists who faces medical emergencies while travelling. Government also relaxed visa rules, by extending the stay from 30 days to 90 days to tourist from Bahrain, UAE, Oman, Qatar and Kuwait.
The above mentioned factors coupled with the government provisions implemented to promote medical tourism is expected to drive the global medical tourism market. Moreover, hospitals such as Apollo, Fortis, and NTT Medical Center are offering specialized treatments such as fertility and cardiovascular at a much lower cost than that quoted in developed economies which are expected to attract more tourists.
Key segments of the upcoming report
Type of Treatment, 2015 - 2025 (Number of patients in thousands) (USD Million)
Regional Overview, 2015 - 2025 (Number of patients in thousands) (USD Million)
Central & South America
Middle East & Africa
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