Medical Tourism Market on the Rise: Size, Share, Growth, and Trends Explored
The global medical tourism market is experiencing extraordinary growth, driven by significant cost savings for patients seeking high-quality healthcare solutions. This booming sector has not only reshaped perceptions of emerging economies but has also emerged as a prominent player in the global healthcare landscape.
Rapid Growth on the Horizon
According to Patients Beyond Borders, the medical tourism industry is poised to expand at an impressive rate of 25% per year over the next decade. In 2018, an astounding 14 million medical tourists traveled to various countries in search of accessible and affordable healthcare.
COVID-19 Pandemic: A Surprising Catalyst?
While the COVID-19 pandemic disrupted international travel and posed formidable challenges to the healthcare industry, experts believe that as the pandemic subsides and travel restrictions are lifted, medical tourism will regain its momentum. Economies in need of recovery may find hope in the resurgence of travelers seeking affordable and accessible healthcare. Countries that effectively managed the pandemic are expected to emerge as the most sought-after medical travel destinations.
Globalization as a Driving Force
Globalization, encompassing economic, social, cultural, and technological aspects, has played a pivotal role in the ascent of the medical tourism market. Patient choice, shifting consumer preferences, and easy access to information have all fueled the industry’s growth. Patients opt for overseas treatment for various reasons, including access to specialized medical professionals, expedited treatment, and cost-efficiency.
Key Factors Influencing Patient Choices
Numerous factors influence patients when selecting a medical tourism destination, including the availability of skilled healthcare professionals, political stability, the quality of medical facilities, hospital accreditations, healthcare costs, economic stability, and the overall destination environment.
Government Support Fuels Growth
Governments worldwide are recognizing the economic benefits of medical tourism and are actively shaping policies to promote it. Initiatives such as health and wellness policies, medical visas, and educational partnerships with travel agencies are increasingly prevalent.
Global Impact
In 2019, the United States led the global medical tourism market, accounting for 36% of global medical tourism spending. France closely followed, with tourists spending US$800 million on medical purposes. Other countries such as Turkey, Thailand, Jordan, and Costa Rica also ranked high in terms of inbound medical tourism spending.
Key Players in the Market
Prominent players in the global medical tourism market include Aditya Birla Health Services Limited, Apollo Hospitals Enterprise Limited, Asian Heart Institute & Research Centre Pvt. Ltd., Barbados Fertility Center, BB Healthcare Solutions Ltd., Fortis Healthcare Limited, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre Sdn Bhd, Samitivej Hospital Group, Seoul National University Hospital, UZ Leuven, Gleneagles Hospital, and Hospital Universitario de Madrid.
The global medical tourism market is poised for continued growth, driven by cost advantages, globalization, and government support. As the industry rebounds from the impact of the pandemic, it is expected to play an increasingly vital role in healthcare worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/medical-tourism-market
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