The Medical Tourism Market is set to reach USD 29 billion by 2024; according to a new research report by Global Market Insights. Cosmetic surgery market accounted for USD 2,863.1 million in 2017 due to increasing number of patients traveling to foreign countries to obtain cosmetic procedures. Increasing influence of aesthetic appeal is one of the major factors leading to growth of cosmetic surgery market. Also, international medical coverage is another major factor that will boost cosmetic surgery market. With availability of highly trained and qualified plastic surgeons in developing countries, the cosmetic surgery market will spur in the future.
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Orthopedic surgery market will expand at 8.1% CAGR during the forecast timeframe. As number of people suffering from osteoarthritis and osteoporosis is increasing, the demand for orthopedic surgery will increase in the future. Furthermore, patients save about 25-75% on orthopedic surgeries outside U.S. without compromising quality of the surgery. With increasing prevalence rate of osteoarthritis and rheumatoid arthritis in developed countries, the demand for orthopedic surgeries in foreign countries will increase in the future.
Growing awareness about medical tourism among patients will boost demand for medical tourism over the forecast period. Various public and private hospitals along with constant support and various initiative of respective government for promoting medical tourism will create awareness about medical tourism. For instance, Indian government is constantly marketing and promoting India as a global destination for affordable and high-quality healthcare system. As increasing number patients are being aware about safety and effectiveness of medical procedures in foreign countries, the demand for medical tourism is expected to increase in the future.
Low cost of medical treatment in foreign countries is one of the major reasons for growth of medical tourism industry. Many patients from developed countries such as the U.S. and Canada fly abroad annually for accessing medical treatments at affordable and low cost. This is due to the fact that availing medical treatments in developed countries is much costlier as compared to developing countries. For instance, the pre-capita spending on healthcare services in U.S. is above USD 10,000. Also, patients save about 50-75% of the healthcare cost in developing countries without compromising quality and effectiveness of the procedure. Aforementioned factors will promote medical tourism throughout the forecast timeframe.
Mexico market accounted for largest revenue of USD 2,217.6 million in Latin America in 2017. Large number of U.S. and Canadian citizens traveling to Mexico for availing medical treatments at low cost will be the major factor for Mexican growth. Moreover, the Mexican government has recently established medical tourism advisory board that will be responsible for formulation of policies supporting medical tourism growth. Also, extensive marketing and campaigns for promotion of Mexico medical tourism will attract large number of patients from developed countries.
Indian market is forecasted to expand at the rate of 12.6% CAGR across the forecast timeframe. Growth is attributable to availability of high-quality medical procedures at low cost as compared to other developed countries. Also, various initiatives taken by the Indian government for promotion of Indian medical tourism will propel the industry significantly. For instance, the National Medical and Wellness Tourism Board of India is working with Ministry of Tourism for development of new medical tourism policy. Favorable government policies coupled with availability of high-quality medical procedures will favor industry growth.
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Few of the notable industry players operating in global medical tourism market are Apollo Hospitals Enterprise Limited, Asklepios Kliniken GmbH & Co. KGaA, Fortis Healthcare Limited and Bumrungrad International Hospital. These hospitals adopt strategies such as business expansion, marketing to foster business in medical tourism industry. For instance, in November 2015, Bumrungrad International Hospital announced establishment of clinic and diagnostic center in Myanmar in a joint venture with Yangon Medical Services. This establishment will enable Bumrungrad International Hospital to attract more Myanmar patients and spur revenue generation.