Medical tourism refers to the global phenomenon wherein individuals travel outside their country of residence for the purpose of receiving medical care. Patient mobility can be based on a quantitative as well as a qualitative shift in pattern across the globe.
While a certain section of individuals travels from developed to developing economies to access health treatments at affordable costs, others prefer to visit developed countries for receiving medical treatment of improved quality, facilitated by advanced healthcare infrastructure. Additionally, several patients move overseas to seek medical care of certain rare treatments, including stem-cell transplants and gender-reassignment operations, that are not available in their home country. Some of the most common procedures that patients pursue during medical tourism include dental care, cosmetic surgery, fertility treatment and elective surgery.
According to the latest report by IMARC Group, titled “Medical Tourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global medical tourism market is currently experiencing strong growth.
The global market is driven by high medical costs associated with the treatment of chronic diseases in developed nations. Along with this, a significant rise in the state-of-art medical facilities across the emerging economies has resulted in the willful expedition of numerous patients to developing countries to access better quality healthcare services at affordable prices. This is further being facilitated by the availability of inexpensive flights and the easy availability of information regarding the medical services on the internet.
Moreover, numerous healthcare providers are now extending their services by offering medical tourism packages that may include services, such as ticket booking, hotel accommodations and medical insurance. This, along with inadequate insurance benefits available in various countries and the rising demand for surgeries that are not covered by medical insurance, is providing a thrust to the market growth.
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Furthermore, multiple benefits, including personalized care, modern devices, innovative medicines and latest technologies, offered by the healthcare sector of certain countries, in confluence with significant growth in the medical infrastructure supported by favorable government initiatives, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of around 8% during 2020-2025.
Based on the treatment type, the market has been divided into cosmetic treatment, dental treatment, cardiovascular treatment, orthopedic treatment, bariatric surgery, fertility treatment, ophthalmic treatment and others. On the basis of the type, the market has been bifurcated into domestic and international. Based on the end user, the market has been classified into diagnostics, research laboratories, point of care testing and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been examined with the detailed profiles of some of the top companies operating in the market. Some of these players include Aditya Birla Health Services Ltd., Apollo Hospitals Enterprise Ltd., Asian Heart Institute, Barbados Fertility Center, BB Healthcare Solutions, Fortis Healthcare Limited, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre Sdn Bhd, SAMITIVEJ HOSPITAL GROUP, SEOUL NATIONAL UNIVERSITY HOSPITAL, and UZ Leuven.