The medical tourism market will reach $ 273.72 billion by 2027
According to the Allied Market Research report, good quality affordable care, information, and the support of government agencies and associations drive the growth of the world market
Allied Market Research published a report entitled "Medical Tourism Market by Treatment Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2027 ".
According to the report, the global medical tourism market was pegged at $ 104.68 billion in 2019 and is forecast to reach $ 273.72 billion by 2027, registering a CAGR of 12.8% from 2020 to 2027. .
Key Market Determinants
Good quality affordable care, accessible information and care, and support from government agencies and associations are fueling the growth of the global medical tourism market. On the other hand, limited coverage, lengthy partial refunds by payers, and travel-related difficulties, language barriers, and VISA approval issues impede market growth. However, overseas promotional offers and extensive hospital networks under insurance coverage for cashless transactions open up a host of opportunities in the near future.
The global medical tourism industry has undergone unprecedented disruption during the Covid-19 outbreak, creating uncertainty in demand for various medical products and industrial applications.
The prolonged lockdown, on the other hand, disrupted the supply chain, affecting manufacturing processes and creating a shortage of raw materials.
China and India, which are among the top destinations for medical tourism, have been adversely impacted by the Covid-19 outbreak and national shutdown. Furthermore, travel restrictions and the postponement of cross-border travel further affected the medical tourism market.
However, government bodies are now beginning to loosen regulations, which may help the industry recover soon.
The cancer treatment segment will dominate the market in 2027
Based on technology, the cancer treatment segment accounted for the largest share in 2019, with nearly a fifth of the global medical tourism market. This is attributed to the increase in the number of cross-border travelers seeking quality cancer treatment at a reduced cost in different countries. On the other hand, the orthopedic treatment segment is projected to record the highest CAGR of 14.8% during the forecast period. Orthopedic treatment is one of the most performed services in the world. This factor drives the growth of the segment.
Asia-Pacific will dominate, North America will grow at a good pace by 2027
By region, the global market for medical tourism in Asia-Pacific dominated in 2019, with more than a third of the market. Additionally, the region is also anticipated to exhibit the highest CAGR of 13.6% during the forecast period. This is due to the availability of quality care at a relatively low treatment cost, inexpensive flights, and an increase in online marketing and consumer information about the accessibility of medical services. At the same time, the North American market is expected to grow at a CAGR of 11.4% during the forecast period.
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