Medical Tourism Market Size
Global medical tourism market size is slated to witness an exponential growth owing to higher prevalence of chronic diseases among people of all ages, along with excessive rising healthcare costs in developed nations. Nowadays, emerging economies such as India, Thailand, and Brazil have increasingly become a favored destination for medical tourists.
Essentially, these countries provide health care services with cutting-edge technology comparable to the advanced treatments offered worldwide, besides offering same quality treatments at more affordable price. Cost-effective treatment options and personalized care will become significant drivers expanding medical tourism market outlook.
Described below are some notable factors projected to impact the growth of medical tourism over the next few years:
Rising prevalence of cardiovascular disease in North America
According to reports, cardiovascular disease has become an underlying cause of death in the United States. Nearly 47% Americans exhibit at least one key risk factor for heart disease, such as diabetes, obesity, blood pressure, among others. However, high level of expertise and low treatment costs in developing countries have become an attractive option for foreigners who need surgeries, without much strain on their pocket.
Modern hospitals, advanced treatments, and proficient doctors in Asian countries are becoming lucrative choices for cost-effective medical treatment, which boosts the economy of a country and inadvertently fuels the development of healthcare services.
In terms of technological intervention, many big hospital chains and medical equipment providers in developing nations are contributing towards newest innovations in terms of addressing cardiovascular diseases, like the introduction of AI-powered cardiovascular disease risk score API by Apollo Hospitals, in association with Microsoft, to predict the risk of cardiovascular disease among people.
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Adopting innovative developments into healthcare services will influence more medical tourists to visit other countries for affordable treatments, without compromising on quality, which will proliferate medical tourism market size over the coming years.
Consumption of medical treatments and procedures in India
Medical tourism has become a key growth sector for India as healthcare segment in the country excels in using the most advanced technologies on par with nations like the U.S. and has numerous accredited healthcare providers. With the rising trend of tourists for medical treatments, many companies are bringing out more simplified and easier options for them by offering complete packages inclusive of high-quality treatment, traveling cost and ease of communication.
Expatriates living in North America and Europe, still having family connections in India, increasingly prefer to travel to the country for heart and other crucial surgeries. Reports suggest that India medical tourism market will bring significant opportunities with a profitable 11.3% growth rate through 2025.
In March 2019, India and the Africa union had signed an MoU to strengthen the cooperation in healthcare sector. The MoU will bring cooperation in the areas of capacity building, research and development, health services, pharmaceutical trade and manufacturing capabilities for drugs and diagnostics. Such initiatives will bolster global health research and address regional needs, creating remarkable prospects for medical tourism industry.
Increased demand for affordable cosmetic surgeries
According to American Society of Plastic Surgeons, in 2018 around 18 million people underwent surgical and minimally invasive cosmetic procedures in the U.S. With a surge in the number of cosmetic procedures and plastic surgeries, cosmetic surgery practitioners in countries like Brazil and Thailand are offering all kinds of procedures at comparatively cheaper rates.
Number of cosmetic transformations and plastic surgeries such as eyelid surgery, tummy tucks, breast augmentation, among others are continuing to increase in developed nations, but high costs are driving people towards lower economy markets. With the spread of social media platforms and increased image consciousness among women, aesthetic enhancements have become a common trend.
It has been observed at cosmetic procedures among men has also increased at a faster pace over the last few years, which will provide significant consumer base for medical tourism market players.
Consistent R&D efforts, innovations, and cost-effective treatments will help fuel the demand for surgeries in developing countries. Key players in medical tourism industry include Max Healthcare, Manipal Hospitals, Narayana Health, Mount Elizabeth Hospitals, KPJ Healthcare Berhad, Raffles Medical Group, among several others.
According to a latest research study by Global Market Insights, Inc., global medical tourism market is anticipated to be worth more than USD 30 billion by 2025.
Author Name : Deeksha Pant