Asia Pacific Dominates the Medical Tourism Market
The global medical tourism market is expected to witness a CAGR of 16.1% to reach revenue of $112.1 billion by 2025
Bangalore, India, May 07, 2019: With its recently published study “Global Medical Tourism Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research refreshes the market outlook and forecasts what the global market for medical tourism is expected to witness in the coming years. Usually medical tourism has remained connected with procedures like cosmetic and dental surgery and recently regions such as Eastern Europe and LATAM countries (such as Brazil, Mexico, and Costa Rica) have evolved rapidly to accommodate the ever growing need of North Americans and Western Europeans, respectively. However, Asia Pacific still continues to dominate the global medical tourism market as the major services provider with an increase in the number of key procedures such as knee and hip replacements, cardiac surgeries, device implants, and cancer treatment.
Countries like India, Thailand, and Singapore in the APAC region are in the forefront of the market. Not to be left behind other nations in Asia Pacific, the South America and Eastern Europe are now emerging as favorable medical tourism destinations particularly for nearshore countries such as US and Canada (LATAM is the near shore) and Western Europe which has a good connectivity with Eastern Europe. India has a huge potential of being the hub of cardiovascular treatment globally due to the availability of all amenities and essential technical equipment, skilled team of cardiologists, and lower cost of treatment and surgeries. In May 2018, the Malaysian government invested funds to make Prince Court Medical Centre a medical tourism intensive hospital as portion of their strategy to change Kuala Lumpur into a destination for superior healthcare facility in the region.
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High cost of medical treatment in developed countries such as US and UK (in fact, most of the outbound medical tourists are from North America and Europe), lack of insurance and healthcare coverages, lower cost of medical treatment in destination countries, availability of highly trained, skilled and qualified specialists in the countries providing services, and increasing costs of long-term care in developed countries are the major factors driving the global medical tourism market. For example, it assessed that around 750,000 residents travel out of the US for medical treatment at lower costs in APAC and LATAM regions every year. Recently, American Medical Association delivered guiding principle and endorsements for health tourism patients traveling to other nations for medical care.
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“In APAC region, Thailand is the preferred destination for cosmetic procedures, India is preferred for cardiovascular and orthopedic surgery. In 2017 around 2.4 million individuals visited Thailand to seek medical care due to the low cost and decent quality of the medical facilities. Bumrungrad International Hospital in Thailand and Apollo Hospitals Enterprise Ltd. in India are the top hospitals.
The certified and accredited infrastructure to provide the products and services related to the medical tourism industry is increasing rapidly in the regions (such as LATAM and Asia Pacific) providing services to the medical tourists. Industry partnerships with the global medical travel agents, logistic suppliers, hotels, and hospitals have facilitated in offering packaged facilities. Apollo has collaborated with American International Medical University (AIMU) for future medical tourism plans in the regions like Bahamas and St Lucia.” – Rikitha K Murthy, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Therapeutic Areas:
- Invitro Fertilization
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP