Medical tourism refers to travelling outside of one’s country of residence for medical treatment. It has grown in popularity in recent years as patients seek high quality treatment options at lower prices. Countries like India, Thailand, and Singapore have emerged as global medical tourism hubs by catering to a variety of medical services and procedures such as cardiac surgeries, cosmetic surgeries, orthopedic treatments, and dental care at costs that are 60 to 90 percent lower than Western countries. The range of treatments combined with affordable prices have boosted the flow of patients from developed nations.
The global Medical Tourism Market is estimated to be valued at US$ 32,733.7 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Availability of high-quality healthcare at affordable prices has been a major driver of growth for the medical tourism market. Countries promoting medical tourism offer world-class treatment on par with international standards but at a fraction of costs in developed nations. For example, the average cost of a hip replacement surgery in the United States is $40,364 but the same procedure costs roughly $8,000 in India. Increased accessibility to advanced treatment protocols through international travel has made medical tourism an attractive option for elective procedures and speciality surgeries. This price differential is expected to further widen in coming years as emerging economies continue investing in healthcare infrastructure and human capital to cater to the rising global demand in the medical tourism industry.
Segment Analysis
The global medical tourism market is dominated by the orthopedic treatment sub-segment. This is because orthopedic treatments such as knee replacement and hip replacement surgeries are the most common procedures sought by medical tourists. These procedures are relatively less complex and do not require lengthy recovery time compared to other treatments such as oncology or neurology. This makes orthopedic treatment more suitable for medical tourists.
Key Takeaways
The global medical tourism market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 32,733.7 Mn. This growth can be attributed to rising healthcare costs in developed nations and long waiting times for treatments, encouraging patients to seek high quality but lower cost treatment options abroad.
Regional analysis related content comprises
Southeast Asia dominates the global medical tourism market currently. Countries such as Thailand, Singapore and Malaysia have world class healthcare infrastructure and multilingual medical professionals. They also offer much lower treatment costs compared to markets in Europe and North America. This makes the Southeast Asia region very attractive for medical tourists. Low currency valuations of these Southeast Asian nations compared to Western nations also contribute to their dominance in the global market.
Key players related content comprises
Key players operating in the medical tourism market are Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre and Wooridul Spine Hospital. Asian Heart Association and Apollo Hospitals Enterprise Ltd. have a strong presence across various Asian countries like India and Singapore. Prince Court Medical Centre and Gleneagles Hospitals are preferred destinations for medical tourists in Malaysia due to their modern infrastructure and multispecialty services.
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