Global Medical Tourism Market Expected to Reach $165,345 Million by 2023 – Allied Market Research
6 October 2017, Portland, Oregon, USA / Pune, Maharashtra : According to a new report published by Allied Market Research, titled, “Medical Tourism Market by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2017-2023” the global medical tourism market was valued at $61,172 million in 2016, and is projected to reach $165,345 million by 2023, growing at a CAGR of 15.0% from 2017 to 2023. North America is anticipated to be the highest revenue contributor throughout the forecast period.
The process of traveling outside the country of residence for the purpose of receiving medical treatment and care is known as medical tourism. Medical tourists avail different treatments such as cancer treatment, cardiovascular treatment, neurological treatment, fertility treatment, and others. The escalation in healthcare costs associated in developed countries, has forced individuals to look for affordable alternatives, and has therefore imperatively contributed to supplement the medical tourism market.
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Affordability, availability, and accessibility of good quality healthcare services with healthy support and assistance from tourism departments & local governments boost the market growth. In addition, increase in incidence of cancer and other serious ailments is anticipated to drive the demand for healthcare services, which in turn is expected to drive the medical tourism market. Limited coverage and lengthy partial reimbursement offered by insurance companies along with difficulties associated with cross border travel, such as language barriers, connectivity, documentation, and VISA approval issues, are projected to impede market growth.
Cancer treatment type segment is anticipated to continue to lead the market throughout the analysis period owing to increase with the number of cross-border travelers seeking good quality cancer treatment. In addition, cancer treatments are expensive and prolonged procedures; hence good quality treatment available at affordable prices motivate several patients to choose medical tourism. Furthermore, the neurological disorders treatment segment is anticipated to be the fastest growing treatment type segment with a CAGR of 15.5% from 2017 to 2023, owing to factors such as growth in prevalence of neurological diseases and surge in global geriatric population.
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By geography, the market was dominated by North America and Asia-Pacific, and collectively accounted for 63.6% of the overall medical tourism market in 2016. The growth of these regions is attributed to the availability of affordable medical treatments for several disease conditions, in countries such as Mexico, Thailand, Malaysia, India, and Singapore. However, Asia-Pacific is the fastest growing region followed by LAMEA, owing to the increase in treatment success rates and the affordable price range.
KEY FINDINGS OF THE MEDICAL TOURISM MARKET STUDY
- In 2016, cancer treatment generated the highest revenue, accounting about one-third of the overall market revenue and is projected to grow at a CAGR of 15.3% during the forecast period.
- Neurological treatment is expected to grow at an above-average CAGR of 15.5%, owing to increased number of skilled medical personnel in the field.
- North America accounted for about one-third of the global medical tourism in 2016.
- The Asia-Pacific region is anticipated to be the fastest growing medical tourism market during the analysis period, followed by LAMEA.
- Thailand and Singapore are the major market shareholders in Asia-Pacific.
The major companies profiled in the report include Apollo Hospitals Enterprise Limited, Fortis Healthcare Ltd., Asian Heart Institute and Research Centre Private Limited, KPJ Healthcare Berhad, Barbados Fertility Centre, NTT Medical Center Tokyo, Seoul National University Hospital, UZ Leuven (University Hospitals Leuven), Infectious Diseases Partners Pte. Ltd., Aditya Birla Memorial Hospital, Barbados Fertility Centre, Prince Court Medical Centre, and Samitivej Public Company Limited.
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