Medical Tourism Market By Regional Growth, Trend And Industry Outlook 2021-2027

Delaware, U.S. – Abundant availability of high-quality and advanced surgical procedures like cosmetic surgery, dental surgery, orthopedic surgery and cardiovascular surgery is one key factor encouraging medical tourism across the world.

In fact, the global medical tourism market size is poised to surpass USD 37.2 billion by the end of 2027 while registering a CAGR of around 12.1%.

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Rapid urbanization and unhealthy lifestyle in developed economies have resulted in the population getting diagnosed with disorders like coronary artery diseases. Surgical procedures like dental surgery, cardiovascular surgeries are fundamentally expensive. Therefore, patients from developed regions opt to take their treatments in developing countries owing to cost-effectivity.

In addition, healthcare institutions in these regions are equipped with the latest medical devices while being affordable. Also, healthcare professionals in these institutions are well-trained and provide services at par. These factors are responsible for the promotion of medical tourism worldwide.

Untimely food consumption, sedentary lifestyle along with work-related stress and lack of physical exercise has made the urban population prone to ailments like hypertension and insomnia. These disorders can result in some serious health issues like coronary artery diseases. As per a published report of American Heart Association (AHA), 2017, over 90 million people are diagnosed with coronary heart disease every year in the United States.

Also, cardiovascular surgeries in the U.S can cost up to USD 125,000. Owing to such steep costs, patients tend to treat themselves by travelling to countries where the treatments are affordable and there is no compromise on the quality.

Driven by the aforementioned factors, the cardiovascular surgery segment captured over 14% of the overall medical tourism industry share and will expand commendably in the near future.

The North America medical tourism market is predicted to proliferate at a CAGR of 8.6% over the stipulated timeframe. Government organizations are heavily investing in healthcare infrastructure. Also, there is a huge availability of skilled healthcare professionals in countries like Canada, encouraging medical tourism in the region.

In addition, major medical device manufacturers are present in the United States which is why patients in the country are operated using the latest devices. There is also a soaring demand for non-invasive or minimally invasive medical procedures in the region. This, along with increased disposable income allows the population to undertake such treatments.

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Some of the major hospitals associated with the medical tourism market are KPJ Healthcare Berhad, Fortis Healthcare, Apollo Hospitals, Bumrungrad International Hospital and Asklepios Klinken GmbH. These healthcare institutes have adopted different strategies like innovative marketing campaigns, geographical expansions for enhancing their market position.

For instance, SRCC Children’s hospital, in December 2018, set its bone marrow transplant unit. With this launch, the hospital will be able to provide critical treatments to cancer patients. This has allowed Narayana Health, the chief operators of the hospital, to offer bone marrow transplants to domestic as well as international patients. Such initiatives will stimulate medical tourism industry.

 

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