NEW YORK, Sept. 15, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, the global medical tourism market size accounted for $102.60 billion in 2019, and is projected to reach $272.70 billion by 2027, registering a CAGR of 12.7% from 2020 to 2027 in terms of value. In terms of volume, the global medical tourism market accounted for 24,045.80 thousand patients in 2019, and is projected to reach 74,358.59 thousand patients by 2027, registering a CAGR of 15.3% from 2020 to 2027. In addition to this, altering demographic patterns and disease profiles along with surge in cost treatments has resulted in increase in healthcare expenditure, and this factor is likely to prove as a focal point outlining growth of medical tourism market in coming decade. Need for improving healthcare access, raise affordability, and healthcare quality will trigger growth across medical tourism market over years ahead.
Reportedly, in the U.S. and Canada healthcare costs have skyrocketed since last two decades and hence persons residing in these countries are travelling either to Latin American countries such as Mexico or Asian Countries like India and Thailand for receiving medical treatment. In addition to this, hospital stays in the U.S. cost more as compared to other countries. For instance, hospital stay in country such as the U.S. costs about nearly US$ 11,701 per day as compared to US$ 154 per night stay in hospital at Mexico and US$ 95 for same in Costa Rica.
Thus costs in other countries in vicinity of the U.S. cost fraction of U.S. hospital charges for same period of hospital stay for patients. This has vivified scope of medical tourism industry across globe. For the record, hip replacement surgeries costs nearly US$57,215 in some of states across the U.S., while same hip replacement surgery can be done at below US$6,999 in Spain and in Mexico for nearly US$12,499. In UK, hip replacement costs of just little more than US$16.111. Additionally, knee replacement costs about US$10,499 in Mexico and US$12,455 in Costa Rica. It costs about US$ 14, 293 in Thailand. All the above figures depict costs of various surgeries in the U.S. as compared to other countries and justify the reason as to why the U.S. residents travel to other countries for getting medical treatment. This will promulgate expansion of medical tourism across globe in coming years.
Surging Dental Problems & Cosmetic Surgery Trends to Spur Market Size
Dental treatment in the U.S. and some of the European nations is very high and hence the persons from these countries travel to other countries where they receive effective medical treatment at reasonable costs. This will drive growth of medical tourism market over upcoming years. Citing an instance, in the U.S. medical costs related to treating of dental problems is very high and Medicare does not cover dental costs. Due to its proximity to the U.S., Mexico has emerged as accessible destination for dental surgeries & dental treatments at minimal costs. Rise in cosmetic surgeries across globe is also projected to promote growth of medical tourism industry over coming years. For instance, hair transplants, face lifts, bariatric surgeries, breast augmentation, breast transplantation, and rhinoplasty costs over half of the U.S. medical expenses in countries such as Mexico. All these aforementioned factors will steer growth of medical tourism market across globe. Furthermore, there is a prominent increase in number of persons going for medical & dental treatment in other countries since last few years. For the uninitiated, in 2019, nearly 4, 50,000 persons travelled to other countries for getting dental treatment and about 3, 00,000 left their own countries for availing apt medical treatment in other countries at reduced costs. Though COVID pandemic had adversely impacted medical tourism activities in 2020, it has started recovering hastily and in certain disorders has even surpassed its 2019 revenue in terms of dollars. Reportedly, medical departures contribute nearly 14.5% of overall outbound business in the U.S. and medical tourism sends nearly one lac U.S. citizens to Mexico each year.
Asia Pacific to Make Notable Contributions towards Medical Tourism Market By 2027
Growth of medical tourism market in Asia Pacific over forecast timeframe can be attributed to Thailand being most popular destinations for tourists for availing cost-effective and proficient medical treatment. Furthermore, rise in number of private hospitals and presence of strong healthcare infrastructure facility at reduced costs for medical tourists in the country will characterize growth of medical tourist activities in Southeast Asia, thereby driving regional market trends. With rise in demand for professional medical services in countries such as China, Cambodia, Vietnam, Laos, and Myanmar, the medical tourism market in Asia Pacific is touted to gain traction over upcoming years. Low costs for dental treatment & bypass surgeries in India will help medical tourism market in Asia Pacific reach ascending heights. Medical tourism business environment is likely to boom in Asia Pacific and witnessed a marked growth due to favorable government policies.
Key stake owners of medical tourism industry included in our study are Fortis Healthcare, Apollo Hospitals Enterprise Limited, Spire Healthcare, KPJ Healthcare Berhad, Bumrungrad Hospital Public Co. Ltd., Min-Sheng General Hospital, IHH Healthcare Berhad, Bangkok Dusit Medical Services, Medanta, Asian Heart Institute, Prince Court General Hospital, Samitivej Sukhumvit, and Raffles Medical Group.
This review is based on a report by Zion Market Research, titled, "Global Medical Tourism Market - by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2027."
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