SAN FRANCISCO, March 23, 2020 /PRNewswire/ -- The global medical tourism market size is expected to reach USD 207.9 billion by 2027, expanding at a CAGR of 21.1%, according to a new report by Grand View Research, Inc. Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It provides employment and business opportunities for residents. Moreover, it helps in the growth of associated businesses such as pharmaceuticals, healthcare devices, and tourism. Government support to maintain the general reputation and political stability of the host country is a key influencing factor that drives the market.
Key suggestions from the report:
Thailand dominated the market in terms of revenue in 2019 pertaining to the huge difference in treatment cost in comparison to developed countries. Around 2.8 million people visited Thailand to seek medical care in 2018 owing to low cost and good quality healthcare services
In 2016, Thailand ranked 18th in the International Healthcare Research Center's Medical Tourism Index. Moreover, the country ranked 13th on the same index in terms of quality of facilities and services provided owing to well-developed healthcare infrastructure and an increasing number of healthcare professionals
In Thailand, Asia's first largest private hospital, Bumrungrad International Hospital, is also the first hospital to receive JCI accreditation and ISO 9001 certification. Till date, over 53 private hospitals have received JCI accreditation
Singapore, Colombia, Taiwan, and Spain are some of the fastest growing medical tourism destinations in medical tourism market. Medical tourism is one of the important factors for revenue generation for these countries. They have an advanced healthcare infrastructure and skilled manpower to cater to international patients
Thailand is popular for cosmetic procedures and India is most preferred for cardiovascular and orthopedic procedures. Brazil and Costa Rica are preferred for dental procedures.
Government authorities are willing to invest in local enterprises to capitalize on the growth of the market. Such government bodies are authorizing projects that help in the overall development of infrastructure in the country such as the public transport system and water supply facilities to attract high-end travelers.
Medical tourism has led to a rise in state-of-the-art healthcare facilities in developing countries to attract foreign nationals, resulting in fast growth of healthcare infrastructure in such countries. Moreover, healthcare providers now offer comprehensive tourism packages that include services ranging from ticket booking to hotel stay and healthcare insurance.
Grand View Research has segmented the global medical tourism market based on countries:
Medical Tourism Country Outlook (Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.