The global medical tourism market size is expected to reach USD 131.35 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 20.24% during the forecast period. Growing geriatric population coupled with improving accessibility of high-quality and low-cost medical services/procedures are likely to augment the market during the forecast period.
Furthermore, countries such as Thailand, India, and Singapore are home to several tourist attraction spots, which help medical tourists to relax and recover after a medical procedure. This is, thereby, working in favor of the overall market. For instance, in May 2017, Malaysia won the Health and Medical Tourism Destination of the year award by the International Medical Travel Journal.
The medical tourism market is witnessing a high growth due to rising advertising and marketing of medical facilities coupled with increasing government investments in healthcare infrastructure. Apollo Hospital, headquartered in Chennai, India, is located in 60 locations across the nation and has its own health insurance scheme.
Thailand is projected to remain at the forefront of the market during the forecast period. This can be attributed to availability of popular treatments such as cosmetic surgery and dental treatment. Around 37 private hospitals are accredited by JCI in Thailand with excellent service. Availability of low-cost, high-quality services provided by private medical centers is poised to help the market in Thailand thrive
Singapore is also a prominent medical tourism destination in the global arena due to availability of most advanced diagnostic equipment, an efficient healthcare system with high-quality care, and internationally accredited hospitals
The market in India is estimated to experience significant growth over the coming years owing to increasing healthcare investments, an array of offerings such as Unani, yoga, meditation, Ayurveda, and Homeopathic treatments. Cardiac surgeries, cosmetic surgeries, orthopedic, dental care, organ transplant, infertility, and surrogacy are some of the popular treatments among medical tourists in India. Patients coming to India are mostly from Afghanistan, the Middle East and Africa, Bhutan, the U.S., Bangladesh, Maldives, Pakistan, and Sri Lanka
Some of the key players are Apollo Hospitals Enterprise Limited, Bumrungrad International Hospital, KPJ Healthcare Berhad, Fortis Healthcare, Samitivej Hospital, Raffles Medical Group, and Prince Court Medical Center.
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Grand View Research has segmented the global medical tourism market based on country:
Medical Tourism Country Outlook (Revenue, USD Million, 2014 - 2025)
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