Transparency Market Research (TMR) has published a new report titled, ‘Medical Tourism Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global medical tourism market was valued at US$ 61.3 Bn in 2018 and is projected to expand at a CAGR of over 10.5% from 2019 to 2027. Overview
Medical tourism refers to people traveling abroad to obtain medical treatment. In the past, this usually referred to those who traveled from less-developed countries to major medical centers in highly developed countries for treatment unavailable at home. Increasing Joint Commission International (JCI) accredited hospitals across the global drive the medical tourism market. Asia top medical tourism countries including China, India, Japan, South Korea, Singapore, Thailand, Malaysia, Philippines have more than 300 hundred Joint Commission International (JCI) accredited hospitals in 2016.
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Asia Pacific dominate the global medical tourism market in 2019 and the trend is anticipated to continue during the forecast period. Low medical cost, acceptance of advanced treatment and increasing health care infrastructure are anticipated to boost the growth of the medical tourism market in Asia Pacific. However, the regions is expected to gain more market share from developed markets such as Europe and North America during the forecast period from 2019 to 2027. Growth of the market in Europe is driven by high demand for medical treatment across the global and increasing health care expenditure in markets such as France, Italy and Germany. Moreover, increasing medical tourism market in Germany Italy Poland and UK in this region are expected to fuel the growth of the market in Europe.
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Rise in health care costs in most of the developed countries is putting significant pressure on both health care providers and individuals. Health care access in several countries is regulated by government health care system and mired with delays and long waiting lists. This forces people to travel abroad to access the necessary medical treatment needs. Availability of more affordable treatment option in the developing countries such as India, Thailand, Malaysia, Turkey, and Singapore is also driving the medical tourism market The cost of surgery in Thailand, South Africa, or India is just one tenth the cost in the U.S and Western Europe. Knee replacement surgery in Thailand along with six days of physical therapy costs around one fifth that in the U.S. In this generation of social media, most of the patient population uses Internet as an alternative for finding information about medical care abroad. Hence, hospitals in the destination countries