Product Code: RP-ID-10086053 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10086053
Market Overview:
Global Medical Tourism Market: Analysis by Segment (Cardiology, Cosmetic, Dental, Ophthalmology, Orthopedics), By Country (2018 Edition), By Country: World Market Review and Forecast to 2023 - By Country (U.S., Mexico, Costa Rica, Germany, UK, Czech Republic, Brazil, Turkey, UAE, South Korea, Thailand, Malaysia, Singapore, India) 2022-2030
"The global medical tourism market in 2021 is estimated to be USD 45 billion, and it is expected to grow at a compound annual growth rate (CAGR) of ~22% from 2022 to 2030. The latest technology and innovative drugs. , Modern equipment, better hospitality and personalized attention are some of the driving factors for this market. It is expected that the market will grow rapidly during the forecast period. Factors driving market growth include insufficient insurance benefits and lack of health insurance in the local market. In addition, the growing demand for surgery not covered by insurance, such as sex reassignment surgery, fertility treatment, dental reconstruction and cosmetic surgery, has also promoted the development of the market.
Most cosmetic surgery is considered elective and therefore not covered by health insurance. Since most healthcare plans do not include cosmetic surgery and require their own expenses, lower costs in other countries have increased the attractiveness to foreign patients.
They save costs by going to the destination and enjoying treatment at a cheaper price when performing leisure activities in the destination country. Providing cheaper treatment options and the best quality of care are the main factors leading to people;s increasing preference for medical tourism on the high seas. Patients can save 30% to 80% of the total cost of treatment.
Low cost and easy access to manpower are the main reasons for the lower treatment costs in medical tourism destinations. The urgent medical needs of patients have led to the search for other viable alternative medical tourism destinations. The progress of hospital management has brought positive changes to the field of medical tourism. The luxurious accommodation and comfortable treatment options provided by hospitals are attracting medical tourists. Patients can enjoy tourist facilities after treatment.
COUNTRY INFORMATION:
According to the appearance of Thailand, India, Costa Rica, Mexico, Malaysia, Singapore, Brazil, Colombia, Turkey, Taiwan, South Korea, Czech Republic and Spain as popular destinations for travel doctors, the report covers these countries. It is the most popular medical tourism destination in 2019. The growth of the market is due to Thailand's status as one of the most popular tourist destinations in Asia. More and more private hospitals, improved general medical infrastructure and cheaper treatment costs are the reasons for the growth of medical tourists in Thailand.
There are more than 450 private hospitals in Thailand, and this number is expected to increase exponentially. Medical tourism brings considerable income to developing economies and helps them further expand their healthcare business. This has led to greater involvement and promotion of medical tourism by government authorities. For example, in Thailand, the government is targeting potential new markets such as China, Laos, Myanmar, Cambodia, and Vietnam to benefit from the continuous influx and growing demand for professional medical services in these countries. In February 2018, the government announced the prerequisites for issuing smart visas to professionals or entrepreneurs who are interested in investing in new businesses.
This will help international medical tourism providers expand their businesses in Thailand and provide incentives such as a 4-year visa period. Measures. More than 53 private hospitals in Thailand have obtained JCI certification. The availability of additional benefits including better healthcare, the latest technology, innovative medicines, modern equipment, better hospitality and personalized care are some of the driving forces in the medical tourism market.
MEDICAL TOURISM MARKET SHARE INFORMATION:
According to emerging countries, the market is segmented into Thailand, India, Costa Rica, Mexico, Malaysia and Singapore. In terms of turnover, the market will be dominated by Thailand in 2020. The market growth is due to Thailands status as one of the most popular tourist destinations in Asia. Increasing number of private hospitals, improvement of comprehensive medical infrastructure and cheaper treatment costs are the reasons for the growth of medical tourists in Thailand. Thailand has more than 450 private hospitals, and this number is expected to increase exponentially in the next few years. The number of tourists visiting Thailand for medical treatment is rapidly increasing at a rate of about 18%. With the increase in the number of private hospitals, the improvement of the quality of personal care and the adoption of the latest treatment technologies are the reasons for the growth of international patients.
Medical tourism in Thailand is mainly the first choice for cosmetic and bariatric surgery. Some common surgeries include breast augmentation, laser tattoo removal, liposuction, and botulinum toxin. Some of the leading private medical tourism hospitals are Bumrungrad International Hospital, Samitivej Hospital and Bangkok Hospital Group.
These hospitals are mainly for foreign patients, because about 50% of the patients who visit these hospitals are medical tourists. In India, Apollo Hospitals Enterprise Ltd. Fortis Hospital is the preferred treatment destination for various medical procedures. Humrungrad International Hospital and Apollo Hospitals Enterprise Ltd. are the main treatment destinations for medical tourism in Thailand and India, respectively. In addition, emerging medical tourism hospitals in this market include Mexicali Bariatric Center in Mexico and TMC Fertility in Malaysia. It is expected that during the forecast period, competition in the pregnancy care market will become more intense. Some industry players are racing to increase market share through acquisitions and expansion of their regional influence. On the other hand, some mature market participants, such as Clarins Group and Procter & Gamble, invest a lot of money in media marketing and advertising as part of their promotional strategies.
REPORTED MARKET SEGMENTS:
This report predicts revenue growth at the country level and analyzes the latest industry trends in each market segment from 2022-2030. For the purpose of this research, Kenneth Research has segmented the medical tourism market by country/region: Country Outlook (Revenue, USD million, 2022-2030 Thailand, India, Costa Rica, Mexico, Malaysia, Singapore, Brazil, Colombia, Turkey, Taiwan, Korea, Czech Republic, Spain. "
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