The medical tourism industry is expected to increase at a 12 percent CAGR in 2021, according to a new analysis by Future Market Insights (FMI). While healthcare efforts remained concentrated on handling the COVID-19 crisis, with the situation stabilised, treatment of life-threatening disorders and chronic conditions will begin to gain traction in 2021 and beyond.
The market is predicted to grow at a 12.3% CAGR between 2020 and 2030, with the number of medical tourists expected to increase by 11% during that time. Medical tourism is on the rise due to factors such as rising healthcare expenses in the West, rising incidence of chronic illnesses, and rising desire for various aesthetic operations.
The main motivator of medical tourism in the East is the availability of cheaper treatment options abroad without compromising the overall standard and quality of healthcare services. The field contributes significantly to revenue generation in emerging economies, which has prompted government assistance.
Aside from that, many government and non-government organisations are supporting medical tourism initiatives. Their efforts show that there are opportunities in the field. For example, Thailand’s Tourism Authority conducted a highly successful e-campaign a few years ago to assert the country’s position in the global medical tourism landscape. Aside from that, India has launched a number of programmes to promote yoga and spiritual institutes.
key takeaways :
- The U.S. is expected to lead in terms of healthcare travel spending, however, in the coming years China’s spending is forecast to surge considerably
- Among services offered under medical tourism, therapeutic services are highly sought-after. Wellness services too are gaining traction as an increasing number of medical tourists are seeking meditation and wellness retreats
- Phone and online booking will remain more preferred modes of booking for medical tourism
- Medical tourism is often sought for cancer and cardiovascular treatment. Besides this, cosmetics and bariatric procedures are very popular among medical tourists
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Medical Tourism Shows Resilience amid COVID-19
While the unprecedented COVID-19 outbreak might have caused significant disruptions, recovery is on card, thanks to prompt response by governments around the world. Thailand’s response to the ongoing pandemic, for instance, has won praise from the United Nations, the World Health Organization, and other experts around the world. Thailand has been ranked among the top five countries among 184 in terms of the effectiveness of their battle against the virus.
According to the Thailand Board of Investment, more than 50 applications for investments, worth over US$ 400 million were submitted during the first half of 2020 to introduce a range of novel measures, accelerating investment in the medical sector. Proactive steps taken by government and non-government organizations will enable the medical tourism market sail despite losses incurred during COVID-19.
Who is winning?
Medical tourism market is expanding at a fast rate. Tier 1 companies such as AsklepiosKlinikenGmbH, Bangkok DusitMedical Services, Fortis Healthcare Limited, Apollo Healthcare, BumrugrandInternational Hospitals, ChristusMughuerza, and others contribute nearly 6% to 17% of revenue generated by the market.
Tier 2 companies operating in the market include Asian Heart Institute, Prince Court Medical Center, ShouldiceHospital, Gleneagles Hospital, ClemenceuMedical Centre, AnadoluMedical Centre, and others. These companies account for the lion’s share of the global market.
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Key Segments
Americas
- Global Healthcare Connections, Inc.
- Christus Muguerza S.A.P.I De CV
- Shouldice Hospital
Europe
- Asklepios Kliniken GmbH
Asia-Pacific
- Fortis Healthcare Ltd
- Apollo Hospitals
- Gleneagles Hospital
- Bumrungrad international Hospital
- Bangkok Dusit Medical Services
- Asian Heart Institute
- Prince Court Medical Center
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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