Medical Tourism Market To Be Swept By The Asia Pacific And Latam

According to Persistence Market Research, the global medical tourism market is slated to witness a CAGR of 10.2% between 2021 and 2031.

Though medical tourism market is on an exponential development spree in the developing countries, the fact that cosmetic surgery is not insured is bound to act as a hump herein. Still, due to cost-effectiveness involved, people prefer the developing countries to get treated. This is the major factor driving the medical tourism market and the status quo is expected to remain unchanged even in the next decade.

Medical Tourism Market Segregation

The global medical tourism market, by treatment, spans cosmetic, dental, cardiovascular, orthopaedic, neurological, fertility, and cancer. By age group, it’s children, adolescents, adults, and geriatric. Application-wise, it’s therapeutic and wellness. By traveller, it’s group and independent.

How about Region-wise Medical Tourism?

The Asia-Pacific holds the largest market share with Thailand leading from the front. The year 2019 marks Thailand as the most well-known destination regarding medical tourism. This could be reasoned with the country already holding the distinction of being a popular tourist destination in the Asian continent. As of the same year, Thailand is home to 450+ private hospitals and the number would escalate in the forecast period.

The other countries full-on with medical tourism include Mexico, Costa Rica, Singapore, Brazil, Malaysia, Colombia, South Korea, Taiwan, Turkey, Spain, and Czech Republic. The government of Thailand is also targeting Vietnam, Cambodia, Myanmar, Laos, and China as potential markets. Since 2018, they have been giving prerequisites to the entrepreneurs in the form of smart visas, so that they could invest in medical tourism. The duration of this visa is 4 years. Plus, JCI accreditation received by 53 hospitals in Thailand caters to better hospitality, modern devices, innovative medicines, latest technologies, better healthcare, and personalized healthcare. The country is also the most sought-after destination for cosmetic surgery and telemedicine. The procedures categorized as cosmetic surgery include laser tattoo removal, breast augmentation, liposuction, CoolSculpting, hair transplant, and Botox.

In India, gastric bypass, hip replacement, and knee replacement are all the more affordable as compared to Europe and North America. As such, the Asia-Pacific and LATAM will continue to rule the roost herein. Also, South Korea, as per the Korean New Deal, will see a spark in medical tourism going forward. Coming to cardio, cancer, and neurological treatments, the US leads, whereas Germany leads Europe due to good cost-to-quality ratio.

The Competitive Steering

The key players in medical tourism market include Penang Adventist Hospital, Twin Towers Medical Center, Institute Jantung Negara National Heart Institute, Max Superspeciality Hospital, Fortis Healthcare, Apollo Hospital, Morula IVF, Mother & Child Hospital, Bundamedik Healthcare System, Bali Mandara Hospital, Bali Royal Hospital, BIMC Siloam Nusa, Love the Mother of Kedonganan Hospital, Love Tabanan Hospital, Singapore General Hospital, Changi General Hospital, Johns Hopkins Singapore International Medical Centre, and Tan Tock Seng Hospital.

Coming to developments, Apollo Hospitals Enterprise Ltd. and Bumrungrad International Hospital are amongst the topmost treatment destinations with regards sto medical tourism all across India and Thailand. The ones on the anvil include TMC Fertility (Malaysia) and Mexicali Bariatric Center (Mexico). More of the competition is seen regarding pregnancy care products. Players like Procter and Gamble and Clarins Group do invest sizable capital in media advertising and marketing to lay the foundation of promotion.

Apart from Bumrungrad International Hospital, Bangkok Hospital Group and Samitivej Hospitals address foreign patients. This is evident from the fact that more than half of those paying a visit to the hospitals mentioned above fall in the category of “medical tourists”. Fortis Hospitals are preferred for several medical procedures by outstation patients.

In all, increase in number of the private hospitals is likely to bolster the medical tourism market in the developing economies in the next 10 years.