Pune, India, June 07, 2021 (GLOBE NEWSWIRE) --
The global medical tourism market size is projected to show exponential growth during the forecast period as overall expenditure incurred to maintain the robust healthcare infrastructure in developed countries is extremely high. This has created several financial and accessibility hurdles for people in lower income groups in the developed regions.
Patients can cut down their medical expenses by almost 30% to 80% while choosing the healthcare services of developing regions. The medical equipment and other facilities provided in these regions are quite affordable yet live up to the expectations of patients who are accustomed to their country’s healthcare services.
Some of the key trends that will help thrive the medical tourism market through 2027 are as follows:
Rapid medical advancements in North America:
North America medical tourism market will exceed the overall valuation of $3 billion by the year 2027. Countries in the region cater to a high number of patients that are coming from foreign countries, leading to rapid development in their healthcare infrastructure. These nations are increasing their research and development efforts to provide the best medical facilities to their patients. The access to highly skilled healthcare professionals is quite easy, which helps patients in getting the right treatment and care.
An example of this is the Joint Commission International (JCI) in the U.S. that ranks countries across the world according to the quality of healthcare facilities provided by them. Any hospital that gets an accreditation from this body is said to have the most advanced and patient-friendly healthcare infrastructure. Today, the U.S. has more than 15,000 hospitals accredited and recognized by the JCI. These aspects can help flourish the industry in the coming years.
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Cosmetic surgeries will witness spike in demand in North America:
Cardiovascular, cosmetic, orthopedic, dental, bariatric surgeries and fertility & oncology treatments are some of the application of North America medical tourism market. In fact, this segment will witness overall growth of 8.6% CAGR through the forecast period of 2021-2027. One of the major reasons for this is the immense popularity of cosmetic surgeries in the region. The regional population is becoming increasingly conscious about its appearance and want to maintain their youth for a longer period of time.
For example, according to a global survey on cosmetic procedures done by the International Society of Aesthetic Plastic Surgery (ISAPS), the year 2019 alone saw a 7.4% increase in the number of cosmetic procedures done. These procedures are quite effective and affordable as they are considered as an elective procedure which is not covered under medical insurance. This has resulted in an increased number of foreign patients opting for these treatments. All these things will have a positive influence on the market trends.
Canada’s medical tourism sector has a notable presence:
Canada will play an important role in the expansion of the regional medical tourism market, at 10.1% CAGR during the mentioned forecast timeline. This is due to several beneficial features of the country’s healthcare infrastructure like advanced medical facilities, robust healthcare system and highly skilled professionals. Another important factor that favors this market’s potential is that most customers prefer to travel to Canada due to high quality patient care and increasing direct-to-consumer marketing by several healthcare companies to attract customers.
Affordability of treatment in Asia Pacific:
Asia Pacific medical tourism market size will surpass $11.9 billion through 2027. One of the most important features that makes this region one of the most prized destinations of medical tourism is the price tag of the medical treatments. Countries like India, Thailand, Singapore and Malaysia are widely known to provide state-of-the-art treatment options that are highly affordable. This has only been possible because of the constant efforts taken by the governments of this region to conduct rigorous research and development to improve the overall healthcare infrastructure in these nations.
One important example is that of the launch of the Council Korean Medical Promotion (CKMP) by South Korea with the aim to improve their healthcare system and turn it into a global brand. This council consists of about 35 highly qualified healthcare professionals. These factors will favor the industry scenario.
Access sample pages of the report, “Asia Pacific Medical Tourism Market Forecasts 2027” in detail along with the table of contents (ToC) @
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Demand for orthopedic surgery in Asia Pacific increasing:
Among various diseases that will attract patients to developing countries for treatment, the orthopedic surgery segment will gain the most momentum in Asia Pacific medical tourism market. This segment achieved a valuation of $479 million in the past and is predicted to expand at 13.6% CAGR between 2021-2027. Several people in the developed countries are suffering from various orthopedic diseases that has prompted them to come to developing countries in the region for cost-effective treatments.
The medical experts of these countries are constantly innovating their existing medical equipment to provide highly non-invasive treatments to their patients. Knee and hip replacement surgeries will increase because of rise in sports and road accidents. These mishaps as well will prompt the demand for medical tourism in Asia Pacific.
Increased awareness to benefit Europe medical tourism sector:
Europe medical tourism market is expected to become worth more than $13.7 billion through 2027, according to market reports. There is a sudden rise in awareness about the concept and advantages of medical tourism for consumers and the country as well. Today, an increasing number of people are becoming aware about the sheer number of choices they have when it comes to seeking medical treatments. For example, Germany and France have become well-known medical tourism countries due to the availability of cost-effective yet superior treatment facilities.
The European Union has played a huge part in increasing the awareness about medical tourism by setting up the Adriatic Health Tourism Platform. It helps in the promotion of medical and health tourism in countries like Croatia, Montenegro, and many others, stimulating the development of the market.
Access sample pages of the report, “Europe Medical Tourism Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1842/sample
Government initiatives will favor Europe healthcare services:
Governments across Europe are bringing in favorable changes in their policies to promote medical tourism in the region. The restrictions on medical travel, for example, have been relaxed by the authorities to increase the influx of foreign patients. According to the statistics presented by the European Parliament, the domestic share of medical tourism has been kept on the higher side, with 5% dedicated to general tourism. Medical tourism contributes about 0.3% to the European economy.
The governments are even trying to enhance the quality of medical tourism through promotional campaigns and partnerships. These features will have a positive impact on the industry in Europe.
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