Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery Hair Transplant, Breast Augmentation, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook (U

Medical tourism

Medical tourism

In recent years, a global medical tourism market has emerged in the world. This segment of the travel industry is growing steadily. The market volume here has reached $ 439 billion. Now about 11 million people a year go abroad for treatment, and by 2025 the financial volume of the market may increase to $ 3 trillion. In the next 10 years, the annual growth will be up to 25%, approximately 3-4% of the world's population will travel abroad for treatment and recovery, according to Medical tourism magazine.

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Canada was the top destination for medical tourism last year. The top five also includes the UK, Israel, Singapore and India. Among European countries, Great Britain is followed by Germany, France, and then Italy and Spain. Russia found itself among countries such as Turkey, Jordan, Oman, Tunisia and Kuwait. These are the data of the Medical Tourism Index (MTI), compiled by Visa and Oxford Economics. The most popular destination for Russians is Israel.

Until recently, about 40 thousand of our compatriots went there annually for treatment or diagnostics. About the same number went to Germany. The largest flow of medical tourism clients is associated with health resorts, dental treatment and plastic surgery. The combination of relaxation with treatment and health improvement is a profitable business. According to the forecasts of the World Health Organization, medical tourism will become one of the most important areas of the global economy in the foreseeable future.

Russia has taken a very prominent place in medical tourism in recent years - an annual growth of up to 13% (Global Spa & Wellness Summit). According to ANTOR, the most popular destinations for medical tourism among Russians are Hungary, Thailand, Israel, Germany, Czech Republic, Spain, Switzerland, France and Cyprus. I would like to turn this flow in our direction. And this tendency has recently appeared.

TOP-5 medical destinations most popular with foreign tourists:

1 Dentistry (44% of foreign patients were interested)

2 Urology and gynecology (23% of foreign patients were interested)

3 Plastic surgery (17% of foreign patients were interested)

4 Orthopedics and Traumatology (11% of foreign patients were interested)

Published Date: Jan 2021 | Report ID: GMI3022 | Authors: Sumant Ugalmugale, Rupali Swain

PDF | Pages: 130 | Base Year: 2020

Industry trends

Medical TourismMarket size valued at USD 10. billion in 2020 and is estimated to grow at over 12.% CAGR between 2021 and 2027. Rising awareness regarding medical tourism among patients will drive the market growth.

Various healthcare centers of developing nations, including both public and private, undertake initiatives for promotion of medical tourism and various advantages offered by them. Also, governments from developing nations take various initiatives for promotion of medical tourism in their country. Furthermore, as increasing number of patients are being aware about safety and effectiveness of medical procedures in foreign countries, the demand for medical tourism is expected to increase in near future.

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In the last few year, governments have been successful in converting respective countries into a medical travel hub. However, the COVID-19 pandemic has significantly impacted the health tourism industry. For instance, in March, European region was declared the epicenter of the pandemic, as the COVID-19 outbreak soared across the region. In response to COVID-19, the countries closed the borders and suspended cross-border traffic to limit the spread of coronavirus in respective countries. This has caused devastating effects on the medical tourism industry, as patients or individuals were not allowed to travel to their medical destination for the treatment.

Low cost of medical procedures in developing countries will be one of the prime factors for the medical tourism market growth. Patients from other countries flew to developing countries to save significantly in terms of medical care. Although the cost of medical treatments in developing countries is low, the quality is not compromised due to availability of resources at relatively lower costs. This will lead to increase in inclination towards medical tourism. Furthermore, a lot of U. citizens are uninsured or underinsured, that forces them to bear out-of-pocket expenses. Availability of advanced medical technology at low cost in developing countries will encourage the U. citizens to avail healthcare services in developing countries.

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Issue with patient follow-up and post-surgery complications may slow down the medical tourism market

Increasing number of patients from developed economies are traveling abroad to avail medical treatments due to availability of low-cost treatment. However, even though after successful completion of the procedure, there may be chances of development of post-surgery complications. Various bariatric procedures include medical devices such as intragastric balloon and adjustable gastric band that need to be removed after a period of 6 months to 12 months. In such circumstances, the patient has to again travel to foreign country and get the necessary treatments for complications. Also, there is limited chance for follow-up that is an important aspect of a treatment procedure.

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The cosmetic surgery segment accounted for medical tourism market share of 17% in 2020. Cosmetic surgeries mainly include hair restoration, breast augmentation, facelift procedures, rhinoplasty, and other procedures. As the influence of aesthetics is growing among people, the demand for cosmetic surgeries is increasing across the world. Thus, availability of technologically advanced and minimally invasive surgical procedures for cosmetic purposes will fuel the market growth. Furthermore, increasing influence of aesthetic and cosmetic surgical procedure among the rising geriatric population base will spur the segment demand.

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