The global medical tourism market size is expected to reach USD 207.9 billion by 2027, expanding at a CAGR of 21.1%, according to a new report by Grand View Research, Inc. Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It provides employment and business opportunities for residents. Moreover, it helps in the growth of associated businesses such as pharmaceuticals, healthcare devices, and tourism. Government support to maintain the general reputation and political stability of the host country is a key influencing factor that drives the market.
Key suggestions from the report:
- Thailand dominated the market in terms of revenue in 2019 pertaining to the huge difference in treatment cost in comparison to developed countries. Around 2.8 million people visited Thailand to seek medical care in 2018 owing to low cost and good quality healthcare services
- In 2016, Thailand ranked 18th in the International Healthcare Research Center’s Medical Tourism Index. Moreover, the country ranked 13th on the same index in terms of quality of facilities and services provided owing to well-developed healthcare infrastructure and an increasing number of healthcare professionals
- In Thailand, Asia’s first largest private hospital, Bumrungrad International Hospital, is also the first hospital to receive JCI accreditation and ISO 9001 certification. Till date, over 53 private hospitals have received JCI accreditation
- Singapore, Colombia, Taiwan, and Spain are some of the fastest growing medical tourism destinations in medical tourism market. Medical tourism is one of the important factors for revenue generation for these countries. They have an advanced healthcare infrastructure and skilled manpower to cater to international patients
- Thailand is popular for cosmetic procedures and India is most preferred for cardiovascular and orthopedic procedures. Brazil and Costa Rica are preferred for dental procedures.
Read 140 page research report with ToC on “Medical Tourism Market Size, Share & Trends Analysis Report By Country (Thailand, India, Costa Rica, Mexico, Malaysia, Singapore, Brazil, Colombia, Turkey, Taiwan, South Korea, Spain, Czech Republic), And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/medical-tourism-market
Government authorities are willing to invest in local enterprises to capitalize on the growth of the market. Such government bodies are authorizing projects that help in the overall development of infrastructure in the country such as the public transport system and water supply facilities to attract high-end travelers.
Medical tourism has led to a rise in state-of-the-art healthcare facilities in developing countries to attract foreign nationals, resulting in fast growth of healthcare infrastructure in such countries. Moreover, healthcare providers now offer comprehensive tourism packages that include services ranging from ticket booking to hotel stay and healthcare insurance.
Grand View Research has segmented the global medical tourism market based on countries:
- Medical Tourism Country Outlook (Revenue, USD Million, 2016 – 2027)
- Thailand
- India
- Costa Rica
- Mexico
- Malaysia
- Singapore
- Brazil
- Colombia
- Turkey
- Taiwan
- South Korea
- Czech Republic
- Spain
Find more research reports on Healthcare IT Industry, by Grand View Research:
- Wellness Tourism Market – The global wellness tourism market size was valued at USD 683.3 billion in 2018 and is expected to register a CAGR of 7.1% over the forecast period.
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- Healthcare Information Systems Market – The global healthcare information systems market size was estimated at USD 85.6 billion in 2016 and is anticipated to exhibit a CAGR of 7.7% over the forecast period.
