Global Medical Tourism Market Trends And Strategies
The global medical tourism market is expected to decline from $37.72 billion in 2019 to $19.8 billion in 2020 at a rate of -47.5%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The ban on cross-border travel reduces the number of international patients, impacting the market. The market is expected to recover and reach $33.54 billion in 2023 at a rate of 19.2%. The high healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment. However, the coronavirus outbreak and travel bans are expected to restrict the growth of the medical tourism industry in the near future.
The medical tourism market includes revenues generated by healthcare service providers by diagnosing and treating patients who travel across international borders to obtain medical treatment. Patients usually travel from countries lacking healthcare infrastructure or having high healthcare costs to major medical centers in developing countries.
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The global medical tourism market is further segmented based on type and geography.
By Treatment Type: Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Treatment, Fertility Treatment, Ophthalmic Treatment, Others.
By Geography: The global medical tourism market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific medical tourism market is the fastest growing in the global medical tourism market.
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Trends In The Medical Tourism Market
Patients traveling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. These health records can be accessed instantly and securely by authorized users. Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment.
Medical Tourism Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides medical tourism market overviews, analyzes and forecasts medical tourism market size and growth for the global medical tourism market, medical tourism market share, medical tourism market players, medical tourism market size, medical tourism market segments and geographies, medical tourism market trends, medical tourism market drivers and medical tourism market restraints, medical tourism market’s leading competitors’ revenues, profiles and market shares. The medical tourism market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.