The Medical Tourism Market is set to reach USD 29 billion by 2024; according to a new research report by Global Market Insights.
Growing compliance to international standards for medical treatments in developing countries will spur demand for medical tourism in upcoming years. According to a study published by Fraser Institute, around 63 thousand Canadian citizens traveled abroad for availing medical treatments. Major reason for seeking medical treatment abroad was increasing compliance of medical treatments with international standards. Currently, there are more than 450 Joint Commission International (JCI) accredited hospitals around the world. This will lead to increasing inclination of patients towards medical treatments in foreign countries.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Bumrungrad International Hospital
- Fortis Healthcare
- KPJ Healthcare Bhd
- Manipal Hospitals
- Max Healthcare
- Mount Elizabeth Hospitals
- Narayana Health
- Raffles Medical Group
Cosmetic surgery market accounted for USD 2,863.1 million in 2017 due to increasing number of patients traveling to foreign countries to obtain cosmetic procedures. Increasing influence of aesthetic appeal is one of the major factors leading to growth of cosmetic surgery market. Also, international medical coverage is another major factor that will boost cosmetic surgery market. With availability of highly trained and qualified plastic surgeons in developing countries, the cosmetic surgery market will spur in the future.
Orthopedic surgery market will expand at 8.1% CAGR during the forecast timeframe. As number of people suffering from osteoarthritis and osteoporosis is increasing, the demand for orthopedic surgery will increase in the future. Furthermore, patients save about 25-75% on orthopedic surgeries outside U.S. without compromising quality of the surgery. With increasing prevalence rate of osteoarthritis and rheumatoid arthritis in developed countries, the demand for orthopedic surgeries in foreign countries will increase in the future.
Mexico medical tourism market accounted for largest revenue of USD 2,217.6 million in Latin America in 2017. Large number of U.S. and Canadian citizens traveling to Mexico for availing medical treatments at low cost will be the major factor for Mexican growth. Moreover, the Mexican government has recently established medical tourism advisory board that will be responsible for formulation of policies supporting medical tourism growth. Also, extensive marketing and campaigns for promotion of Mexico medical tourism will attract large number of patients from developed countries.
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Canada medical tourism market will grow at 7.2% CAGR, owing to availability of cutting-edge and advanced medical treatments to patients. According to Medical Tourism Index, in 2016, Canada stood first among the top 5 destinations for seeking medical care. Canada healthcare system provides one of the highest quality of medical treatments across the globe. The overall Canadian environment, high quality of facilities and services offered are the major reasons for attracting medical tourists from the world. Well-established healthcare infrastructure and availability of rare medical treatments will drive business growth in the future.