Medical Tourism Market will cross $30bn by 2025
Worldwide medical tourism market value is expected to cross USD 30 billion by 2025; according to a new research study published by Global Market Insights, Inc. Various government policies to ease medical ease medical travel will foster industry growth. Reduction in wait time, quick approval of visa and simpler admission process are few of the strategies incorporated in policies for foreign patients. Framing new policies for medical tourists that will assure simpler, quick and high-quality medical treatment for foreign patients. Numerous initiatives undertaken by government for promotion and ease of medical travel will attract large number of foreign patients, thereby driving the market across the forecast timeframe.
Growing awareness among patients pertaining to medical tourism will be one of the major growth rendering factor. Initiatives undertaken by public and private healthcare centers for promotion of medical tourism and various advantages associated with medical travel will spur market growth in the future.
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Cosmetic surgery segment dominated the overall market and accounted for revenue of USD 3.1 billion in 2018 owing to increasing influence of aesthetics among the people. Availability of minimally invasive surgical procedures and technologically advanced instruments in developing countries for aesthetic purposes will drive market growth in the future. Majority of the people seeking cosmetic surgeries travel abroad so as to avail high-quality cosmetic treatment but at 50% lesser cost, thereby driving industry growth across the forecast timeframe.
Mexico medical tourism market accounted for revenue of USD 2.4 billion in 2018, owing to availability of high-quality and efficient medical treatment at significantly lower cost as compared to other developed nations. Also, the Mexican government have invested a large proportion of their GDP towards improvement of healthcare infrastructure to improve the healthcare infrastructure. Increasing number of people suffering from various chronic diseases, rising demand for advanced treatment coupled with need for cost-effective procedure will drive Mexican market.
Indian market is forecast to expand at over 11% CAGR across the projected timeframe owing to increasing number of medical tourists visiting the country. Various government initiatives to promote medical tourism in the country will propel industry growth. Furthermore, high success-rate of treatments at a relatively lower cost will significantly boost the growth of industry in the future.
Prominent industries involved in medical tourism market are Asklepios Kliniken GmbH, Apollo Hospitals, Bumrungrad International Hospital, and Fortis Healthcare. These key industry players adopt various strategies such geographic expansion, joint ventures, mergers and acquisitions to capture larger market share.