According to a new report by Allied Market Research, the global medical tourism market garnered almost USD 54 billion in 2017. It is expected to reach USD 144 billion by 2025.
Cosmetic treatment drives growth
Medical tourism is mainly driven by cosmetic treatment which represents more than two-fifths of the total market share in 2017. It expected to continue its dominance throughout the forecast period. Cancer treatment is also expected to have the highest growth rates in the upcoming years.
Availability and affordability of quality care, accessibility to information, assistance and support from government agencies and organizations drive the growth in the market.
Opportunities and obstacles
What hinders the growth of the market remain the limited coverage and lengthy reimbursements procedures of insurance players and difficulties related to travel, in addition to language barriers, documentation, coupled with VISA approvals. When it comes to opportunities, overseas promotional offices and wide insurance network under insurance coverage open up new pathways.
The US leads the industry
North America leads this industry, and accounts for nearly one-third of the total market share in 2017 and will maintain its leadership status throughout the forecast period. This is due to availability of advanced specialized treatments for neurological, cancer, and cardiovascular ailments along with recent joint commission international (JCI) accreditation, which is considered as the gold standard in the global health care, given to hospitals.Add to Favorites