A new report titled, "World Medical Tourism Market - Opportunities and Forecasts, 2014 - 2022" studies the world medical tourism market, which can be broadly defined as travel across international borders with the purpose of availing medical treatment, which may or may not be available in one’s own country.
The report projects that the world medical tourism market would reach $143.8 billion by 2022, with a CAGR of 15.7% from 2015 to 2022.
This report segments the world medical tourism market on the basis of treatment type into cardiovascular, orthopedic, neurological, cancer, fertility, and other general treatments in terms of revenue (USD) as well as number of medical tourists. Cancer treatment emerged as the leading segment, accounting for about one-third of the overall medical tourism market in 2015 and is estimated to remain dominant during the forecast period. The demand for cancer treatment is rising with increasing incidence of cancer along with increased per capita healthcare spending globally. In addition, the high cost of treatment or unavailability of quality treatment compels patients to choose medical tourism as a solution.
The world medical tourism market is segmented on the basis of region into North America, Europe, Asia-Pacific, and LAMEA. Mexico is the top medical tourism destination and hosts the largest number of medical tourists in the world, especially North and Latin Americans, due to quality treatment with economical cost. Asia-Pacific is anticipated to grow at the fastest CAGR of 16.1% between 2015 and 2022. Thailand, Singapore, India, and Malaysia are the top destinations that attract most medical tourists due to superior quality care available at affordable prices and within minimum waiting time.
Increase in reach of internet and various medical tourism associations such as Europe Medical Tourism Alliance (EuMTA) & Medical Tourism Association (MTA) along with medical travel agencies in the last decade, helped to raise awareness about the treatment options beyond the home country. Furthermore, several medical travel facilitators have emerged, such as Beijing Saint Lucia Consulting Ltd, Kangtai Health Network, Ryavo Healthcare, Medigo, PlacidWay, and government tourist associations of respective countries. These agencies provide assistance ranging from information about available treatments and their quality in various destinations to travel arrangements, accommodation, and post-treatment recovery.
Key findings of the study:
- In 2015, cancer treatment segment generated the highest revenue, accounting about one-third of the overall market revenue and is projected to grow at a CAGR of 16.0% during the forecast period.
- Neurological treatment segment is expected to grow at an above-average CAGR of 16.2%, owing to increased number of skilled medical personnel.
- North America accounted for about one-third of the global medical tourism in 2015. Mexico occupies the major market share within North America followed by the U.S.
- The Asia-Pacific region is anticipated to be the fastest growing medical tourism market during the analysis period, followed by LAMEA region.
- Thailand, Singapore, and India are the major shareholders in Asia-Pacific with a combined share of more than three fourth of the medical tourism market in the region.