Medical Tourism in APAC is Expected To Grow Rapidly

Medical Tourism in APAC is Expected To Grow Rapidly

Healthcare Tech Outlook | Thursday, June 09, 2022

The global medical tourism market was worth USD 33.03 billion in 2022 and is forecasted to be growing at a CAGR of 18.8% from 2022 to 2027.

FREMONT, CA: Due to the limits on travel and the lockdowns, the COVID-19 pandemic had a detrimental influence on the global medical tourism business. As a result, the rate of medical tourism has dropped significantly. According to the WHO, the Asia Pacific region experienced a reduction of 84 per cent in 2020. The elimination of transportation services, and the prohibition of non-essential procedures such as cosmetic surgery and dental care, also contributed to the decline of medical tourism. The market's expansion was also impeded by a dearth of doctors' availability and a shift in healthcare personnel's concentration on COVID-19 care. During the projection period, however, the elimination of travel restrictions and lockdowns, and the concern of viruses spreading, are likely to aid the global medical tourism market's growth.

The medical tourism industry is surged by increased medical prices and government regulations in various countries that delay treatment procedures. These issues have prompted people to seek medical treatment in other nations since medical facilities are less expensive in the Asia Pacific compared to North America. The medical tourism market is developing due to increased government and private sector investments in healthcare facilities as well as favourable laws. Furthermore, corporations all over the world are forming partnerships with various government organisations to take advantage of such opportunities and increase the flow of medical wellness services to such locations. Besides, the global medical tourism market is expected to grow due to the increased availability of advanced medical technology, limited insurance coverage, immediate treatment, and easier access to high-quality therapy with the help of local governments and tourist departments during the forecast period.

High medical service costs, language obstacles, and the necessity for international travel procedures such as VISA permissions are all limiting factors in the global medical tourism market's growth. Furthermore, the availability of complex documentation, travel-related issues such as expensive living and travel costs, and partial reimbursements are all impeding market expansion. Additionally, extended wait times in intricate instances can stifle market growth.

Key market insights:

1. During the projected period, the cardiovascular and cancer categories are likely to dominate and hold the biggest market share. The rise of the cardiovascular sector is ascribed to an increase in coronary artery disease due to a lack of physical activity and a poor diet. The fertility treatment market, on the other hand, is expected to grow at the fastest rate of 9.7 per cent throughout the forecast period, thanks to an increase in medical tourists seeking this treatment.

2. Due to the availability of lower-cost treatment, the Asia-Pacific segment is predicted to grow rapidly, with an emphasis on increasing medical tourism in countries such as India, Singapore, Thailand, and Malaysia. China is thought to be the most important contributor to this segment's growth. India has become a famous medical tourism destination, attracting thousands of international patients each year. India accounts for roughly 18 per cent of the worldwide medical tourism business. Government policies that encourage market expansion, as well as private sector investments and improvements in the healthcare sector, are boosting the market growth.

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