Europe Medical Tourism Market size surpassed USD 4 billion in 2020 and is anticipated to register a growth rate of 11.6% from 2021 to 2027. Increasing awareness regarding medical tourism among patients and growing compliance towards international standards for surgical procedures are surging the demand for medical tourism.
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Access to affordable and cheaper medical care in the region is one of the prime factors driving the medical tourism market revenue. The healthcare costs in the developed countries are excessively soaring, thereby increasing the medical expenses. As a result, numerous healthcare providers and insurance companies are switching towards medical tourism as an approach to lower the treatment costs.
Germany, Austria, Switzerland, France, and Belgium among others are the leading countries in Europe, providing access to high-end medical services at comparatively affordable prices. The Eastern European region offers lower costs for standard surgical, medical, and dental procedures. These countries possess well-equipped medical facilities and extensive natural resources that have positive impact on the patient’s healing process. Low-cost medical treatment in the region is availed at rates 40% to 80% lower than those in the U.S. For instance, the state of Bavaria in Germany, has about 400 hospitals that offer high quality and affordable medical service in several areas such as cardiac surgery, cardiology, orthopaedics, and others. It also includes a network of around 300 rehab institutions, with more than 30,000 beds.
Increasing accessibility to advanced technologies promotes the quality of treatment along with the presence of sophisticated medical professionals and are the key factors facilitating the medical tourism market growth. Adoption of latest technology in delivering healthcare services including telemedicine, remote surgery and post-surgery follow-ups drives the patient preference for availing cross border medical services. Integration of interconnected technologies enables the surgeons to track patients’ progress in the abroad. According to the World Health Organization (WHO) survey, around 40% of the participants prefer medical tourism owing to advanced technology and over 32% prefer it due to high quality medical services.
Healthcare settings featuring advanced facilities have a competitive edge in attracting higher patient volume in the Europe medical tourism market. Better quality medical care offered by destination countries with the help from local governments aids in increasing patients’ confidence to use the healthcare services available in the countries. Furthermore, quality assessment through accreditation from reputed institution is pivotal for developing confidence in the quality of medical treatment. For instance, Asklepios Klinik Barmbek hospital in Germany, is recognized healthcare institution by the Medical Travel Quality Alliance (MTQUA) for its high-quality medical care services.
Europe Market, By Application
Cardiovascular surgery segment value was over USD 548 million in 2020 due to rising incidence of cardiovascular diseases, access to minimally invasive surgical technology and high-quality medical treatment in the region. Cardiovascular diseases are responsible for around 31% of the global deaths and account for an estimated 17.9 million fatalities on annual basis. The prevalence of cardiovascular diseases affecting heart and blood vessels is further anticipated to increase.
Moreover, growing number of accredited healthcare facilities would further facilitate the development of medical tourism market. For instance, the Hisar Intercontinental Hospital in Turkey and Vithas Xanit International Hospital in Spain are JCI accredited hospitals for cardiovascular surgeries. Additionally, the number of private organizations offering financial support for cardiology procedures and medical tourism would further expedite the demand.
Europe Market, By Country
Germany medical tourism market accounted for 21% revenue share in 2020. The substantial market share is owing to better quality of medical care, stringent ethical regulatory standards, and quick access to health specialists. Latest medical technology, state-of-the-art healthcare facilities and superior engineering further promote medical tourism business in Germany. Majority of the German hospitals utilize high-tech imaging technology including magnetic resonance imaging (MRI) and 3D ultrasound. Presence of global medical and pharmaceutical organizations in the country enable access to innovative research environment for continuous advents in medical sector.
Furthermore, university clinics are strongholds of healthcare services and facilitate high standard of medical care. Additionally, growing inflow of patients from Middle East region would further promote the market growth. Some healthcare institutions in the country including around 200 hospitals and 30 university-based institutions have implemented changes intended to cater to patients from Gulf Cooperative Council countries.
Competitive Industry Landscape
Some of the major players involved in the Europe medical tourism market include Asklepios Kliniken GmbH, German International Clinic, Bonn Medical Partners, University Medical Center, Intermed Consult, Juventas Revitalization Clinic, International Diagnostic Center Frankfurt, ARTE SANO Dental Clinic, Clinica Avino, The London Orthopaedic Clinic, Nuada Medical, Memorial Hospital Group, France Medical Access, Medifrance Solutions and Bargman Clinics, among others.
These industry players are involved in several strategies such as collaborations, mergers, and acquisitions to maintain their market position. For instance, in July 2020, Asklepios Kliniken GmbH acquired RHON-KLINIKUM AG, a private group of hospitals and clinics in Germany. The strategic move helped the company in strengthening its industry position and expanding their customer base.