Published Date: 2021-06-07
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APAC Medical Tourism Market size is poised to surpass USD 11.9 billion by 2027, according to a latest forecast report by Graphical Research.
Surging healthcare costs in the developed countries is motivating the medical tourists to consider affordable as well as high quality offshore medical treatment. The majority of medical tourists travel to developing countries to avoid out-of-pocket healthcare expenses and lengthy waiting queues for receiving medical treatment. Asian countries including India, Thailand, Singapore, Malaysia and South Korea offer high quality medical services at competitive prices. As per a published report, highly trained healthcare professionals, latest medical technologies, and well-established healthcare infrastructures play an anchoring role in accelerating demand for medical tourism in Asia. Furthermore, efforts taken by the developing countries in raising the standards of healthcare services and making them compatible to western countries would increase the patient inflow.
Growing number of people are seeking overseas medical treatment due to ease in international travel. This higher mobility is attributed to reduced transportation expenses, telecommunication, minimized travel time, and complex transnational networks. Moreover, growing private investments and intervention in the healthcare sector of developing economies have provided numerous treatment options to medical tourists. These factors would promote the medical tourism market. The Global Healthcare Accreditation (GHA) program was established in 2016 to emphasize on healthcare related travel and improvising the Medical Travel Care Continuum. GHA accreditation assists healthcare facilities to enhance their competitiveness and visibility by improving patient experience and connecting healthcare providers with medical tourists.
Browse detailed statistical insights from the report, “Asia Pacific Medical Tourism Market Forecast 2027 By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Research Report, Regional Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1844/asia-pacific-medical-tourism-market
Additionally, growing affordability of air fares for intercontinental travel and favourable currency exchange rates, are also recognized as key drivers for cost sensitive medical tourists. Especially for underinsured and uninsured patients originating from developed countries intending to travel overseas for medical treatment. Furthermore, the growing emergence of medical tourism agents has facilitated the patients by providing them options to choose from feasible travel packages. They also help in related to logistics and travel arrangements. Patients can potentially avail lower travel rates from medical facilitators due to medical agents. The medical tourism agents collaborate with medical tourism companies and medical care centers, thereby assisting them to gain higher patient volume.
Based on application, the medical tourism market is segmented as cardiovascular surgery, cosmetic surgery, dental surgery, orthopedic surgery, bariatric surgery, fertility treatment and oncology treatment. Orthopedic surgery segment was valued at USD 479 million and is projected to expand at a CAGR of 13.6% from 2021 to 2027. Growing prevalence of orthopedic diseases, lower medical treatment costs in developing countries and adoption of minimally invasive technology are the major factors driving the segment growth. There has been substantial surge in the demand for orthopedic surgeries owing to orthopedic disorders globally. Additionally, increasing sports injuries and road accidents further facilitate the need for hip and knee replacement procedures. Furthermore, the adoption of minimally invasive surgery in knee and hip arthroscopy along with improvised regional block anesthesia has promoted comfort during orthopedic surgical procedures. This has benefitted the medical tourists and are stimulating the numbers of international patients for seeking affordable surgeries with innovative technologies.
Malaysia medical tourism market is projected to expand at 15.5% CAGR and witness similar growth trend during the estimation timeframe. The high market growth is attributable to cheaper medical treatment costs, high quality of healthcare services offered and growing number of medical tourists in the country. The presence of alternative clinics developed for international patients offer wide range of therapies such as herbology, acupuncture and other forms of Chinese as well as Southeast Asian medicine. Country’s affordable healthcare services and availability of qualified medical professionals provide high quality services leading to growth in the number of medical tourists. The number of medical travelers grew significantly showcasing almost twofold growth from 2011 to 2018 with over 1.2 million international patients. As per estimates, the Malaysia Healthcare Travel Council (MHTC) forecasts over two million medical travelers would visit Malaysia by 2020, doubling its revenue.
The APAC medical tourism market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Application
The above information has been provided for the following countries:
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