Published Date: 2021-06-07
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European Medical Tourism Market size is estimated to exceed USD 13.7 billion by 2027, according to a latest forecast report by Graphical Research.
Growing awareness regarding the medical tourism among patients across the globe to obtain different medical treatments such as cardiovascular surgery, oncology treatment, and cosmetic surgery among others is contributing to the market growth. Medical tourism has emerged as an outcome of patients being exposed to a broad range of choices of medical services and exponential growth in the market. The medical tourism industry is developing in Europe with Germany and France well known as medical tourism countries. The demand for medical tourism is growing for different services ranging from plastic surgery to hip & knee replacements. Many countries in Europe are significantly involved in the fund investment to increase the awareness among medical tourists along with establishing a trusted reputation by providing quality healthcare at an affordable cost. For instance, in 2019, the European Commission funding was granted to the launch of the Adriatic health tourism platform that helps to promote medical and health tourism in Croatia, Montenegro, and other Adriatic countries. Hence, the aforementioned factors will augment the market growth in the future.
Various government policies to ease medical travel in the region will augment the demand for improved medical tourism in Europe, thereby uplifting the market growth. As per the European Parliament, medical tourism has a higher domestic share that includes about 5% of general tourism and contributes around 0.3% to the European economy. The government health policies are intending to advance the quality of medical tourism by supporting partnerships, promotional campaigns, and health-tourism projects. For instance, Directive 2011/24/EU purposes to establish rules for enabling access to high-quality and safe cross-border healthcare in the European nations. Furthermore, this directive proposed to assure patient mobility as per the principles introduced by the European Court of Justice. On the national level, there are many tourism strategies for foreign patients as a strategic tourism product. For instance, the Lithuanian Tourism Development Programme 2014-2020 identified the regions of Vilnius, the Southern Dzukija, and Eastern Aukstaitija among others that have potential for medical tourism development. Thus, the abovementioned factors will spur the industry growth in the coming years.
Browse detailed statistical insights from the report, “Europe 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/1842/europe-medical-tourism-market
Based on application, the market is segmented as cardiovascular surgery, cosmetic surgery, dental implant, orthopedic surgery, bariatric surgery, fertility treatment, oncology treatment, and others. The orthopedic surgery segment held a significant market share in 2020 and was valued at more than USD 377 million. The high segmental share is owing to key advancements in technologies in the recent decade that have the potential to transform surgical procedures. For instance, the European Medical Tourist Organization offers reconstructive knee surgery without the use of a mechanical prosthesis and charges no fees to its clients. It is a patient advocate organization with a focus on orthopedic and spine surgery. According to the World Health Organization (WHO) ranking, France ranks at the first position for shortest hospital waiting times, thereby attracts international patients. Furthermore, as per the WHO study, Italy’s healthcare system is one of the finest in the world. Hence, medical tourism for orthopedic surgery in these countries is increasing owing to world-class care, affordability for most procedures, and other related factors. Additionally, as per the global Medical Tourism Index, Spain ranked at the fourth position for orthopedic surgery coupled with various industry strategies, thereby contributing to the market growth. Hence, the above-mentioned factors will significantly foster the segmental growth that in turn will drive the overall market growth in the coming years.
Germany medical tourism market is projected to expand at 8.7% CAGR and foresee a similar growth trend in the coming years. The significant market growth in the country is owing to the new opportunities for appropriate clinical interventions and practices to lessen damage to patients. The popularity of Germany for medical tourism is rising significantly owing to stringent ethical standards, high quality of care, and easy access to professionals. Furthermore, healthcare in Germany has a finest cost-to-quality ratio and expenses of medical care in Germany are significantly lesser as compared to other industrialized countries. Many major insurance companies in the country provide full or partial coverage for medical services outside of the patient's home country. Moreover, strict hygienic measures in German hospital, stringent laws to protect patient safety, integrated follow-up care, and transparency in treatment results are some of the factors augmenting the demand for medical tourism in Germany. In Germany, every year about 150,000-250,000 foreign patient visits for medical/surgical treatments. This country holds the second position in the world’s rating of healthcare costs in proportion to GDP and actively engaged in investments for clinic developments & medical trials.
The European 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:
Europe Market, By Application
The above information has been provided for the following countries:
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