The global medical tourism market generated a revenue of nearly $58.6 billion in 2018 and is foreseen to grow at an 11.7% CAGR, surpassing $142.2billion by 2026. The activity of a person traveling outside the country of residence to seek medical help is known as medical tourism.
The market has witnessed a noteworthy development already, but due to the unpredicted COVID-19 outbreak, the market will observe diminished growth in 2020. The medical tourism market has been affected negatively during the pandemic due to closure of many country borders to curb the spread of virus. Our analysts have estimated the condition of the medical tourism market during the COVID-19 outbreak, and have come to the following conclusions.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|12.4%||11.7%||Q1/Q2 2022||78||USD 73.7 Billion||USD 44.2 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Rising awareness among people about better healthcare options and quality healthcare facilities is forcing people to travel abroad to seek medical treatment. According to the World Health Organization (WHO), 40% of people prefer medical tourism owing to the advanced technology and easy access to medication. In addition, people are concerned about the cost of the treatment. For instance, it is expensive to get treatment for heart surgery; in the U.S. it costs around 30,000 US dollars while in India it costs approximately 6,000–7,000 US dollars. This factor has influenced the growth of medical tourism in Asian countries.
However, there are several disadvantages of medical tourism such as safety & liability, distance of travel, complications after surgery, and language. Patients may face complications such as blood clotting due to travelling after the surgery or medical treatment. According to the British Association of Plastic Reconstructive and Aesthetic Surgery, 37% of people faced complications such as infection, healing problem, and pain after seeking cosmetic surgery in other countries. These factors are hampering the global medical tourism market in the forecast period.
The COVID-19 pandemic has impacted negatively on the global medical tourism market. Medical tourism is facing a significant problem due to the shortage of manpower in various clinics. For instance, in Singapore doctors are treating people to maximum of three different locations based on the guidelines of Ministry of Health (MOH) to curb the spread of coronavirus. In addition, travel restrictions and cancellation of both domestic and international flights has reduced the travelling of people to seek medical help. Besides, improper utilization of technology to treat people has hindered the market growth during this pandemic crisis.
Moreover, widespread of coronavirus has impacted negatively on the medical tourism market. For example, medical value for traveling to India includes people traveling from other countries to India for treatment accounted for $3 billion for the AYUSH sector (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) before this pandemic. But due to prohibited traveling on flights have declined the occurrence of patients to India. In addition, according to report 96% of international borders are closed to tackle the pandemic which in turn has reduced the number of people seeking medical treatment in other country which in turn has impacted adversely on the medical tourism market
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
COVID-19 pandemic is predicted to impact negatively on the global medical tourism market. Medical tourism is predicted to gain importance after the end of pandemic stress owing to the increasing importance among people for quality healthcare. For instance, several countries are investing money to develop medical tourism facility by inviting well-known medical specialist from Harvard Medical International, Cleveland Clinic, and Mayo Clinic. In addition, other countries are making different strategies to increase the implementation of medical tourism. For example, India has introduced M-visa that allows foreign national people to enter India and this visa can be issued within less time.
Moreover, according to recent publication by Research Dive, the global medical tourism market is projected to show a decline in the year 2020 due to pandemic. Due to drastic downfall in the year 2020, the global medical tourism market is anticipated to recover by Q1/Q2 2022. People are seeking medical tourism owing to the benefits such as availability of treatment, easy accessibility of medication, and cost. For example, countries such as Singapore, Thailand, and India are gaining importance in medical tourism owing to the reduced medical cost. For instance, U.S., offers coronary artery bypass surgery (CABG) for $113,000 but while in other countries such as India, Thailand, and Singapore it just costs 5-10% of the total bill.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Medical Tourism Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity