The medical tourism market is projected to observe substantial growth through the forthcoming time period owing to rising healthcare cost in western countries, insurance benefit incentives, and luxury and private nursing services offered in the foreign country at a fraction of the cost. Medical tourism, also known as international surgery, is referred as the process of traveling outside the country of residence, particularly to receive medical care.
Various factors generally influence the decision of a patient to pursue medical care abroad. Some people might travel for medical care since treatment is much more affordable in some other country. Others might be immigrants to the U.S. who largely prefer to return to their home country for medical care or people who are looking to undergo a therapy or procedure that might not be available in the U.S.
Some of the most common procedures that people undertake on medical tourism tours include dentistry, heart surgery, and cosmetic surgery.
The medical tourism market is segmented in terms of application and regional landscape.
In terms of application, the overall medical tourism market is classified into oncology treatment, fertility treatment, bariatric surgery, orthopedic surgery, dental surgery, cosmetic surgery, cardiovascular surgery, and others. Among these, in 2020, dental surgery segment accounted for approximately $1.3 billion and is likely to follow similar growth trend over the coming time period.
From a regional frame of reference, Latin America medical tourism market accounted market share of around 13.2% in 2020 and is estimated to witness strong growth over the coming time period. Cancun in Mexico welcomes around thousands of incidental medical tourists per year, like people opting for an affordable, light dental or medical treatment as part of their holiday. Non-invasive aesthetic treatments and cosmetic surgeries are some of the top procedures that people undergo. Here, one could also pick up premium pharmaceuticals for any valid prescription written in the U.S.at discounted rates.
Similarly, Escaz??, Costa Rica attracts various medical and dental tourists from all over the globe, roughly around 65,000 each year. Clinics are known for complex cosmetic dentistry, saving patients nearly thousands of dollars in fees they would otherwise pay in their own country. Additionally, the place is also home to two globally accredited medical centers that provide full service procedures for weight loss, heart work, and orthopedics.
Meanwhile, medical tourism market in Middle East & Africa is anticipated to showcase steady growth of 19.0% over the forecast time period. One of the most vital factors that makes the Middle East one of the best medical tourism hub is its location. The UAE, for instance, is only an 8-hour flight away from two-thirds of the globe’s population.