Medical Tourism Market Trends

Growth Drivers

• Rising Cases of Cancer Across the Globe - World Health Organization (WHO) released a report showing that in 2020, around 10 million people lost their lives worldwide.The common reason boosting the demand for medical tourism is the lack of availability and higher cost of treatment in particular countries. Cancer is the leading cause of death and many developing countries have no healthcare centers to offer medical care to cancer patients while other countries have well-organized treatment procedures for the disease. Hence, thousands of people travel from country to country to acquire the proper treatment. Therefore, all these factors are estimated to hike the market growth over the forecast period.

• Significant Growth in the Medical Technology- It is observed that medical technology worldwide in 2022 grew by 5.5%.
• Increasing Global Healthcare Expenditure - World Bank published a report stating that in 2019, health expenditure reached USD 1,121.9 across the globe.
• Diverse Costs Associated with the Heart Bypass in Different Countries - Heart bypass is the procedure to treat internal blockage of blood in veins or arteries. For instance, in 2019, the United States was estimated to higher cost for heart bypass which was approximately USD 120 thousand.

Challenges

• Requirement for Higher Initial Investment - The greater income that is occasionally given to healthcare professionals working in facilities that appeal to foreign patients helps to keep qualified healthcare professionals on staff. Currently, patients in India pay more than 80% of the cost of healthcare out of their cavities. The cost of health care in the nation is increasing as a result of the rise in medical tourists, according to predictions.
• Lack of Awareness and Proper Medication
• Decline in the Number of Tourists due to COVID-19