As the world gets older, wealthier and more aware of their health, the medical tourism market is growing. Asia is leading that charge. The availability of affordable, high quality care in countries like India, Malaysia, and Thailand coupledwith proactive support from government agencies and organizations is expected to boost the growth of the Asia-Pacific medical tourism market.
According to a recently published a report, Medical Tourism Market: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global medical tourism market accounted for $61.17 billion in 2016 and is expected to garner $165.34 billion by 2023, registering a CAGR of 15.0% from 2017 to 2023.
Prevalence of chronic diseases such as cancer, increase in disposable income, and easy accessibility of good quality healthcare services along with assistance from local governments and tourism departments have boosted the growth of the global medical tourism market. However, several factors such as stringent documentation and issues associated with visa endorsement hamper the growth of the market. On the contrary, advancements in medical technology and availability of advanced medical instruments in medical tourism hubs are expected to fuel the market growth.
Cancer treatment segment to witness highest demand in global market by 2023
The report bifurcates the market based on type of treatment into cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others. The cancer treatment segment accounted for $19.64 billion in 2016, contributing almost one-third of the market share. However, the neurological treatment segment is expected to register the highest CAGR of 15.5% through 2023.
Asia-Pacific to be the most popular medical destination among orthopedic patients through 2023
The global medical tourism market report includes an in-depth analysis of geographical regions such as North America, Europe, Asia-Pacific, and LAMEA. North America dominated the medical tourism market in 2016, contributing more than 33.1% of the total market share. However, Asia-Pacific is projected to the fastest growing region, registering a CAGR of 15.5% from 2017 to 2023.