4 Medical tourism trend in 2021 | market share & potential
New communication channels and information technology have made this world a global village. Such sort of communication has given way to medical tourism. Though traveling accross the borders is an old practice, however, recently, a sharp surge has been evidenced. Medical tourism refers to traveling abroad for health care services along with some leisure activities. This uprise in medical tourism trends is attributed to an increased inclination towards elective treatments such as plastic surgeries. Furthermore, medical tourism cost compared with the same medical treatment in the home country is a significant contributing factor.
Market share & potential
By 2021, there have been significant shifts in the medical tourism industry. The total market share is estimated to be USD 27.8 billion, which is forecasted to reach USD 65.79 billion by 2025 with a CAGR of about 18.8%. Hence, the medical tourism trend is on a rapid rise worldwide.
North America seems to be winning the race to ace the global medical tourism market share. Most developed countries such as Germany, the UK, Singapore, the US, Canada, Japan, and France are significantly contributing to medical tourism for the advanced facilities they offer. However, medical tourism costs may be too high in these countries.
However, the recent COVID-19 pandemic has flattened the uprising curve of medical tourism. It is mainly due to social distancing and restricted international travel.
Medical Tourism Trends, 2021
Medical tourism is a multi-millionaire industry that has the potential to grow by 25% every year in the coming years. The upcoming trends that you must look forward to being;
Private health cities growth
Attributing to the increased foreign investments, private medical cities trend is on the rise. Emerging private health facilities are a strong point of attraction to people around the world. The reason is mainly that these hospitals rank high both in service and treatment.
According to the most updated medical tourism trends, Asian countries are also joining the race of medical tourism. Mostly the health care professionals in these countries are foreign qualified. Hence they provide the same exclusive treatment at the most affordable price for medical tourism because the main expense in any treatment is the surgeon’s fee.
Skilled medical tourism professionals
Another factor for this industry’s growth is an increase in qualified health care professionals. Mainly awareness regarding the most preferred treatments for medical tourism has catalyzed the advancement in this regard.
New destinations are set up.
Considering the rising medical tourism trends, the countries prominent for medical tourism are further developing new destinations for their tourists.