The COVID-19 crisis has affected the global medical tourism market in a negative way. The governments are taking initiatives to help patients seek healthcare treatment and the market is likely to recover by Q1/Q2 of 2022.
The COVID-19 pandemic has hugely impacted the global medical tourism market and a slight downfall is witnessed in the growth rate as compared to the former predictions. As per new Research Dive published report, the global medical tourism market is anticipated to rise at a CAGR of 11.7% by 2026, generating a revenue of $142.2 billion in the period of forecast from 2019 to 2026. While there is a decrease in the growth rate due to the COVID-19 outbreak, the market is likely to recover by Q1/Q2 of 2022.
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Highlights of the Report
As per our analysts, the increasing interests amongst people coupled with technological advancements in healthcare treatment is a significant factor impelling the growth of global medical tourism market.
The projected market size for the medical tourism industry prior to COVID-19 chaos was $73.7 billion in 2020 and this number is expected to drop down to $44.2 billion post-coronavirus pandemic. The risk associated with travel after surgery, language barrier, and quality of staff members will hinder the market growth in the coming years.
Conversely, the rising interests of people towards better quality healthcare coupled with advanced technology and low cost will propel the demand for medical tourism during the forecast period.
Sustaining in the Pandemic Situation
A number of countries all over the world are inviting well known medical specialists Cleveland Clinic, Mayo Clinic, and Harvard Medical International by investing more to develop medical tourism facilities.
Furthermore, other countries are adopting diverse strategies in order to fuel the growth of medical tourism market. For instance, India launched visa facilities for foreigners namely, ‘M-visa,’ to allow foreigners to enter the country for healthcare treatment.
In addition, the doctors in Singapore are treating people to maximum of three diverse locations, which is based on the guidelines of Ministry of Health (MOH) to stop the spread of COVID-19 virus.
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The leading players of the medical tourism industry include Anadolu Medical Centre, Shouldice Hospital, Clemenceau Medical Centre, Prince Court Medical Centre, Gleneagles Global Hospitals Group, and Bangkok Hospital.
Global Industry to Witness Significant Growth Post-Coronavirus Chaos
Research Dive states that the global medical tourism market is projected to witness considerable growth post-COVID-19 pandemic. There are various benefits associated with medical travel such as availability of better-quality medical treatment, accessibility of medication, and low costs, which will surge the demand for medical tourism during the forecast period.
Moreover, various countries such as Thailand, India, and Singapore are gaining importance due to availability of low-cost healthcare treatment, which is predicted to propel the market growth after COVID-19 pandemic.
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