Medical tourism—traveling to other countries to get medical treatment—has been growing rapidly, and is predicted to grow at 15% a year. By 2023, according to a new study, it could be a $165 billion-a-year industry.
Two main factors are driving the growth, according to a report by Allied Market Research: the high cost of treatment in some developed countries drives patients to seek good care at lower cost, and lack of treatment options in less-developed countries.
By geography, the market was dominated by North America and Asia-Pacific, and collectively accounted for 63.6% of the overall medical tourism market in 2016. The growth of these regions is attributed to the availability of affordable medical treatments for several disease conditions, in countries such as Mexico, Thailand, Malaysia, India, and Singapore. However, Asia-Pacific is the fastest growing region followed by LAMEA, owing to the increase in treatment success rates and the affordable price range.
Key findings of the study include:
- In 2016, cancer treatment generated the highest revenue, accounting about one-third of the overall market revenue and is projected to grow 15.3% during the forecast period.
- Neurological treatment is expected to grow at an above-average 15.5%, owing to increased number of skilled medical personnel in the field.
- North America accounted for about one-third of the global medical tourism in 2016.
- The Asia-Pacific region is anticipated to be the fastest growing medical tourism market during the analysis period.
- Thailand and Singapore are the major market shareholders in Asia-Pacific.
