Medical tourism market expected to reach $180 billion by 2025

According to latest forecasts, global medical tourism market is expected to boost significantly during the next three years.  

As health systems infrastructure across UK and the US are currently failing to cope with the big number of patients as well as people’s expectations, turning to health tourism has become a trend among wealthy residents here.

According to a new research by Glasgow Research & Consulting, the growing demand tendency can be translated into a considerable opportunity for healthcare institutions around the globe, as the sector’s total value could increase by 9.7% CAGR by 2025 and more than 44 million people in search for more affordable healthcare abroad.

Estimated at $105 billion in 2019, medical tourism is currently recovering while analysts expect that by 2023, 27 million people will look for medical assistance in the industry by 2023, accounting for a net market worth of $120 billion. 2025 is expected to deliver $182 billion from increasing request.

But health tourism is not only about cosmetic surgery. Oncology, cardiology and neurology, for example, were the most required specialities in the field back in 2021, with average cost per patient of $16,581, $17,597 and $13,559 respectively. Moreover, the drop in log-distance air travel significantly contributed to the growing request for abroad treatments.

Nevertheless, there are also downsides and risks when considering medical tourism, as many hospitals across foreign destinations could be poorly equipped and patients can sometimes be at increased risk for infectious disease or antibiotic-resistant bacteria. At the same time, longer periods of care time required by some of the treatments could translate into a lower accessibility rate for patients, especially in countries that do not allow an extended stay for tourists.

 

Source: consultancy-me.com