The medical tourism market size is expected to reach USD 207.9 billion by 2027, expanding at a CAGR of 21.1%, according to a new report by Grand View Research, Inc. Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It provides employment and business opportunities for residents. Moreover, it helps in the growth of associated businesses such as pharmaceuticals, healthcare devices, and tourism. Government support to maintain the general reputation and political stability of the host country is a key influencing factor that drives the market.
Government authorities are willing to invest in local enterprises to capitalize on the growth of the market. Such government bodies are authorizing projects that help in the overall development of infrastructure in the country such as the public transport system and water supply facilities to attract high-end travelers.
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Medical tourism has led to a rise in state-of-the-art healthcare facilities in developing countries to attract foreign nationals, resulting in the fast growth of healthcare infrastructure in such countries. Moreover, healthcare providers now offer comprehensive tour packages that include services ranging from ticket booking to hotel stay and healthcare insurance.
Thailand, India, Costa Rica, Mexico, Malaysia, Singapore, Brazil, Colombia, Turkey, Taiwan, South Korea, Czech Republic, and Spain have been covered in the report based on their emergence as popular destinations for medical tourism.
Thailand was the most popular destination for medical tourism in 2019. The market growth was contributed by Thailand’s status as one of the most popular tourist destinations in Asia. The increasing number of private hospitals, improvements in overall healthcare infrastructure, and cheaper treatment costs are responsible for the growth of inbound medical tourists in Thailand. Thailand has more than 450 private hospitals and this number is expected to grow exponentially.
Thailand has more than 450 private hospitals and this number is expected to grow exponentially in the coming years. The number of incoming tourists with the purpose of obtaining healthcare from Thailand is increasing rapidly with a growth rate of around 18%. Along with the increase in the number of private hospitals, the improved quality of personal care, and the adoption of the latest treatment technologies are responsible for the growing international patients. Medical tourism in Thailand is mostly preferred for cosmetic and bariatric surgeries. Some of the common procedures include breast augmentation, laser tattoo removal, liposuction, and Botox.
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