The European Union Cross Boarder Healthcare Market is poised to reach a valuation of US$ 32 Billion in 2022. Sales are projected to increase at a 5% CAGR, with the market size reaching US$ 52.12 Billion by 2032.
Patients who travel abroad for medical care are said to engage in “health tourism,” a subset of general tourism. It includes all tourism-related services, including travel, lodging, and hospitality. The three types of health tourism are spa tourism, wellness tourism, and medical tourism (spas that combine medical and health components). The three elements are distinct, but they also cross over.
In particular, wellness tourism is a broad notion whose definition varies among the EU’s cultures and geographical regions. For instance, the Mediterranean diet, the slower pace of life, and the coastline are all associated with wellness tourism in southern Europe. Walking and swimming are popular outdoor activities for wellness in Scandinavia. As you can see, different countries in the EU have different definitions of wellness tourism, which demonstrates how wellness and spa tourism are related.
As a result, it is challenging to assess the significance, development, and effects of health tourism on the wider tourism sector and economy. We do, however, know that the market for health tourism has expanded dramatically over the past few years, giving rise to fresh varieties of the industry including reproductive tourism and dental tourism
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Key Takeaways from the European Union Cross Boarder Healthcare Market Study:
- Contribution in Global Medical Tourism market is 20.0%
- The Covid-19 pandemic had a 70% impact on the value of the European Union Cross Boarder Healthcare
- Indonesia, Philippines, Singapore, Thailand, India, South Korea, Turkey, Malaysia and European countries are the most popular destinations for medical tourism.
- Medicinal, curative, palliative, and rehabilitative care are the most popular Healthcare types in the European Union Cross Boarder Healthcare
- Online booking channels lead the charts in European Union Cross Boarder Healthcare market booking channel segmentation.
“Customer satisfaction and a wide number of services like weight loss, hair transplantation, personal being and medical tourism product offerings will be the key to grabbing the healthcare market.” – FMI Analyst said.
Impact of COVID-19
First, some medical tourism patients found it difficult to access domestic medical services when they were unable to travel abroad owing to the pandemic or other circumstances. Second, transferring patient medical information between domestic and foreign medical institutions was challenging, even if patients received treatment in the nation’s hospitals as a result of the suspension of medical tourism. The third issue with medical tourism is that relying heavily on foreign medical resources may impede the growth of healthcare workers, infrastructure, and other environments in the country of origin. This experience demonstrated the necessity of enticing patients who could not travel for medical treatment to attend domestic medical facilities, making attempts to communicate patient data internationally, and investing in the growth of each department.
Who is winning?
By offering all-inclusive packages, as well as NRIs who want to receive medical care in their home country. Many MNCs provide employees and their families with affordable medical treatment options. Due to escalating health care costs and protracted waiting lists for medical procedures, finding high-quality, affordable healthcare is becoming increasingly difficult. Government investments and initiatives are energising the market, and they have also helped companies improve their service offerings.
The key players in the European Union Cross Boarder Healthcare market are Asklepios Kliniken GmbH, Carolina Medical Centre, Helios berlin Buch, Clinic Lemanic, Clinique Generale Beaulieu and among others
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Future Market Insights, in its new offering, provides an unbiased analysis of the European Union Cross Boarder Healthcare market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the European Union Cross Boarder Healthcare market based on Healthcare Type (medicinal, curative, palliative, and rehabilitative care), By Booking Channel (Online Travel Agents, Traditional Agents, and Direct Booking), By Tourist Type (Domestic and International), By Tour Type (Independent Traveller, Package Traveller, and Tour Group), By Consumer Orientation (Men and Women), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, and 66- 75 Years) & Region – Forecast to 2017 – 2032.
The European Union Cross Border Healthcare Market by Category
By Healthcare Type:
- Rehabilitative care
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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