Boom ahead for medical tourism

THE WORLD’S medical tourism market is likely to be worth $143.8 billion by 2022, according to a report published by Allied Market Research.

Cancer treatment would continue to be the highest revenue-generating segment throughout the forecast period, and North America and Asia-Pacific are estimated to remain the main revenue-generating regions.

The major factors that boost market growth include affordability, availability, and accessibility of quality healthcare services with support from tourism departments and local governments, but limited coverage and lengthy partial reimbursement offered by insurance companies, along with difficulties associated with cross-border travel such as language barriers and visa approval issues are likely to restrict market growth.

Geographically, North America and Asia-Pacific dominated the medical tourism market in 2015. 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. Within Asia-Pacific, India and Malaysia are two of the fastest growing countries in the medical tourism market.

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