According to the research report titled ‘Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, Italy, Turkey, Poland, India, Thailand, Singapore, Malaysia, Mexico, Colombia, Costa Rica, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global medical tourism market is expected to cross USD 30 billion by the year 2025.
 

According to the report, increasing awareness along with favorable initiatives by private and public healthcare centers which promote medical tourism are major factors driving the market growth. The governments across the globe have introduced regulations such as simpler admission process, quick visa approval, and reduced waiting time to make medical travel convenient. This has resulted in attracting large number of international patients, which in turn is further aiding the market expansion.
 

Based on the application spectrum, the report states that the cosmetic surgery application of medical tourism held USD 3.1 billion in the year 2018. Shifting preferences towards appealing aesthetics, availability of minimally invasive procedures, and advancements in healthcare facilities in emerging economies are fueling the segmental growth. Growing inclination towards high quality cosmetic treatment at low cost are compelling majority of people to travel abroad, thereby facilitating the business scenario.
 

Speaking of the geographical landscape, the report cites that medical tourism market in Mexico was worth 2.4 billion in the year 2018. Factors such as availability of efficient and high-quality medical treatments at relatively low costs are favoring the market outlook. Surging investments towards development of healthcare infrastructure, increased pervasiveness of chronic disorders, and growing demand for advanced and cost-effective treatment procedures are contributing towards the popularity of medical tourism in Mexico. On the other hand, India medical tourism industry is presumed to expand with a CAGR of 11.3% during the period of 2019-2025. Rising number of medical tourists, low cost of procedure, high success rates, along with favorable government policies which encourage medical tourism are driving the market growth in India.
 

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The prominent companies operating in the medical tourism market are Raffles Medical Group, Narayana Health, Mount Elizabeth Hospitals, Max Healthcare, Manipal Hospitals, KPJ Healthcare Berhad, Fortis Healthcare Ltd., Bumrungrad International Hospital, Asklepios Kliniken GmbH & Co. KGaA, and Apollo Hospitals Enterprise Ltd.