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New York, US, June 08, 2021 (GLOBE NEWSWIRE) — According to a recent report by Research Dive, the global medical tourism market is forecasted to reach $142.2 billion by the end of 2026, from $58.6 billion in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.

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Factors Impacting the CAGR Figures Pre and during COVID-19

The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the medical tourism market has recorded a CAGR of 11.7% during recent months, while it was expected to be 12.4% in the pre-COVID-19 scenario. The reason behind this decline is the temporary restrictions on national and international travel because of the prevailing pandemic.

Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario

According to the report, the real-time market size has been witnessing a drastic downfall compared to the pre-COVID-19 estimations. The market has garnered a revenue of $44.2 billion in 2020, while it was estimated to reach $73.7 billion in a previous analysis. In the early months of 2020, the governments across several nations imposed lockdown to prevent the spread of coronavirus. Strict restrictions were imposed on domestic and international travel. This is the main factor behind the downfall of the market. However, the restrictions were slightly eased towards the end of 2020 when the number of coronavirus cases decreased. Many countries have re-imposed the ban on international travels in the wake of the second-wave of the pandemic in the initial months of 2021.

Post Pandemic Insight

As per the report, the global medical tourism market is expected to recover from the loss in the 1st/2nd quarter of 2022. However, with the emerging 2nd wave of the pandemic, the recovery period is expected to get extended. Availability of advanced facilities and cost-effective medical care in the hospitals of developed countries will help the medical tourism market to recover from the declined state after the pandemic is over.

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Key Players of the Market

The report has mentioned the leading players of the global medical tourism market –

  1. Bangkok Hospital
  2. Prince Court Medical Centre
  3. Shouldice Hospital
  4. Anadolu medical Centre
  5. Gleneagles Global Hospitals Group
  6. Clemenceau Medical Centre

These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years. For instance, in September 2020, IHH Healthcare, the largest privately-owned healthcare group in Asia, acquired the Prince Court Medical Centre for RM1.02 billion. Located in the ‘Golden Triangle’ in Kuala Lumpur, Malaysia, Prince Court Medical Centre is a private healthcare facility with 277 single-bed.

The facility offers a wide range of hospital, medical, surgical services. Oncology, interventional cardiology, burns management, nephrology, gastroenterology, orthopedics, rehabilitation medicine, occupational health and in vitro fertilization are the services the facility offers. IIH Healthcare is looking forward to invest in the enhancement of the Prince Court Medical Center in terms of greater patient experience.

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