PALM BEACH, 26 July 2016: In a just released report issued by VISA and Oxford Economics, the Medical Tourism industry was valued at a staggering USD439 billion, with a projected growth rate of up to 25% year-over-year for the next 10 years.
The report said an estimated 3% to 4% of the world’s population will travel internationally for healthcare and health-related treatment.
For years the medical travel industry seemed undervalued, but VISA’s latest report accounts claims the medical travel market could soar to an astronomical USD3 trillion by 2025.
In it, the similar pattern of global growth emerges. The US leads in terms of market share of healthcare travel spend, but Asia’s Thailand, Singapore and South Korea continue to thrive.
Both VISA’s and MTI’s findings expect China to overtake the US spot within the next 10 years due to the population’s demand for higher quality of care.
The findings don’t just span the global spectrum, but also the age spectrum as well; VISA expects 13% of all international travel by 2025 to be older travellers. Meanwhile, a recent survey of 31,000 18 to 34 year olds from 134 countries by popular booking site TopDeck Travel found that some 88% of them travel internationally between 1 to 3 times annually and that the number only continues to grow.
“The borders to quality healthcare access have begun to disintegrate.” MTI Co-Authors, Renée-Marie Stephano, JD President of the Medical Tourism Association and Mark Fetscherin, Associate Professor of International Business and Marketing at Rollins College, said a joint statement.
“Speculation about the medical tourism industry as a ‘phenomenon’ is over. This report and the rankings of the the Medical Tourism Index provide a unique opportunity for investors seeking new ventures to make smart choices in destinations driving patient travel.”
Over 3,000 attendees from 50 countries will visit Washington DC, this September, for the 9th World Medical Tourism & Global Healthcare Congress.