The global intrabound medical tourism market is poised to reach a valuation of US$ 8.7 Bn in 2022 and US$ 57.6 Bn in 2032. Sales are projected to increase at an 823.6% CAGR. Patients who travel abroad for medical procedures or operations that are frequently expensive or not easily available in their native place of residence are said to be engaging in medical tourism.
Medical tourism, whereby patients travel to a different state or country for the enhancement or restoration of their health, is a worldwide, multibillion-dollar industry
According to Future Market Insights, the cost of a high-quality therapy is lower in developing nations like Thailand and Malaysia than it is in industrialised nations. Despite the cheap cost of treatments in underdeveloped nations, the quality of the process is not affected because there are resources available for comparatively less money. This causes an inflow of individuals to use the healthcare systems within the country.
Reduced airfare, growing earnings in developing nations, and an increase in demand for high-quality healthcare in these nations are some of the significant factors that have helped the intrabound medical tourism industry grow. This will benefit the businesses operating in the region and help the government achieve its objective of developing the medical tourism sector.
- Since the outbreak, there has been a major growth in online reservations, and customers have flocked to these channels, making them the most popular.
- The age group between 46 and 55 is most likely to go for medical tourism treatments for joint disorders.
- Therapeutic services are particularly popular among medical tourists who visit within France because of the country’s well-developed infrastructure for physical and mental rehabilitation. The industry is expected to expand fast during the forecast period.
- The high cost of healthcare in other countries is the main factor driving market development.
“As health insurers and customers start to use cost and performance data to take advantage of regional differences in price, quality, customer happiness, and waiting times, the intrabound medical tourism business is anticipated to grow.” says an FMI analyst.
Impact of COVID-19 on the France Medical Tourism Market
Covid-19 had both positive and negative impacts on intrabound medical tourism. The medical tourism business worldwide experienced a setback as a result of the Covid-19 outbreak. Intrabound Medical Tourism market fell by 83% during the pandemic period. The global travel bans’ rigorous travel restrictions and health-related safety worries were the main causes of this. The sheer absence of demand caused the sector to suspend operating altogether for a year.
With the increased global knowledge of healthcare, the business is predicted to prosper after the epidemic. Additionally, there is a probability that vaccination tourism may be pushed, increasing the likelihood that the businesses will grow.
Who is winning?
Offering all-inclusive packages to VIP clients is one way that top firms in the global intrabound medical tourism sector are seeking to boost their earnings. They are focused on bringing new healthcare facilities under its umbrella in addition to working to strengthen their current presence.
§ Major players present in the France Medical Tourism Market The Hernia Institute Paris, Medifrance Solution, France Medical Access, Dr. Parisescu., FAME Santé, Ribau & Garner, France Surgery, Medical Concierge France, SAM Medical France, Sonio,Ludocare, Charles.co, Axomove, Dynveo, MEDTECH , SILVER ECONOMY, Groupe Médical Santé, DIXI medical,Int’Air Medical,PrimaX Imagerie Médicale are among others.