According to Allied Market Research, the global ‘Medical Tourism’ market is projected to reach $273.72 billion by 2027, which is a compound annual growth rate (CAGR) of 12.8% from 2019 to 2027 in value. In terms of volume, the global medical tourism market accounted for 23,042.90 thousand patients in 2019, and is projected to reach 70,358.61 thousand patients by 2027, registering a CAGR of 15.0% from 2019 to 2027.
Whilst CoVid19 has dealt a heavy blow to the medical tourism market in 2020, it is now the time for medical tourism destinations and providers to be preparing to set themselves apart from other competition and build their credibility to prepare for future growth. In this article, the Aquitude Health team highlight the 4 main reasons why:
1. Safety is top-of mind for Patients
CoVid19 safety and case incidence numbers are top of mind for consumers. The number of CoVid19 cases and the overall success of countries to reduce, or even, control the pandemic are crucial data for travelers. Airlines are offering free CoVid19 insurance, hotels marketing themselves as the safe options, ‘CoVid-free’ destinations are arising. This is on the back of consumer demand focused on risk-mitigation. Any country looking to build credibility within the Medical Tourism market, should act now and promote its public health successes and build their reputation in clinical excellence.
2. Telemedicine will be a critical part of the Post Covid19 Medical Tourism experience
CoVid19 has made the virtual consultation and follow up of patients a requirement in many types of healthcare interventions. As Medical Tourists live in a different location to the one they are looking to have their medical procedure in, the ability for a healthcare provider or hospital to demonstrate the their leadership in offering cutting edge telemedicine will help those organisations stand out in the minds of their international patients by offering a virtual patient experience
3. Medical Tourists require auxiliary services for carers and family members
Patients who are medical tourists are likely to travel with entourage – their family member (s) or friend who may double up as a carer, for example. So, medical tourism destinations need to be able to offer more than just excellent healthcare. Those destinations which can also ‘double-up’ as a tourist destination for the extended help or families of the patient, will stand out from the crowd.
4. CoVid19 has called for empathetic marketing
The pandemic has given rise to increased focus on empathetic marketing – marketing which focuses on the most basic requirements from their consumers: their needs and delivered with the utmost compassion. This human-centric approach to communications is a critical tool for Medical Tourism destinations to leverage.
Medical Tourism offers the unique ability for smaller nations to punch above their weight and compete with the world’s largest economies, bringing in valuable revenue for those smaller nations who are in need of diversifying their economies. In order to take advantage of this future opportunity, however, it is important for Medical Tourism destinations and healthcare providers to leverage the opportunities brought in by CoVid19… starting now.