The size of the Latin American medical tourism market is estimated to be worth USD 17.26 billion by 2027 from USD 7.26 billion in 2022, growing at a CAGR of 18.9% from 2022 to 2027.
The cost-effectiveness associated with surgeries in the Latin American region is one of the major factors driving the growth of the medical tourism market in Latin America. Owing to the high costs of major surgeries such as heart-related, brain tumor, cancer-related surgeries, and c-section surgeries, people in developed and developing countries seek to have surgeries outside of the region to reduce costs. Furthermore, the growing demand for rapid weight loss is another factor propelling the market’s growth rate in Latin America. In addition, people who have Visa facilities to travel to another region for medical support are increasing, which drives the market growth.
In addition, the growing population suffering from chronic and infectious diseases is promoting the medical tourism market growth in Latin America. Medical tourism has excellent support from government authorities through investments in local enterprises, favoring the Latin American market. Furthermore, the growing demand to improve the quality of treatment procedures, easy availability of medical tourism packages, rise in awareness of the IoT, and increasing smartphone utilization are fuelling the market’s growth rate in Latin America. The growing prevalence of state-of-the-art medical facilities to attract customers is another factor that favors the Latin American medical tourism market.
The growing number of collaborations between insurance companies and hospitals is resulting in the growing adoption of medical tourism in Latin America. Furthermore, the growing demand for fertility treatment, the growing usage of smartphones, and the increasing adoption of technological advancements such as IoT, machine learning and AI to execute treatment procedures at a greater success rate are expected to boost the medical tourism market in Latin America. Approximately 90% of the world's population is using smartphones which helps to search for information related to any disease and the respective cost for the treatment and the success rate in a particular region. Through this smartphone, people are contacting foreign doctors and having a suggestion for their health to improve their quality of life. In addition, growing medical tourism packages for the best treatment support regional market growth. Different packages are introduced by the reputed organization with a minimal amount to attract more people to have medical tourism for their treatment.
However, low awareness among people regarding medical tourism packages is majorly inhibiting the regional market growth. The absence of skilled professionals to handle medical tourism operations further hamper the market's growth rate. The recent COVID-19 pandemic resulted negatively in the Latin American medical tourism market. Restrictions developed in a few countries to opt for medical treatment in a different country are slowing the adoption of medical tourism. Increasing post-procedure complications and issues associated with medical records further dampen the market growth in Latin America.
This research report on the Latin American medical tourism market has been segmented and sub-segmented into the following categories:
By Treatment Type:
The Latin American region had decent occupancy in the global market in 2021 and is predicted to grow considerably during the forecast period owing to the growing awareness of medical tourism among many people. Healthcare costs are growing continuously in developed countries such as the United States of America, and the number of people waiting for treatment is also more due to the heavy population. As a result, people are searching for better medical options in foreign countries, boosting the medical tourism market in Latin America. Mexico and Brazil invest considerably in the development of hotels for both medical and tourism stay purposes. Most medical tourism people are showing interest in having accommodation in such hotels, which drives the market growth in this region. WHO declared that Brazil has the best healthcare system and is the first to have the first JCI-accredited hospital outside the US. As a result, a healthcare provider in Latin America provides quality treatment, raising the market's growth. Hospitals are adopted to have advanced healthcare infrastructure, and the reimbursement policies for the patients are the factors that help market growth.
The Brazilian medical tourism market held the major share of the Latin American market in 2021 and is anticipated to play vital in the Latin American region during the forecast period. The growing disposable income and increasing focus on providing the best quality treatment to customers are propelling the market growth in Latin America.
The Mexican medical tourism market is predicted to register a healthy CAGR during the forecast period and hold a considerable share of the Latin American region in the coming years. Mexico is near the U.S., within 3-4 hours of drive, and a considerable amount of the population travels from the U.S. to Mexico to avail various treatments.
KEY MARKET PLAYERS:
Some of the noteworthy companies operating in the Latin American Medical Tourism Market are Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd., Prince Court Medical Center, Bangkok Hospital Medical Center, Asian Heart Institute KPJ Healthcare Berhad, Raffles Medical Group, and Bumrungrad International Hospital.
The Latin American medical tourism market size is estimated to reach USD 17.26 billion by 2027.
Mexico, Costa Rica, Panama, and Brazil are some of the population countries for medical tourism in Latin America.
During the COVID-19 pandemic, the Latin American medical tourism market has experienced negative impact, with many patients deferring their medical procedures until it is safe to travel again.
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