Turkey Medical Tourism Market Size Expands to Touch USD 5 Billion by 2029
Turkey medical tourism market is flourishing because of the availability of affordable medical and medical cities in the country, and adoption of technology advancements in Turkey’s healthcare system.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Turkey medical tourism market size at USD 3,240 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Turkey medical tourism market size to grow at a significant CAGR of 6.16% reaching a value of USD 4,898.11 million by 2029. Major growth factors of Turkey medical tourism market include an increase in the number of medical cities in Turkey, growing technological advancements in the healthcare system, rising rates of affordable medical services in the country, an increase in the number of US-accredited hospitals, and regional government support (incentives) for medical facilities. Medical tourism refers to the movement of people from one region to another in quest of medical care. Medical tourism is required because some healthcare systems and nations are more developed, accessible, or convenient for those seeking treatment. The population's major purpose is to meet any medical, therapeutic, or surgical needs that are not readily available in the patient's hometown. The country ranks 23 in the world for the quality of its facilities and services, which has a considerable impact on medical tourism. It also plays an important role in enticing people from all over the world to seek medical care in Turkey, which is predicted to raise demand for the Turkish medical tourism industry during the forecast period. However, long-distance travel is anticipated to restrain the market growth.
Turkey Medical Tourism Market – Overview
Medical tourism is defined as an organized journey beyond international borders to obtain medical treatment of any kind that may or may not be available in the traveler's home country. Medical tourists go across international borders to improve, maintain, or restore their health through affordable healthcare equipment and treatments accessible in other nations that are comparatively expensive in their home country. Medical tourism is a revolutionary notion that is gaining popularity on the internet as a healthcare option for people all over the world. From a marketing standpoint, the internet provides a vibrant medium for healthcare service providers and operators to raise awareness about various medical travel possibilities. The Internet can also have a significant impact on a patient's decision to pursue medical tourism. It is typical for patients to consult several internet information sources before selecting. Consumers commonly participate in web-based healthcare communities to obtain authentic and up-to-date information on overseas healthcare facilities and infrastructure. Medical tourists go to receive medical treatments such as neurological care, dental care, and cardiovascular care.
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Impact of COVID -19 on Turkey Medical Tourism Market
COVID-19 had a detrimental impact on Turkey's medical tourism market. The imposition of a lockdown and movement restrictions decreased the number of medical tourists that visited Turkey. Medical travel consultants, start-ups, and small agencies have limited resources and cash flow, and thus are vulnerable to changes induced by the epidemic. Several medical travel events, particularly those scheduled for the first six months of 2020, have been canceled or postponed, slowing market growth even further. However, Turkey is predicted to become a recognized global brand for medical tourism. The usage of technologically advanced medical devices, contemporary healthcare infrastructure, ongoing research and development efforts in the country, and the rising pharmaceutical industry are prompting the government to make significant investments in the expansion of healthcare services.
Turkey Medical Tourism Market – By Treatment
By treatment, Turkey medical tourism market is divided into Cosmetic Treatment, Hair Transplantation Treatment, and Dental Treatment. The cosmetic treatment is expected to hold the highest market share. Cosmetic surgery Patients seeking cosmetic surgery abroad to bypass waiting lists, access and expense limits, or legal obligations in their home country are referred to as cosmetic surgery tourists. Breast augmentation, liposuction, facelifts, stomach tucks, eyelid surgery, and nose reshaping are all popular cosmetic treatment tourism operations. The industry is likely to be driven by rising patient spending on aesthetic operations and desire to travel for a cosmetic procedure.
Major players operating in Turkey medical tourism market include Emsey Hospital, Dis 212 dental group, Medistanbul Hospital, Vatan Hospital, Kolan International hospital, Medicana Sivas Hospital, Avrupagoz Group, Memorial Sisli Hospital, Hisar Hospital Intercontinental, American Hospital, Cedrus Health Ltd, and Anadolu Medical center. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Turkey Medical Tourism Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Turkey Medical Tourism Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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