Saudi Arabia Medical Tourism Market to Grow at a CAGR of 4.6% during 2022 – 2028
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Growth in Saudi Arabia Medical Tourism market can be attributed to the rising demand for efficient and exclusive healthcare services and significant investments by the government in the healthcare sector…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting?revealed that the Saudi Arabia Medical Tourism Market is expected to grow at a CAGR of 4.6% during the forecast period 2022-2028. Market growth is anticipated owing to a well-established and robust healthcare ecosystem and quintessential spiritual identity of Saudi Arabia, driving the market growth of the regional medical tourism market. The Saudi Arabia medical tourism market has all the basic characteristics of successful medical tourism industry: modern, well-furnished hospitals, a well-equipped private health care sector, doctors and specialists trained in renowned foreign institutions, and a peaceful and stable political environment. It is also the abode of the pre-eminent holy places of Islam, thus bearing a huge importance as a religious center.
Government Initiatives for Promoting the Healthcare Sector Driving the Saudi Arabia Medical Tourism Market
The Government of the Kingdom of Saudi Arabia is making evident efforts to revamp the medical healthcare sector of the country. Various initiatives are being taken to religious medical tourism with medical tourism. For instance- The Saudi Commission for Tourism and National Heritage has ratified a proposal that mingles religious and medical tourism to popularize Saudi health services to the world’s 1.6 billion Muslims who may seek spiritual solace, especially when facing a health crisis. With proper arrangements, patients could be offered a medical treatment package along with religious tourism, like visits to holy places for prayers or umrah.
Tedious Documentation Processes and Ineffective Cooperation Between Medical Tour Operators and Medical Units Hampering Medical Tourism Market
It is difficult to obtain a medical visa for Saudi Arabia due to multiple reasons causing a delay in the treatment, thus defeating the whole purpose of the travel. On the other hand, meager and improper coordination between medical tour operators and medical units also creates lots of obstacles for the regional medical tourism sectors by complicating the tasks. Moreover, the regional medical tourism industry has not utilized the full potential of different marketing avenues available like the internet, print, social, and e-media, and it seems left behind its regional neighbors in the area of marketing.
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Inbound Travels Lead the Market Share in The Regional Medical Tourism Market Owing to Lavish and Inexpensive Healthcare Facilities
In terms of the types of medical tourism, inbound medical tourism accounted for a larger market share in 2021 and is anticipated to witness a higher growth rate during the forecast period. Outbound medical travel, on the other hand, is predicted to expand significantly during the forecast period 2022-2028, owing to advances in medical technology and the development of more economical medical procedures in other countries. Though the healthcare facility in the country is impressive, certain medical procedures require expensive medical devices and drugs, thereby making it unaffordable for certain patients. While government-aided outbound travel for medical purposes profits through it and aids the growth of the Saudi Arabia medical tourism market.
Higher Prevalence of Lifestyle Disease, Growing Rate of Accidents Coupled with Privacy and Confidentiality-Related Issues Driving Market Growth
Amidst the multiple segmentations under the disease treatment type, orthopedic treatment, cardiovascular treatment, gynecological treatment, cosmetic treatment, and pediatric treatment are expected to witness a significant growth rate during the forecast period. Cardiovascular treatment deals with the issues related to the heart and the circulatory system, mainly arising due to poor lifestyle choices. Gynecological treatment is the set of medical procedures for couples having problems in pregnancy and patients struggling with different kinds of urinary or renal conditions. The growing population and the escalating effectiveness of the medical procedures that are implemented before and after childbirth are driving the market growth of gynecologic and pediatric segments.
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Impact Of COVID-19 The Saudi Arabia Medical Tourism Market
The sudden outbreak of the COVID-19 has cast havoc on the regional medical tourism market. All the progress that the Government made the intensive promotional strategies came to a halt. During the pandemic, most of the international flights were canceled. With the gradual lifting off of the travel restrictions, there have been a slow recovery in-flight demands. After experiencing diminishing growth during the COVID-19 breakdown and consequent lockdowns and border closures, the regional medical tourism industry is expected to cope and recover by the first or second quarter of 2022.
Competitive Landscape
The Saudi Arabia Medical Tourism Market is a semi-fragmented market with numerous players serving the market. The key players dominating the Saudi Arabia Medical Tourism Market are the Arabian Gulf Medical Tourism Agency, King Abdullah Specialist Children's Hospital, Dr. Soliman Fakeeh Hospital, Al Rayan Hospital, Saudi Centre for Organ Transplantation,?Abeer Medical Group, Inaaya Medical Tourism, and other prominent players. The market players maintain their dominance in the market, investing in research and development activities to provide improved services to the customers launching better services. The key competitive strategies adopted by the players are collaborations, partnerships, mergers, and acquisitions.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Saudi Arabia Medical Tourism Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Medical Tourism Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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