Switzerland Healthcare & Medical Tourism Market Outlook and Industry Forecast to 2028

The Switzerland Healthcare And Medical Tourism Market size is expected to reach USD 90.3 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2021 to 2028. Klinik Hirslanden, Swiss Medica XXI Century S.A., Biologic Aesthetic Dentalcare, Berit Klinik, Clinique de Genolier, Clinique de Montchoisi are some of the key players in this industry. The high quality of care, the expansion of the service portfolio by care providers, and initiatives to promote medical tourism are expected to boost the market growth during the forecast period.

As medical tourism is a key contributor to market growth, the government is taking efforts to improve the quality of care. The total number of tourists traveling to Switzerland for medical treatment is rapidly increasing. Even though the cost of medical care is high compared to other European countries, Switzerland has always been a popular destination for medical tourism. This can be attributed to the well-established healthcare infrastructure with the presence of trained healthcare professionals, high quality and patient privacy standards, and beautiful locations. The COVID-19 pandemic has negatively impacted the medical tourism industry. Due to travel restrictions and fear of contracting the infected, many patients postponed their plans and/or had to seek treatment in their own countries. Many wellness resorts and hospitals witnessed a decline in overnight stays due to the pandemic.

Partnerships and collaborations to provide care enable service providers to compete with other players to a strong foothold in the market. In August 2020, Berit Klinik announced a collaboration with Appenzell Ausserrhoden Hospital Association to set up a private-public partnership. As part of the partnership, the two hospitals will jointly operate an orthopedic department at Heiden Hospital. The market also witnessed certain investments in establishing new healthcare centers. For instance, in January 2019, Clinique de Montchoisi, in collaboration with Dr. Piet Noé, funded the construction of Rwanda Charity Eye Hospital, a 100-bed hospital in Rwanda. Such measures assist in fulfilling the increasing demand for care services in the market.

Related Press Release@ Switzerland Healthcare & Medical Tourism Market Report

Switzerland Healthcare & Medical Tourism Market Report Highlights

• Switzerland is emerging as a rising star in medical tourism. It is among the leading European countries in terms of the number of international visitors. The healthcare providers are focusing on providing a wholesome medical tourism experience combining medical treatment with luxurious natural retreats, mountain resorts, and spa traditions
• By end-use, public care led the market in 2020. Private care is expected to grow at the fastest rate during the forecast period. When compared to public hospitals, private hospitals in Switzerland offer inpatient hospital treatments at a much lower tariff, thus increasing the inclination toward private hospitals amid the cost of medical care in the country
• Based on service, the aesthetic medicine segment is expected to exhibit the fastest growth rate during the forecast period due to the availability of products and increasing awareness regarding cosmetic treatments
• The industry is witnessing product launches and initiatives for business expansion. For instance, in September 2018, SIS Medical launched three balloon catheters viz. NIC Nano hydro, NIC 1.1 hydro, and EasyT, which are used to dilate closed and narrow vessels during interventional cardiology. The efforts for product innovation will help meet the demand for cardiovascular treatment and improve the quality of care
• After the detection of the first COVID-19 positive case in February 2020, the government in Switzerland declared a “special situation” as per the Epidemics Act. In the first quarter of 2020, the COVID-19 pandemic brought international travel to an abrupt halt and significantly impacted Switzerland’s medical tourism industry. However, the gradual easing of COVID-19 restrictions and opening of clinics and hospitals for international patients are factors expected to impel market growth in the coming years