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Medical Tourism Market

RA00075

Medical Tourism Market by Service type (Fertility Treatment, Cancer Treatment, Neurological Treatment, Orthopedic Treatment, Cardiovascular Treatment, Cosmetic Treatment, Dental Treatment and Others), Regional Outlook (North America, Europe, Asia-Pacific, LAMEA), Global Opportunity Analysis and Industry Forecast, 2019–2026

RA00075

Pages: 140

Feb 2020

Global Medical Tourism Market Insights 2026:

The Medical tourism market size was $58.62 billion in 2018 and is projected to $149.34 billion by 2026, at a CAGR of 12.4% during forecast year. Asia pacific region accounted for the highest market share of 37% in 2018 and is predicted to grow at a CAGR of 12.2% in the forecast period. North America medical tourism market was $15.82 billion in 2018, and will surpass $41.07 billion by 2026, at a CAGR of 12.7%.

Medical tourism can be termed as the medical care that is received by travelling outside the country. In other words, medical tourism is when a patient from a particular nation travels to another nation that has good medical facilities for treatment, simply because the treatment isn’t available in his or her own nation or is expensive in nature. The main advantage of medical tourism is that the patient receives the treatment and the sense of travelling together. Most commonly patients travel across nations to avail dental care, cosmetic surgery, fertility treatment and other serious diseases like cancer and heart related issues.

Medical Tourism Market Drivers:

Cost and availability of quality care is considered to be a major driving factor for the market.

Medical tourism is expected to be a multi-billion-dollar market and is predicted to grow considerably in the next decade. Many countries across the globe can foresee the financial benefits from this emerging market, and hence are engaging in effort to offer premium medical services at a substandard price, as these prices are directly related to their economic growth. For instance, the expense for heart surgery in the U.S is $30,000 whereas the same surgery comes down to $6,000 to $ 7,000 in India. The emergence of several hospitals in developing nations has largely contributed to provide treatments at a lower cost which makes the patient travel across to get their treatment done at a reasonable price. Advanced medicine techniques and affordable, highly qualified doctors attract patients from all over the world.

Market Restraints:

Lengthy reimbursement of insurance and difficulties associated with the accessories and visa are considered to be the biggest restraints for the market.

Private hospitals charge exorbitant fees for treatments and surgeries. Patients who haven’t covered their insurance face problems eventually. Patients who have insured themselves face problems related to their insurance policies and their reimbursement as many insurance companies refuse to cover the patient’s insurance for foreign treatments. But in some cases they only cover the treatment expenses if they are cheaper in other countries and do not cover the airfare and other expenses. Hence, patients prefer to stay in the respective country and get themselves treated which affects the medical tourism industry. In addition, patients also face difficulties associated with language barrier, documentation and visa approval; these are the biggest restraints for the medical tourism market.

Market opportunities:

Rising Healthcare Facility Across the Globe

Increasing hospital coverage in the developed and developing nations will provide significant opportunities for the growth of global medical tourism market.

Medical Tourism Market by Service Type:    

Medical tourism market for cancer type is predicted to have the highest growth rate during the forecast period.

Medical Tourism Market by Service type
 

Source: Research Dive Analysis

Medical tourism market share for the cosmetic segment was $12,603.8 million in 2018 and is predicted to grow at a CAGR of 11.9% in the forecast period. In the current world, people are inclined to change their physical appearance to maintain their self-esteem and confidence. There are many types of cosmetic treatments through which a normal person can improve their outward appearance. Many people are opting surgery treatment to build their self-confidence and esteem by changing their appearance cosmetically. This trend is going to create a boom in the cosmetic medical tourism market. Cancer treatment is predicted to have the fastest growth rate in the forecast period. The medical tourism market share for cancer treatment was $2,638.0 million in 2018 and is predicted to grow at a CAGR of 14.2% during the forecast period. Cancer treatment is anticipated to grow due to the rise in the cancer cases. Many patients are opting for their cancer treatment overseas for better treatment. As cancer takes a long time to get cured patients are selecting countries that provide better medical facilities and cost less. Medical Tourism Market Forecast is such that the cancer segment is going to experience a boost during the forecast period.

Regional Growth of Medical Tourism Market:

Asia-Pacific Medical Tourism Market Insights 2026:

Asia-Pacific will have enormous opportunities for the market investors to grow over the coming years.

Regional Growth of Medical Tourism Market
 

Source: Research Dive Analysis

Asia pacific accounted for the highest market share of 37% in 2018. Asia-Pacific region was $21,690.2 million in 2018 and is predicted to grow at a CAGR of 12.2% in the forecast period. Affordable and advanced level of treatment and machinery and lesser government policies towards tourism are the major driving factors for this market in the Asia-Pacific region

Key Players in Medical Tourism Industry:

Key Players in Medical Tourism Industry

Source: Research Dive Analysis

The major key players in the medical tourism market are Bumrungrad International Hospital, Fortis Healthcare, Apollo Hospitals Enterprise Ltd., KPJ Healthcare Berhad, Asklepios Kliniken GmbH, NTT Medical Centre, Asian Heart Institute, UZ Leuven, Aditya Birla Memorial hospital, and Prince Court Medical Centre among others.
 

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Service Type

  • Fertility Treatment
  • Cancer Treatment
  • Neurological Treatment
  • Orthopedic Treatment
  • Cardiovascular Treatment
  • Cosmetic Treatment
  • Dental Treatment
  • Others

  Key Countries Covered

U.S., Canada, Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Middle west, Africa

  Key Companies Profiled

  • Bumrungrad International Hospital
  • Fortis Healthcare
  • Apollo Hospitals Enterprise Ltd.
  • KPJ Healthcare Berhad
  • Asklepios Kliniken GmbH
  • NTT Medical Centre
  • Asian Heart Institute
  • UZ Leuven
  • Aditya Birla Memorial hospital
  • Prince Court Medical Centre

Source: Research Dive Analysis

 


FREQUENTLY ASKED QUESTIONS?
 

A. The global medical tourism market size was over $58,622.2 million in 2018, and is further anticipated to reach $1,49,345.6 million by 2026.

A. Apollo Hospitals and KPJ Healthcare are some of the key players in the global Medical tourism market.

A. Asia Pacific possess great investment opportunities for the investors to witness the most promising growth in the coming years.

A. Asia-Pacific medical tourism market is projected to grow at 12.2% CAGR during the forecast period.

A. Business Expansion is the key strategies opted by the operating companies in this market.

A. Apollo Hospitals and KPJ Healthcare are the companies investing more on R&D activities for developing new products and technologies.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. Service type trends

3. Market Overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Strategic overview

4. Mineral Wool Market, by Service Type

4.1. Fertility Treatment

4.1.1. Market size and forecast, by region, 2017-2028
4.1.2. Comparative market share analysis, 2018 & 2028

4.2. Cancer Treatment

4.2.1. Market size and forecast, by region, 2017-2028
4.2.2. Comparative market share analysis, 2018 & 2028

4.3. Neurological Treatment

4.3.1. Market size and forecast, by region, 2017-2028
4.3.2. Comparative market share analysis, 2018 & 2028

4.4. Orthopedic Treatment

4.4.1. Market size and forecast, by region, 2017-2028
4.4.2. Comparative market share analysis, 2018 & 2028

4.5. Cardiovascular Treatment

4.5.1. Market size and forecast, by region, 2017-2028
4.5.2. Comparative market share analysis, 2018 & 2028

4.6. Cosmetic Treatment

4.6.1. Market size and forecast, by region, 2017-2028
4.6.2. Comparative market share analysis, 2018 & 2028

4.7. Dental Treatment

4.7.1. Market size and forecast, by region, 2017-2028
4.7.2. Comparative market share analysis, 2018 & 2028

4.8. Others

4.8.1. Market size and forecast, by region, 2017-2028
4.8.2. Comparative market share analysis, 2018 & 2028

5. Mineral Wool Market, by Region

5.1. North Region

5.1.1. Market size and forecast, by service type, 2017-2028
5.1.2. Market size and forecast, by country, 2017-2028
5.1.3. Comparative market share analysis, 2018 & 2028
5.1.4. U.S

5.1.4.1. Market size and forecast, by service type, 2017-2028
5.1.4.2. Comparative market share analysis, 2018 & 2028

5.1.5. Canada

5.1.5.1. Market size and forecast, by service type, 2017-2028
5.1.5.2. Comparative market share analysis, 2018 & 2028

5.2. Europe

5.2.1. Market size and forecast, by service type, 2017-2028
5.2.2. Market size and forecast, by country, 2017-2028
5.2.3. Comparative market share analysis, 2018 & 2028
5.2.4. Germany

5.2.4.1. Market size and forecast, by service type, 2017-2028
5.2.4.2. Comparative market share analysis, 2018 & 2028

5.2.5. France

5.2.5.1. Market size and forecast, by service type, 2017-2028
5.2.5.2. Comparative market share analysis, 2018 & 2028

5.2.6. Rest of Europe

5.2.6.1. Market size and forecast, by service type, 2017-2028
5.2.6.2. Comparative market share analysis, 2018 & 2028

5.3. Asia-Pacific

5.3.1. Market size and forecast, by service type, 2017-2028
5.3.2. Market size and forecast, by country, 2017-2028
5.3.3. Comparative market share analysis, 2018 & 2028
5.3.4. China

5.3.4.1. Market size and forecast, by service type, 2017-2028 
5.3.4.2. Comparative market share analysis, 2018 & 2028

5.3.5. India

5.3.5.1. Market size and forecast, by service type, 2017-2028 
5.3.5.2. Comparative market share analysis, 2018 & 2028

5.3.6. Japan

5.3.6.1. Market size and forecast, by service type, 2017-2028 
5.3.6.2. Comparative market share analysis, 2018 & 2028

5.3.7. South Korea

5.3.7.1. Market size and forecast, by service type, 2017-2028 
5.3.7.2. Comparative market share analysis, 2018 & 2028

5.3.8. Australia

5.3.8.1. Market size and forecast, by service type, 2017-2028 
5.3.8.2. Comparative market share analysis, 2018 & 2028

5.3.9. Rest of Asia-Pacific

5.3.9.1. Market size and forecast, by service type, 2017-2028 
5.3.9.2. Comparative market share analysis, 2018 & 2028

5.4. LAMEA

5.4.1. Market size and forecast, by service type, 2017-2028 
5.4.2. Market size and forecast, by country, 2017-2028
5.4.3. Comparative market share analysis, 2018 & 2028
5.4.4. Middle west

5.4.4.1. Market size and forecast, by service type, 2017-2028 
5.4.4.2. Comparative market share analysis, 2018 & 2028

5.4.5. Africa

5.4.5.1. Market size and forecast, by service type, 2017-2028 
5.4.5.2. Comparative market share analysis, 2018 & 2028

6. Company Profiles

6.1. Bumrungrad International Hospital

6.1.1. Business overview
6.1.2. Financial performance
6.1.3. Product portfolio
6.1.4. Recent strategic moves & developments
6.1.5. SWOT analysis

6.2. Fortis Healthcare

6.2.1. Business overview
6.2.2. Financial performance
6.2.3. Product portfolio
6.2.4. Recent strategic moves & developments
6.2.5. SWOT analysis

6.3. Apollo Hospitals Enterprise Ltd

6.3.1. Business overview
6.3.2. Financial performance
6.3.3. Product portfolio
6.3.4. Recent strategic moves & developments
6.3.5. SWOT analysis

6.4. KPJ Healthcare Berhad

6.4.1. Business overview
6.4.2. Financial performance
6.4.3. Product portfolio
6.4.4. Recent strategic moves & developments
6.4.5. SWOT analysis

6.5. Asklepios Kliniken GmbH

6.5.1. Business overview
6.5.2. Financial performance
6.5.3. Product portfolio
6.5.4. Recent strategic moves & developments
6.5.5. SWOT analysis

6.6. NTT Medical Centre

6.6.1. Business overview
6.6.2. Financial performance
6.6.3. Product portfolio
6.6.4. Recent strategic moves & developments
6.6.5. SWOT analysis

6.7. Asian Heart Institute

6.7.1. Business overview
6.7.2. Financial performance
6.7.3. Product portfolio
6.7.4. Recent strategic moves & developments
6.7.5. SWOT analysis

6.8. UZ Leuven

6.8.1. Business overview
6.8.2. Financial performance
6.8.3. Product portfolio
6.8.4. Recent strategic moves & developments
6.8.5. SWOT analysis

6.9. Aditya Birla Memorial hospital

6.9.1. Business overview
6.9.2. Financial performance
6.9.3. Product portfolio
6.9.4. Recent strategic moves & developments
6.9.5. SWOT analysis

6.10. Prince Court Medical Centre

6.10.1. Business overview
6.10.2. Financial performance
6.10.3. Product portfolio
6.10.4. Recent strategic moves & developments
6.10.5. SWOT analysis

Traveling to overseas for affordable and state-of-the-art medical care and treatment is basically termed as medical tourism. Years back, people from developing countries used to travel to highly developed countries seeking advanced and safer treatment, which was barely available in their own countries. Today, people from developed countries travel to developing countries for cost-effective medical treatments, which has slightly changed the traditional concept of medical tourism.  

Thousands of years back, Greek pilgrims traveled from the eastern Mediterranean to a small region in the Saronic Gulf called Epidauria for medical treatment. This territory was the sanctuary of the healing god Asklepios. This was the first recorded instance of people travelling off the shore for medical tourism.

Sanitaria and spa towns were the earliest forms of medical tourism. The spa towns in 18th-century Europe were places with good provisions of mineral waters, treating diseases such as liver disorders, and bronchitis. 

Reports found that almost six million people travel across international borders for less expensive care and on-time treatment. The Economic Times reports that the Indian medical tourism business is growing 30% annually, with 3.2 million visitors projected to spend $2 billion U.S. in 2015. There are various growth drivers that impact the market. 

Growth Drivers of Medical Tourism

Affordable Cost

Lower rate of cost is the most basic cause behind taking an off-shore treatment. The rising costs of healthcare and lack of state-of-the-art medical technologies in the western countries as well as the Middle East, has compelled its modern population to search for different options.

Asia-Pacific region, especially India is prospering in the global medical tourism industry, the significant stimulator being the effortlessness in getting an e-Visa for such medical services. 

Insurance Incentives

There are many insurance companies that offer financial inducements for overseas surgery, discounting or reducing the percentage of the cost of the patient during the trip. Such insurance companies have made it easier for the patients to take an advanced treatment.

Luxury and Private Nursing

Luxury and private nursing offered by some foreign hospitals are proved to be the major attractions for some patients. Such patients love the spa-like luxury that some destination hospitals offer, as an additional advantage of a budget surgery. There are also a few facilities offering hospital rooms that are more like a hotel suite. Some of such exotic hospitals offer facilities such as one on one private nursing care, which is undoubtedly, far more lavish and observant than the staffing ratios that most hospitals in general allow.

Holiday in a Distant Country

It sounds so amazing!  Flying to an exotic destination with the help of an insurance company and experiencing a retreat in a foreign country along with the low-cost surgery. 
The insurance company schedules the retreat immediately before or after the surgery, so that the patient can enjoy the stay in a foreign country and travel. 

Types of Treatment

Cosmetic surgery, organ transplantation, cardiac surgery, dentistry, and orthopedic surgery are the most common types of treatment that patients opt for during the medical tourism trips.

Market Restraints

Lengthy reimbursement of insurance and difficulties associated with the accessories and visa is considered to be the biggest restrains for the market. Differences in the standards of healthcare providers around the world have been recognized by the World Health Organization which led to the launch of the World Alliance for Patient Safety, in 2004. This body assists hospitals and government around the world in setting patient safety policy and practices that can become particularly relevant when providing medical tourism services. 

Asia-Pacific is Going to Provide Umpteen Opportunities for the Investors

The affordable price, advanced level of treatment and machinery, and lesser government policies towards the medical tourism is considered to be major driving factor for the flourishing opportunities in the Asia-Pacific region. In 2004, 1.2 million patients traveled to India for healthcare and 1.1 million medical tourists traveled to Thailand. A recent report by Research  Dive states that Asia pacific accounted for the highest market share of 37% in 2018 and is predicted to grow at a CAGR of 12.2% in the forecast period. 

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