The global medical tourism market garnered $53.89 billion in 2018, and is expected to reach $143.56 billion by 2026, growing at a CAGR of 13.4% from 2019 to 2026. The report provides a detailed analysis of changing market trends, top winning strategies, key segments, and competitive landscape.
Availability and affordability of quality care, accessibility to information, and assistance & support from government agencies and organizations drive the growth in the market. However, limited coverage and lengthy reimbursements procedures of insurance players and difficulties related to travel, language barriers, documentation, and VISA approval restrain the market growth. Contrarily, overseas promotional offices and wide insurance network under insurance coverage open up new pathways in the industry.
Cosmetic treatment to continue its dominance throughout the forecast period
Cosmetic treatment contributed to more than two-fifths of the total market share in 2017 and is expected to continue its dominance throughout the forecast period. This is due to inclination toward cost-effective procedures that enforces people to travel to the places with inexpensive procedures. However, cancer treatment is expected to grow at the highest CAGR of 15.9% from 2019 to 2026, owing to increase in incidence of cancer across the world and less cost of advanced treatment options in various countries. The research also analyzes dental treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, fertility treatment, and others.
North America to maintain its leadership status throughout the forecast period
North America accounted for nearly one-third of the total market share in 2017 and will maintain its leadership status throughout the forecast period. This is due to availability of advanced specialized treatments for neurological, cancer, and cardiovascular ailments along with recent joint commission international (JCI) accreditations, which is considered as the gold standard in the global health care, given to hospitals. Asia-Pacific would witness the highest growth with a CAGR of 8.8% from 2019 to 2026, owing to significant low cost of treatment, tourism friendly nature of the countries, and less stringent regulations associated with cosmetic procedures. The report also discusses Europe and Latin America, Middle East, and Africa (LAMEA).
The report analyzes and forecasts the medical tourism market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global medical tourism market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the medical tourism market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of medical tourism market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Competitive Landscape is the most valuable part of this report
The report provides an extensive competitive analysis and profiles of the key market players such as Apollo Hospitals Enterprise Limited; Fortis Healthcare Limited; Asian Heart Institute; KPJ Healthcare Berhad; NTT Medical Center Tokyo; Seoul National University Hospital, UZ Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, Barbados Fertility Center, Prince Court Medical Centre, and Samitivej PCL.
The other players in the value chain include Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, and Bangkok Hospital Medical Center.
Key financial developments of a particular company and product & company overview are some of the elements that help in acquiring information about top vendors in the market. This particular section has also included a SWOT analysis of the companies featured in the report. This will help the audience in knowing about opportunities, strengths, threats and weaknesses that are facing by the key vendors in the chemical and material industry across the world. As the competitive landscape is the most valuable part of any report, it consists of all the required information for the detailed study of top players functioning in the industries. It is also an interesting part to find how exactly these key manufacturers implement various strategies to secure the top rank in the industry. Such an in-depth information is useful for the new entrants into the industry as they would be able to learn a bit from these key vendors. Similarly, the information provided in the research report will also be valuable for the renowned key players as well, as they come to know the strategies of their counterparts to sustain in the competitive industry.
By Treatment Type
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: