According to Vision Research Reports, the global medical tourism market for the historical period 2018–2019 and forecast period 2020–2027, Low cost medical treatment, Availability of latest medical technologies & wider treatment options are projected to drive the global medical tourism market.
The report provides revenue of the global medical tourism market for the period 2016–2027, considering 2019 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical tourism market during the forecast period.
The global medical tourism market size is expected to reach US$ 154.4 Bn by 2027.
According to the report, the global medical tourism market was valued at US$ 62.5 Bn in 2019 and is projected to expand at a CAGR of 10.7% from 2020 to 2027.
Medical tourism refers to people traveling abroad to obtain medical treatment. In the past, this usually referred to those who traveled from less-developed countries to major medical centers in highly developed countries for treatment unavailable at home.
- Medical tourism refers to people traveling abroad to obtain medical treatment. In the past, this usually referred to those who traveled from less-developed countries to major medical centers in highly developed countries for treatment unavailable at home.
- Increasing Joint Commission International (JCI) accredited hospitals across the global drive the medical tourism market. Asia top medical tourism countries including China, India, Japan, South Korea, Singapore, Thailand, Malaysia, Philippines have more than 300 hundred Joint Commission International (JCI) accredited hospitals in 2016.
- Asia Pacific dominate the global medical tourism market in 2019 and the trend is anticipated to continue during the forecast period. Low medical cost, acceptance of advanced treatment and increasing health care infrastructure are anticipated to boost the growth of the medical tourism market in Asia Pacific. However, the regions is expected to gain more market share from developed markets such as Europe and North America during the forecast period from 2019 to 2027.
- Growth of the market in Europe is driven by high demand for medical treatment across the global and increasing health care expenditure in markets such as France, Italy and Germany. Moreover, increasing medical tourism market in Germany Italy Poland and UK in this region are expected to fuel the growth of the market in Europe.
Low cost medical treatment and Advertising and marketing to Drive Global Medical Tourism Market
- Rise in health care costs in most of the developed countries is putting significant pressure on both health care providers and individuals. Health care access in several countries is regulated by government health care system and mired with delays and long waiting lists. This forces people to travel abroad to access the necessary medical treatment needs.
- Availability of more affordable treatment option in the developing countries such as India, Thailand, Malaysia, Turkey, and Singapore is also driving the medical tourism market
- The cost of surgery in Thailand, South Africa, or India is just one tenth the cost in the U.S and Western Europe. Knee replacement surgery in Thailand along with six days of physical therapy costs around one fifth that in the U.S.
- In this generation of social media, most of the patient population uses Internet as an alternative for finding information about medical care abroad. Hence, hospitals in the destination countries are focusing on inbound marketing to attract patients and spread awareness about the various facilities available.
- Social media marketing and blogging are few strategies adopted by hospitals to attract traffic to their websites. Government bodies in several countries are also providing grants, training, and medical tourism courses to spread awareness among providers and patients.
Orthopedic Surgery to Dominate Medical Tourism Market
- In terms of medical treatment, the global medical tourism market has been segmented into cosmetology, dentistry, cardiology, orthopedic surgery, neurology, oncology and others.
- Orthopedic surgery dominated the global medical tourism market in 2018 and the trend is projected to continue during the forecast period. Increasing sports injuries drive the segment globally. Major sports including Football (Soccer), Cricket, Rugby, Basketball, Baseball & Softball, Bicycling. Around 500,000 Americans leave the country each year for some sort of elective medical procedure, including orthopedic procedures.
- However, cardiology segment is expected to grow with the highest CAGR in the forecast period. Increasing demand for cardiovascular surgery drive this segment. US, India, Singapore and Israel dominate in the market across the global.
Asia Pacific to Dominate Global Medical Tourism Market
- In terms of region, the global medical tourism market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global medical tourism market in 2018, followed by Europe.
- Asia Pacific accounted for major share of the global medical tourism market in 2018. The growth of the region is attributed to rising demand for medical treatments among medical tourists at low cost and high quality. According to an article published in CBI, Ministry of Foreign Affairs, European patients are increasingly travelling abroad for medical treatments as the price of European healthcare continues to rise and waiting lists are getting longer. About 14 million patients use medical services outside of their country of residence each year, according to Patients Beyond Borders.
- Increasing medical cost in developed countries such US and UK drive the medical tourism market in Latin America and Middle east & Africa region. Mexico, Costa Rica, Jordan, Turkey, Israel are dominate in this region for medical tourism market.
- This report profiles major players in the global medical tourism market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global medical tourism market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global medical tourism market are
- Asklepios Kliniken GmbH
- Fortis Healthcare Limited
- Apollo Hospitals Enterprise Limited
- Bangkok Chain Hospital Public Company Limited
- Bumrungrad International Hospital
- Saudi German Hospital (SGH) Group
- Dr. Soliman Fakeeh Hospital
- Bahrain Specialist Hospital
- Hamad Medical Corporation
- Al Zahra Hospital
- Al Rahba Hospital
- Zulekha Hospital
- Samitivej PCL
- Phyathai Hospitals Group
- The Ac?badem Hospitals Group
- Razavi Hospital
- Jordan Hospital
The report on the global medical tourism market discussed individual strategies, followed by company and hospitals offering medical tourism. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical tourism market.
The global medical tourism market has been segmented as follows:
- Global Medical Tourism Market, by Medical Treatment
- Orthopedic surgery
- Global Medical Tourism Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global medical tourism market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global medical tourism market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global medical tourism market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global medical tourism market.
The report delves into the competitive landscape of the global medical tourism market. Key players operating in the global medical tourism market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global medical tourism market that have been profiled in this report.
Key Questions Answered in Global Medical Tourism Market Report
- What is the scope of growth for companies/hospitals in the global medical tourism market?
- What will be the Y-o-Y growth of the global medical tourism market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global medical tourism market?
- Will Asia Pacific continue to be the most profitable market for medical tourism providers?
- Which factors are anticipated to hamper the growth of the global medical tourism market during the forecast period?
- Which are the leading companies in the global medical tourism market?
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global medical tourism market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global medical tourism market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the medical tourism market as primary methods.
These primary research respondents have provided exclusive information during interviews, which serves as a validation from the medical tourism market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global medical tourism market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global medical tourism market more reliably and accurately.