Medical Tourism market, which was estimated at 19 (USD Billion) in 2019 and is predicted to accrue earnings worth 30 (USD Billion) by 2026, is set to record a CAGR of nearly 8.8% over 2020-2026
The global Medical Tourism market, which was estimated at 19 (USD Billion) in 2019 and is predicted to accrue earnings worth 30 (USD Billion) by 2026, is set to record a CAGR of nearly 8.8% over 2020-2026. The report offers valuation and analysis of Medical Tourism market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).
Introduction
Medical tourism is referred to as individuals travelling abroad for acquiring medical therapy. The medical or healthcare treatment encompasses oncology treatment, elective surgery, neurological disease therapy, orthopedic therapy, and infertility treatment. Furthermore, medical tourists plan to travel to distant countries or locations for saving over thirty percent of costs they would have to incur in the countries they reside in. Reportedly, patients with cardiovascular disorders based in the U.S. travel to Asian or Latin American countries for getting medical treatment, thereby saving nearly 30% to 50% of treatment costs.
Market Growth Drivers
Easy access and affordability of high quality healthcare services in the countries like India coupled with the support from tourist departments & local authorities will propel the expansion of the market over the forthcoming years. Apart from this, easy access to upgraded medical systems at the medical tourist locations across the globe and use of cutting edge technology in healthcare sector along with availability of enhanced healthcare amenities in medical tourist destinations will further promulgate the business growth. In addition to this, long queuing time and huge medical treatment costs has compelled the patients shift towards medical tourism, thereby contributing sizably towards the market size in the recent years. Nonetheless, lengthy procedures related to documentation issues along with language barriers as well as visa approval problems related to medical tourism events can prove detrimental to the growth of the medical tourism industry across the globe over the upcoming timespan.
Asia Pacific Market To Register Opulent Growth By 2026
The growth of the industry in the Asia Pacific zone over the forecast timeline is attributed to easy access to cost-efficient and high quality medical treatment facilities in the countries like India and Thailand. In addition to this, rise in the private medical clinics and availability of robust healthcare infrastructure facility in these countries will steer the regional industry growth during the forecast timeline. Supportive government policies in countries like Malaysia and South Korea along with low costs of medical treatment in these countries will embellish the expansion of medical tourism industry in the sub-continent over the forth coming years.
Key participants leveraging the business growth and included in the study are Medanta, Spire Healthcare, Fortis Healthcare, Bangkok Dusit Medical Services, IHH Healthcare Berhad, Apollo Hospitals Enterprise Limited, Bumrungrad Hospital Public Co. Ltd., Min-Sheng General Hospital, KPJ Healthcare Berhad, Asian Heart Institute, Prince Court General Hospital, Samitivej Sukhumvit, and Raffles Medical Group.
This report segments the global medical tourism market as follows:
Global Medical Tourism Market: Treatment Type Segment Analysis
By Region
The medical tourism industry is one of the rapidly growing industries across the world. People are adopting treatment method to travel abroad and get medical treatment for their health issue. Medical-based migration is mostly due to low-quality healthcare infrastructure and services and high treatment expenditure. Moreover, growing awareness level among people regarding advanced medical facilities are the foremost factors expected to drive medical tourism market growth over the forecast period. Developing countries are increasingly focusing on technological advancement and quality services in the medical and healthcare sector. However, tourists are associated with wide variety of health risks after they return. Medical conditions include deep vein thrombosis, TB, amoebic dysentery, paratyphoid, and many others; caused due to poor post-operative care and inadequate rest. Such factors are restraining the industry growth. Stringent documentation processes, visa approval issues, and inadequate insurance coverage are some of the factors which impede the growth of the medical tourism market.
Increasing investment in healthcare by various government and private sectors is anticipated to further upsurge industry growth. At present, more than 700 hospitals and medical departments across the globe are accredited by Joint Commission International (JCI) in the U.S. The number of accredited facilities is projected to increase by 20% almost every year. Accessibility and affordability for patients to good quality healthcare services with the support from tourism department and local government are expected to enhance the medical tourism market growth. Furthermore, availability of latest medical technologies in medical tourism, across the world is expected to drive the business growth.
Medical tourism decreases the cost of transport for the individual. Medical tourism offer benefits to businesses, government, and residents. The tourism industry is economically benefited as a result of medical tourism which includes more jobs in the tourism sector, additional money in the economy, and healthcare industry. Medical tourism has an impact due to a decline of cyclicality and seasonality diversification of tourism consumer base to attract other high revenue support industries.
Based on treatment type, the medical tourism market is segmented into cancer treatment, orthopedic treatment, fertility treatment, cardiovascular treatment, neurological treatment, and others.
North America held major revenue share of the global medical tourism market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast period. Increased investment and growth in the number of international accredited facilities have improved quality of care and its perception among patient in the region which is expected to drive industry growth in the future years. Asia Pacific is anticipated to grow at the highest CAGR, due to rising geriatric population base, the high prevalence of chronic diseases, and growing access and availability of healthcare facilities in the region.
Some of the key players in the medical tourism market include Fortis Healthcare, Bumrungrad Hospital Public Co. Ltd., Bangkok Dusit Medical Services, Asian Heart Institute, Prince Court General Hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Samitivej Sukhumvit, Spire Healthcare, Medanta, Min-Sheng General Hospital, IHH Healthcare Berhad, Raffles Medical Group, and others. Industry players are majorly focusing on collaboration agreement, mergers & acquisitions in order to provide better treatment facilities to patients.
Easy access and affordability of high quality healthcare services in the countries like India coupled with the support from tourist departments & local authorities will propel the expansion of the market over the forthcoming years. Apart from this, easy access to upgraded medical systems at the medical tourist locations across the globe and use of cutting edge technology in healthcare sector along with availability of enhanced healthcare amenities in medical tourist destinations will further promulgate the business growth. In addition to this, long queuing time and huge medical treatment costs has compelled the patients shift towards medical tourism, thereby contributing sizably towards the market size in the recent years.
According to Zion market research report, the global Medical Tourism market, which was estimated at 19 (USD Billion) in 2019 and is predicted to accrue earnings worth 30 (USD Billion) by 2026, is set to record a CAGR of nearly 8.8% over 2020-2026.
Asia Pacific is likely to make noteworthy contributions towards overall market revenue. The regional market growth over 2020-2026 can be credited to easy access to cost-efficient and high quality medical treatment facilities in the countries like India and Thailand. In addition to this, rise in the private medical clinics and availability of robust healthcare infrastructure facility in these countries will steer the regional industry growth during the forecast timeline. Supportive government policies in countries like Malaysia and South Korea along with low costs of medical treatment in these countries will embellish the expansion of medical tourism industry in the sub-continent over the forth coming years.
The key players profiled in the report include Medanta, Spire Healthcare, Fortis Healthcare, Bangkok Dusit Medical Services, IHH Healthcare Berhad, Apollo Hospitals Enterprise Limited, Bumrungrad Hospital Public Co. Ltd., Min-Sheng General Hospital, KPJ Healthcare Berhad, Asian Heart Institute, Prince Court General Hospital, Samitivej Sukhumvit, and Raffles Medical Group.
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