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Medical Tourism Market - Global Industry Analysis

Medical Tourism Market - by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 - 2027

Published Date: 14-Sep-2021 Category: Healthcare Report Format : PDF Pages: 110 Report Code: ZMR-2586 Status : Published

Global Medical Tourism Market size accounted for $102.60 billion in 2019, and is projected to reach $272.70 billion by 2027, registering a CAGR of 12.7% from 2020 to 2027.

Description

The global Medical Tourism market, which was estimated at $102.60 billion in 2019 and is predicted to accrue earnings worth $272.70 billion by 2027, is set to record a CAGR of nearly 12.7% over 2020-2027. 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 2027 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

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

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Introduction
    • 1.1. Report description and scope
    • 1.2. Research scope 
    • 1.3. Research methodology
      • 1.3.1. Market research process
      • 1.3.2. Market research methodology
  •  
  • Chapter 2. Executive Summary
    • 2.1. Global medical tourism market, 2015 – 2024 (USD Billion)
    • 2.2. Global medical tourism market: snapshot
  •  
  • Chapter 3. Medical Tourism Market– Market Dynamics 
    • 3.1. Introduction 
    • 3.2. Market Drivers
      • 3.2.1. Global medical tourism market drivers: impact analysis 
      • 3.2.2. High treatment costs and lengthy waiting times for medical procedures  
      • 3.2.3. Rising prevalence of chronic diseases
    • 3.3. Market Restraints
      • 3.3.1. Global medical tourism market restraints: impact analysis     
      • 3.3.2. Health risks for medical tourists
    • 3.4. Opportunities 
    • 3.5. Porter’s five forces analysis 
      • 3.5.1. Bargaining power of suppliers 
      • 3.5.2. Bargaining power of buyers
      • 3.5.3. The threat from new entrants
      • 3.5.4. The threat from new substitutes
      • 3.5.5. Degree of competition                 
    • 3.6. Market Attractiveness Analysis
      • 3.6.1. Market attractiveness analysis, by treatment type segment 
      • 3.6.2. Market attractiveness analysis, by regional segment
  •  
  • Chapter 4. Global Medical Tourism Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global medical tourism market: company market share, 2017
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New treatment type launch
      • 4.2.3. Agreements, partnerships, collaborations and joint ventures
      • 4.2.4. Research and development and regional expansion
    • 4.3. Price trend analysis
  •  
  • Chapter 5. Global Medical Tourism Market– Treatment Type Segment Analysis
    • 5.1. Global medical tourism market: treatment type overview 
      • 5.1.1. Global medical tourism market revenue share, by treatment type, 2017 and 2023
    • 5.2.  Cancer Treatment
      • 5.2.1. Global medical tourism market for  cancer treatment market, 2015 – 2024 (USD Billion) 
    • 5.3. Orthopedic Treatment
      • 5.3.1. Global medical tourism market for orthopedic treatment market, 2015 – 2024 (USD Billion) 
    • 5.4. Fertility Treatment
      • 5.4.1. Global medical tourism market for fertility treatment market, 2015 – 2024 (USD Billion)
    • 5.5. Cardiovascular Treatment
      • 5.5.1. Global medical tourism market for cardiovascular treatment market, 2015 – 2024 (USD Billion) 
    • 5.6. Neurological Treatment
      • 5.6.1. Global medical tourism market for neurological treatment market, 2015 – 2024 (USD Billion)
    • 5.7. Others
      • 5.7.1. Global medical tourism market for others market, 2015 – 2024 (USD Billion)
  •  
  • Chapter 6. Global Medical Tourism Market– Regional Segment Analysis 
    • 6.1. Global medical tourism market: regional overview 
      • 6.1.1. Global medical tourism market revenue share, by region, 2017 and 2023
    • 6.2. North America 
      • 6.2.1. North America medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
      • 6.2.2. U.S.
        • 6.2.2.1. U.S. medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
      • 6.2.3. Canada
        • 6.2.3.1. Canada medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
    • 6.3. Europe 
      • 6.3.1. Europe medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
      • 6.3.2. U.K.
        • 6.3.2.1. U.K. medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
      • 6.3.3. Germany
        • 6.3.3.1. Germany medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
      • 6.3.4. France
        • 6.3.4.1. France medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
      • 6.3.5. Rest of Europe
        • 6.3.5.1. Rest of Europe medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
    • 6.4. Asia Pacific 
      • 6.4.1. Asia Pacific medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
      • 6.4.2. China
        • 6.4.2.1. China medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
      • 6.4.3. Japan
        • 6.4.3.1. Japan medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
      • 6.4.4. India
        • 6.4.4.1. India medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)  
      • 6.4.5. Rest of Asia Pacific  
        • 6.4.5.1. Rest of Asia Pacific medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
    • 6.5. Latin America 
      • 6.5.1. Latin America medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
      • 6.5.2. Brazil  
        • 6.5.2.1. Brazil medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)  
      • 6.5.3. Rest of Latin America
        • 6.5.3.1. Rest of Latin America medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)  
    • 6.6. Middle East and Africa
      • 6.6.1. Middle East and Africa medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
  •  
  • Chapter 7. Company Profile  
    • 7.1. Fortis Healthcare 
      • 7.1.1. Overview  
      • 7.1.2. Financials  
      • 7.1.3. Therapy portfolio 
      • 7.1.4. Business strategy 
      • 7.1.5. Recent developments 
    • 7.2. Bumrungrad Hospital Public Co. Ltd 
      • 7.2.1. Overview  
      • 7.2.2. Financials  
      • 7.2.3. Therapy portfolio 
      • 7.2.4. Business strategy 
      • 7.2.5. Recent developments 
    • 7.3. Bangkok Dusit Medical Services 
      • 7.3.1. Overview  
      • 7.3.2. Financials  
      • 7.3.3. Therapy portfolio 
      • 7.3.4. Business strategy 
      • 7.3.5. Recent developments 
    • 7.4. Asian Heart Institute
      • 7.4.1. Overview  
      • 7.4.2. Financials  
      • 7.4.3. Therapy portfolio 
      • 7.4.4. Business strategy 
      • 7.4.5. Recent developments 
    • 7.5. Prince Court General Hospital 
      • 7.5.1. Overview  
      • 7.5.2. Financials  
      • 7.5.3. Therapy portfolio 
      • 7.5.4. Business strategy 
      • 7.5.5. Recent developments 
    • 7.6. Apollo Hospitals Enterprise Limited 
      • 7.6.1. Overview  
      • 7.6.2. Financials  
      • 7.6.3. Therapy portfolio 
      • 7.6.4. Business strategy 
      • 7.6.5. Recent developments 
    • 7.7. KPJ Healthcare Berhad 
      • 7.7.1. Overview  
      • 7.7.2. Financials  
      • 7.7.3. Therapy portfolio 
      • 7.7.4. Business strategy 
      • 7.7.5. Recent developments 
    • 7.8. Samitivej Sukhumvit
      • 7.8.1. Overview  
      • 7.8.2. Financials  
      • 7.8.3. Therapy portfolio 
      • 7.8.4. Business strategy 
      • 7.8.5. Recent developments
    • 7.9. Spire Healthcare  
      • 7.9.1. Overview  
      • 7.9.2. Financials  
      • 7.9.3. Therapy portfolio 
      • 7.9.4. Business strategy 
      • 7.9.5. Recent developments
    • 7.10. Medanta 
      • 7.10.1. Overview  
      • 7.10.2. Financials  
      • 7.10.3. Therapy portfolio 
      • 7.10.4. Business strategy 
      • 7.10.5. Recent developments 
    • 7.11. Min-Sheng General Hospital 
      • 7.11.1. Overview  
      • 7.11.2. Financials  
      • 7.11.3. Therapy portfolio 
      • 7.11.4. Business strategy 
      • 7.11.5. Recent developments
    • 7.12. IHH Healthcare Berhad 
      • 7.12.1. Overview  
      • 7.12.2. Financials  
      • 7.12.3. Therapy portfolio 
      • 7.12.4. Business strategy
      • 7.12.5. Recent developments
    • 7.13. Raffles Medical Group 
      • 7.13.1. Overview  
      • 7.13.2. Financials  
      • 7.13.3. Therapy portfolio 
      • 7.13.4. Business strategy
      • 7.13.5. Recent developments

List of Figures 

1. Market research process
2. Market research methodology
3. Global medical tourism market revenue, 2015 – 2024 (USD Billion) 
4. Porter’s five forces analysis
5. Medical Tourism market attractiveness analysis, by treatment type segment
6. Medical Tourism market: market attractiveness analysis, by regional segment
7. Company market share analysis, 2017 
8. Global medical tourism market revenue share by treatment type, 2017 and 2023
9. Global medical tourism market for cancer treatment market, 2015 – 2024 (USD Billion)
10. Global medical tourism market for orthopedic treatment market, 2015 – 2024 (USD Billion)
11. Global medical tourism market for fertility treatment market, 2015 – 2024 (USD Billion)
12. Global medical tourism market for cardiovascular treatment market, 2015 – 2024 (USD Billion)
13. Global medical tourism market for neurological treatment market, 2015 – 2024 (USD Billion) 
14. Global medical tourism market for others market, 2015 – 2024 (USD Billion)
15. Global medical tourism market revenue share by region, 2017 and 2023
16. Medical tourism market for North America, 2015 – 2024 (USD Billion)
17. Medical tourism market for Europe 2015 – 2024 (USD Billion)
18. Medical tourism market for the Asia Pacific, 2015 – 2024 (USD Billion)
19. Medical tourism market for Latin America, 2015 – 2024 (USD Billion)
20. Medical tourism market for the Middle East and Africa, 2015 – 2024 (USD Billion)


List of Tables

1. Medical Tourism market: market snapshot                                                               
2. Drivers of global medical tourism market: impact analysis 
3. Restraints of global medical tourism market: impact analysis  
4. North America medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
5. U.S. medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
6. Canada medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
7. Europe medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
8. UK medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
9. Germany medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
10. France medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
11. Rest of Europe medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion) 
12. Asia Pacific medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
13. China medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
14. Japan medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
15. India medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
16. Rest of Asia Pacific medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
17. Latin America medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
18. Brazil medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
19. Rest of Latin America medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)
20. The Middle East and Africa medical tourism market revenue, by treatment type, 2015 – 2024 (USD Billion)

Methodology

Free Analysis

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.

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FrequentlyAsked Questions

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.

Global Medical Tourism Market size accounted for $102.60 billion in 2019, and is projected to reach $272.70 billion by 2027, registering a CAGR of 12.7% from 2020 to 2027.

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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