Medical Tourism Market Overview:
Global Medical Tourism Market was valued at $61,172 million in 2016, and is estimated to reach at $165,345 million by 2023, registering a CAGR of 15.0% from 2017 to 2023. Medical tourism can be defined as travel across international borders with the purpose of availing medical treatment of some form, which may or may not be available in the travelers’ home country. This treatment may include a wide array of medical services; however, the most frequently availed services include cancer treatment, orthopedic treatment, neurological disease treatment, elective surgery, fertility treatment, and others.
The global medical tourism market is driven by affordability and accessibility of good quality healthcare services along with assistance from tourism departments and local governments. In addition, availability of latest medical technologies in medical tourism hubs, throughout the world, is expected to fuel the market growth.
The medical tourism market is segmented based on treatment type and geography. Based on treatment type, it is divided into cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market is expected to witness a moderate growth during the forecast period, owing to the rise in adoption of medical tourism due to surge in disposable income of population. Furthermore, health insurance portability and rise in advertising and marketing of medical facilities to promote medical tourism are anticipated to augment the market growth. Wide hospital networks under insurance coverage for cashless transactions are expected to present various opportunities for market expansion. However, difficulties associated with travel, language barriers, availability, documentation, and VISA approval issues are expected to hamper the market growth.
The report provides extensive competitive analysis and profiles of key market players, such as Apollo Hospitals Enterprise Limited, Fortis Healthcare Ltd., Asian Heart Institute and Research Centre Private Limited, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, UZ Leuven (University Hospitals Leuven), Infectious Diseases Partners Pte. Ltd., Aditya Birla Memorial Hospital, Barbados Fertility Centre, Prince Court Medical Centre, and Samitivej Public Company Limited.
The other players in the value chain include Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, and Bangkok Hospital Medical Center.
Asia-Pacific possesses high market potential for the growth of medical tourism market, owing to increase in accessibility and availability of healthcare facilities and rise in healthcare and research expenditure. This region is anticipated to experience rapid market growth due to economic development.
Key Benefits :
- This report entails a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities.
- Market estimations are based on comprehensive analysis of the key developments in the industry.
- In-depth analysis based on geography assists to understand the regional market and the strategic business planning.
- The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
Medical Tourism Market Key Segments:
By Treatment Type
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Costa Rica
- South Africa
- Rest of LAMEA