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2020
Medical Tourism Market

Medical Tourism Market

by Treatment Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2027
Update Available On-Demand

Report Code: A00355
Pages: 284
Nov 2020 | 51181 Views
Author(s) : Sanjivan Gill, Sahil Sinha
Tables: 114
Charts: 60
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Medical Tourism Market Overview:

The global medical tourism market size accounted for $104.68 billion in 2019, and is projected to reach $273.72 billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in terms of value. In terms of volume, the global medical tourism market accounted for 23,042.90 thousand patients in 2019, and is projected to reach 70,358.61 thousand patients by 2027, registering a CAGR of 15.0% from 2019 to 2027. 

COVID-19 outbreak had varying degree of negative impact on all segments of medical tourism market. For instance, elective treatments such as dental treatment, cosmetic treatment and others suffered a greater impact.

Medical tourism can be defined as an organized travel across international borders to avail medical treatment of some form, which may or may not be available in the travelers’ home country. Medical tourists travel across international borders for the maintenance, enhancement, or restoration of their health through affordable healthcare facilities & treatments available in other countries, which are comparatively expensive in their own country. Medical tourists travel to receive medical treatments such as dental treatment, neurological treatment, and cardiovascular treatment.

Medical-Tourim-Market,-2020-2027

Affordability and accessibility of high-quality healthcare services and assistance from tourism departments and local governments are the key factors that drive the growth of the global medical tourism market. In addition, availability of latest medical technologies in medical tourism hubs, throughout the world, is expected to fuel the market growth. However, lengthy, partial reimbursement by payers and difficulties associated with travel, language barriers, availability of documentation, and VISA approval issues impede the growth of the medical tourism market. On the contrary, wider hospital network under insurance coverage for cashless transactions is expected to serve as an opportunity for the expansion of the global medical tourism market.

Global Medical Tourism Market Segmentation  

The report segments the global medical tourism market into treatment type and region. Depending on treatment type, the market is categorized into dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment review

On the basis of treatment type, the cancer treatment segment accounted for the highest medical tourism market share in 2019 due to surge in incidence of cancer worldwide. This is projected to increase the number of cross-border travelers seeking quality cancer treatment. In addition, cancer treatment is an expensive and prolonged treatment, hence, reduced cost of treatment in different countries fuels the growth of the market. Furthermore, due to lack of availability of advanced treatment in some countries, patients choose to travel to other countries that offer advanced healthcare facilities. 

In 2019, Asia-Pacific accounted for the highest medical tourism market share owing to the availability of quality care at relatively low cost of treatments, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services. In addition, significant investments by government to improve healthcare infrastructure contributes toward the growth of this market. Asia-Pacific is anticipated to grow at the highest CAGR during the analysis period, followed by LAMEA. Europe is anticipated to grow at substantial rate, owing to availability of advanced specialized treatments for cancer, neurological, and cardiovascular ailments.

Medical Tourism Market
By Treatment Type

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Cancer treatment segment holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.

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The unprecedented nature of the COVID-19 pandemic and its impact on the global economy has led to disruption of various businesses, due to significant uncertainty in demand for certain products for medical and industrial applications and increased variability in supply chain and manufacturing productivity. Medical tourism market is one of the most impacted industries owing to COVID-19 pandemic across the globe. Major medical tourism markets including popular medical tourism destinations such as India, China and other emerging countries have witnessed adverse impact due to COVID 19 pandemic. Moreover, owing to the global pandemic, significant travel restrictions, including suspension of cross-border travels were implemented, which brought the cross-country travel to a standstill, thereby adversely impacting the medical tourism market growth. 

The global medical tourism market is highly competitive, and prominent players have adopted various strategies to garner maximum share. Major players operating in the market include Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Prince Court Medical Centre, Samitivej PCL, Seoul National University Hospital, and Wooridul Spine Hospital.

Medical Tourism Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region would exhibit the highest CAGR of 14.8% during 2020-2027.

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Key Benefits For Stakeholders

  • This report entails a detailed quantitative analysis of the current medical tourism market trends from 2019 to 2027 to identify the prevailing opportunities.
  • Medical tourism market size and estimations are based on comprehensive analysis of the key developments in the industry.
  • In-depth analysis based on region assists to understand the regional market and the strategic business planning.
  • The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global market.

Medical Tourism Market Report Highlights

Aspects Details
By Treatment Type
  • Dental Treatment
  • Cosmetic Treatment
  • Cardiovascular Treatment
  • Orthopedic Treatment
  • Neurological Treatment
  • Cancer Treatment
  • Fertility Treatment
  • Other Treatments
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (India, China, Indonesia, Singapore, Malaysia, Thailand, South Korea, Taiwan, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Venezuela, Costa Rica, UAE, South Africa, Rest of LAMEA)
Key Market Players 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, SAMITIVEJ PCL.
 

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Medical tourism refers to organized travel to another country for the purpose of obtaining medical treatment. Tourists majorly travel to avail dental treatment, cosmetic treatment, and cardiovascular treatment. Rise in healthcare costs especially in developed countries, such as the U.S., has resulted in patients seeking for affordable options in the emerging markets such as India and Singapore. Affordability and accessibility of quality healthcare services along with assistance from tourism departments and local governments fuel the growth of the medical tourism market worldwide. 

According to the analyst, the availability of latest medical technologies in medical tourism hubs, throughout the world, is expected to contribute to the market growth. Moreover, surge in advertising & marketing and assistance & support from government organizations with respect to medical tourism boosts the growth of the market. However, limited coverage and lengthy, partial reimbursement by payers and epidemic outbreaks hamper the market growth. At present, patients seeking cancer treatment are the highest contributors toward the growth of the global medical tourism market. This is attributed to surge in cancer prevalence throughout the world.

The analyst further added that Asia-Pacific accounted for the highest market share, owing to the availability of quality care at relatively low cost treatments and availability of inexpensive flights. In addition, significant investments by governments of countries in the region to improve healthcare infrastructure contributes toward the growth of this market. Europe is anticipated to grow at substantial rate, owing to advanced specialized treatments for cancer, neurological, and cardiovascular ailments.

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FREQUENTLY ASKED QUESTIONS?

A. The major factor that fuels the growth of the medical tourism market includes 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 boost the market growth during the forecast period.

A. Top companies such as, Apollo Hospitals Enterprise Limited, Fortis Healthcare Ltd., Asian Heart Institute, and Research Centre Private Limited held a high market position in 2019. These key players held a high market postion owing to the strong geographical foothold in different regions.

A. Medical tourists travel to receive medical treatments such as dental treatment, neurological treatment, othopedic treatment, cardiovascular treatment, and cancer treatment.

A. Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as Taiwan with a CAGR of 18.40% and India with a CAGR of 16.70%. This is due to improvement in healthcare infrastructure, and various government initiatives to boost the medical tourism sector.

A. The forcast period for medical tourism market is 2020 to 2027

A. The market value of medical tourism market in 2020 is anticipated to be $70.6 billion.

A. The base year is 2019 in medical tourism market

A. Cancer treatment segment is the most influencing segment owing to increasing incidence rate of cancer globally.

A. The total market value of medical tourism market is $104.7 billion in 2019.

A. Medical tourism can be defined as an organized travel across international borders to avail medical treatment of some form, which may or may not be available in the travelers' home country

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