Global Medical Tourism Market was valued at US$ XX Million in 2020 and is anticipated to reach US$ XX Million by 2024 displaying an elevated CAGR of XX% over the forecast period (2021-2024).
There are numerous factors such as economic, social, cultural, and technological which are Driving medical tourism across the globe. Moreover, several domestic health systems in countries are undergoing significant changes, challenges, and strain such as tightened eligibility criteria, waiting lists, and shifting priorities for health care, which impacts consumer decision making. Also, familiarity, availability, cost, quality, and bioethical legislation (international travel for abortion services, fertility treatment, and euthanasia services are some of the factors which are acting as a growth catalyst to the medical tourism market.
The variation in treatment costs, availability of advanced technologies procedures, and the easy government policies are some of the factors which are the key to consider while planning for medical tourism. Some of the facts on the Medical Tourism Industry:
- Medical services in Panama cost between 40% and 70% less than in the United States or Canada.
- In Hungary, one can save from 40% to 50% of the cost in dentistry and cosmetic surgeries.
- Mexico is the favorite destination for Americans, offering from 25% to 35% in medical services savings. There are nine hospitals certified by the Joint Commission International.
- India provides health care services at a cost 20% lower than the United States. In Thailand, the cost is 30% less.
- Singapore has 13 hospitals accredited by the Joint Commission International, with services costing 35% less than in North America.
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, and Barbados Fertility Center. etc, are some of the prominent players operating in the Medical Tourism market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
"Amongst Treatment Type, Necklace and Chain segment holds the major share"
Based on the Treatment Type, the Medical Tourism market is segregated into Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others. The Cancer Treatment segment dominated the market and captured XX% market share in 2020. Moreover, the market is expected to reach USD XX Mn by 2024. However, the Fertility treatment segment would witness the exhibit CAGR during the forecast period. Decrease in the cost of infertility treatment services in the region such as the Middle East is a key factor that is gaining end-users traction. The average cost of an IVF/ICSI cycle in the GCC States is approximately USD3,000-5,000 and an additional USD1,500-2,000. These costs are cheaper by at least 70-80% than those in Western Europe and the US. Limitations of legislative
"Asia-Pacific region represents one of the largest markets of Medical Tourism market"
For a better understanding of the market dynamics of the Medical Tourism market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific dominated the market and generated revenue of US$ XX Million in 2020 owing to the Low cost and easy availability of labor force is the main reason behind the cheaper treatment costs in medical tourism destinations in countries such as India, South Korea, Australia in Asia-Pacific Region. Patients can save from 30% to 80% of the total treatment costs. For instance:
o The heart surgery expenses in the United States are around USD 30,000 whereas in India its USD 7000.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Medical Tourism Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Medical tourism occurs when consumers elect to travel across international borders to receive some form of medical treatment. This treatment may span the full range of medical services, but most commonly includes dental care, cosmetic surgery, elective surgery, and fertility treatment. There has been a shift towards patients from richer, more developed nations traveling to less developed countries to access health services, largely driven by the low-cost treatments available in the latter and helped by cheap flights and internet sources of information
The medical tourism industry faces unreliable data when defining and measuring the market by the number of patients. According to the Medical Tourism Association, about 14 million people in the world travel to other countries in search of medical care annually. It is an activity worth between 50 and 70 thousand million dollars. Moreover, the global number of medical tourists has reached 50 million, and an annual increase of 25% is expected in the next decade, as revealed by OCED.
The factors such as cost savings, availability of hospital beds, good surgeons, and doctors are some of the factors which are driving the medical tourism market. In a study, it was found that Satisfied medical tourists can save from 25% to 75% of the costs. Depending on the type of medical service they require, the savings amount can reach up to 90%. This varies depending on the country and the type of procedure that is performed.?
Some of the facts on the Medical Tourism Industry:
Medical services in Panama cost between 40% and 70% less than in the United States or Canada.
In Hungary, one can save from 40% to 50% of the cost in dentistry and cosmetic surgeries.
Mexico is the favorite destination for Americans, offering from 25% to 35% in medical services savings. There are nine hospitals certified by the Joint Commission International.
India provides health care services at a cost 20% lower than the United States. In Thailand, the cost is 30% less.
Singapore has 13 hospitals accredited by the Joint Commission International, with services costing 35% less than in North America
Based on the Treatment Type, the Medical Tourism market is segregated inti Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment and Others. The cancer treatment segment generated revenue worth USD XX million in 2020 and is expected to reach USD XX million by 2024.
For a better understanding of the market adoption of the Medical Tourism market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. Asia-Pacific constitutes a major market for the Medical Tourism industry and generated revenue of USD XX Million in 2020 owing to the availability of quality care at economic rate and inexpensive flights.
Some of the major players operating in the market are 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 and Barbados Fertility Center. Several M&As along with partnerships have been undertaken by these players to develop Medical Tourism solutions.
Table of Contents
1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Medical Tourism Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Medical Tourism Market
2.1.1. Main Objective of the Global Medical Tourism Market
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 COVID-19 IMPACT
6 GLOBAL MEDICAL TOURSIM MARKET REVENUE
7 MARKET INSIGHTS BY TREATMENT TYPE
7.1. Cancer Treatment
7.2. Orthopedic Treatment
7.3. Fertility Treatment
7.4. Cardiovascular Treatment
7.5. Neurological Treatment
7.6. Others
8 MARKET INSIGHTS BY REGION
8.1. Asia Pacific Medical Tourism Market
8.1.1. China
8.1.2. Japan
8.1.3. India
8.1.4. Australia
8.1.5. South Korea
8.1.6. Rest of Asia Pacific
8.2. North America Medical Tourism Market
8.2.1. The U.S
8.2.2. Canada
8.2.3. Rest of North America
8.3. Europe Medical Tourism Market
8.3.1. Germany
8.3.2. France
8.3.3. U.K.
8.3.4. Spain
8.3.5. Italy
8.3.6. Rest of Europe
8.4. Rest of the World Medical Tourism Market
9 MEDICAL TOURSIM MARKET DYNAMICS
9.1. Market Drivers
9.2. Market Challenges
9.3. Impact Analysis
10 DEMAND AND SUPPLY SIDE ANALYSIS
10.1. Demand Side Analysis
10.2. Supply Side Analysis
10.2.1. Top Product Launches
10.2.2. Top Business Partnerships
10.2.3. Top Merger & Acquisitions
11 VALUE CHAIN ANALYSIS
12 MEDICAL TOURSIM MARKET OPPORTUNITIES
13 COMPETITIVE SCENARIO
13.1. Porter's Five forces analysis
13.1.1. Bargaining power of Supplier
13.1.2. Bargaining power of Buyer
13.1.3. Industry Rivalry
13.1.4. Availability of Substitute
13.1.5. Threat of new Entrants
13.2. Competitive Landscape
13.2.1. Company Shares, By Revenue
14 COMPANY PROFILED
14.1. Apollo Hospitals Enterprise Limited
14.1.1. Key Facts
14.1.2. Business Description
14.1.3. Key Product/Services Offerings
14.1.4. Growth Strategy
14.1.5. SWOT Analysis
14.1.6. Key Financials
14.1.6.1. Revenue Split
14.1.6.2. Financial Overview of Apollo Hospitals Enterprise Limited
14.1.7. Recent Developments
14.1.7.1. Product Launch
14.1.7.2. Partnerships
14.1.7.3. Business Expansion and Investments
14.1.7.4. Merger and Acquisition
14.2. Fortis Healthcare Limited
14.3. Asian Heart Institute
14.4. Kpj Healthcare Berhad
14.5. NTT Medical Center Tokyo
14.6. Seoul National University Hospital.
14.7. Uz Leuven
14.8. Wooridul Spine Hospital
14.9. Aditya Birla Memorial Hospital
14.10. Barbados Fertility Center
15 DISCLAIMER
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
and Barbados Fertility Center. etc