Medical Tourism Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Healthcare and Pharmaceuticals | Delivery Format: PDF | Status: Forthcoming | Report ID: ARC393

Introduction

Medical tourism is a rapidly growing sector worldwide. The primary reason behind choosing a medical tourism destination is the cost-effectiveness of healthcare services. Owing to the economic slowdown in the developing countries, the medical tourism sector in growing positively in Asia-Pacific region. Developing countries are progressively heading towards infrastructure development, technology development and superior services in the medical tourism and healthcare sector. The global medical tourism market is analyzed to witness tremendous growth in the near future, mainly in Asian countries. The medical tourists travel to preferred destination for treatments such as cardiovascular surgeries, cancer therapy, orthopedic treatments, cosmetic surgeries, dentistry, reproductive treatments, health screenings, weight loss therapies, and medical tests and scans. In most cases, a considerable patient populace also seeks second opinion from specialist doctors out of their countries.

Market Dynamics

Expensive and long wait for the treatment coupled with improved healthcare infrastructure in developing countries is the major driving factor for the growth of medical tourism sector, globally. Furthermore, an increase in research and development activities couple with medical innovation is expected to accelerate the growth of medical tourism in the developing nations. Moreover, investments in healthcare sector by government and increasing participation of private players in the industry is analyzed to propel the demand for medical tourism. However, patients travelling are mostly prone to health risks after they return owing to inadequate rest and poor post-operative care. They may suffer tuberculosis, deep vein thrombosis, paratyphoid, amoebic dysentery, etc. Limited insurance coverage, strict documentation procedure and visa approvals are the major factors restricting the market growth.

Market Classification and Segment Overview

The global medical tourism market is segmented by type of treatment and geography. Based on the type of treatment, the global medical tourism market is segmented into cardiovascular treatment, cosmetic treatment, orthopedic treatment, fertility treatment, dental treatment and other general treatments. On the basis of geography, the market is segmented into Asia-Pacific, Europe, North America, Latin America and Middle East and Africa (MEA). Thailand, India, Taiwan, South Korea, Costa Rica, Brazil, Israel, Turkey, Dubai, Philippines, Malaysia, Singapore, Poland, Canada, Mexico, and the U.S. are the most preferred locations for medical tourism worldwide. According to the data published by Patients Beyond Borders, a medical tourism guidebook, the medical tourism market is growing exponentially i.e. between 15% to 25% and Mexico will be the most preferred location for cross-border patients during the forecast period. Thailand, India & Singapore are the prominent locations in Southeast Asia and are expected to dominate the market in near future.

Approximately, 41 countries have contributed in medical tourism market according to MTA’s recently published Medical Tourism Index, whereas India is most preferred location in terms of treatment and Israel in terms of quality of services and facilities. India is especially preferred for cardiac surgeries, whereas Singapore is mostly preferred for complicated surgeries. However, Thailand has been a prevalent location for medical tourism owing to infrastructure development as well as most preferred location for cosmetic surgeries. Malaysia has state-of-the-art healthcare infrastructure and extremely skilled healthcare professionals for treatment, making it another preferred location for medical tourism owing to economically inexpensive treatment options and favorable government policies; and is expected to obtain top market positions during the forecast period.

Report Coverage

Market

Global Medical Tourism Market

Analysis Period

2014 – 2024

Historic Data

2014 – 2015

Base Year

2016

Forecast Data

2017 – 2024

Market Stratification

Type of Treatment, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

 

Market Participants

Some of the key players operating in medical tourism market are Gleneagles Hospital (Singapore), Apollo Hospitals (India), Asian Heart Institute (India), Fortis Healthcare Ltd. (India), Bumrungrad International Hospital (Thailand), Prince Court Medical Centre (Malaysia), Bangkok Hospital (Thailand), KPJ Healthcare Berhad (Malaysia), Clemenceau Medical Centre (Lebanon), Wooridul Spine Hospital (Korea), Min-Sheng General Hospital (Taiwan), Asklepios Klinik Barmbek (Germany), Anadolu Medical Centre (Turkey), and Raffles Medical Group (Singapore).

Market Segmentation

Market by Type of Treatment

·         Cardiovascular treatment

·         Cosmetic treatment

·         Orthopedic treatment

·         Fertility treatment

·         Dental treatment

·         Other general treatments

Market by Geography

·         North America

o   US

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Philippines

o   Rest of Asia-Pacific

·         Latin America

o    Brazil

o   Chile

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA

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