05-Mar-2021

Medical Tourism Market is expected to reach US$ 83,279.1 Million With CAGR of Approx 12.4% By 2027

Medical tourism is when people travel abroad to acquire particular medical treatment. This is typically due to unavailability of the treatment, quality of treatment, or cost difference in one’s own country. Previously in medical tourism, people from emerging economies used to travel to developed countries to get high-end medical treatment. However, the scenario has changed in the recent past with people from developed countries traveling economically emerging countries to avail cost-effective treatment. Moreover, certain treatment are not legally practiced in few countries, which leads to migration of people from one country to another to get better medical procedure. Domestic medical tourism involves people traveling different cities or states of the same country. In the recent past medical tourism services are available in all fields of healthcare including dentistry, fertility, psychiatry, convalescent care, burial services, and alternative medicines.

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According to the Nerd Wallet Health, who analyzed the data from the Centers for Disease Control and Prevention (CDC), U.S. Census and Federal Court System in 2013, around 56 million Americans under the age of 65 years have trouble paying their medical bills. Moreover, over 25 million adults ranging from 19-64 years do not take their prescribed drugs or take less medicine than suggested or are involved in dose skipping practices for cost saving purposes. According to the Health-Tourism factsheet and statistics, the medical tourism has generated huge revenues ranging between US$ 60,000 to US$ 70,000 in 2015. It is expected to show almost double growth in the near future. These factors suggest rapid growth and expansion of the global medical tourism market.

The global medical tourism market is segmented on the basis of the treatment type and geography.

On the basis of treatment type, the global medical tourism market is segmented as

Cardiovascular Treatment
Orthopedic Treatment
Neurological Treatment
Cancer Treatment
Fertility Treatment
Other General Treatments

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India is considered to be the prime location and most preferred destination for medical tourists across the globe

Based on the regional segmentation, the global medical tourism market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific is currently attracting major patient flow from the U.S. and Europe by offering quality services at affordable prices. According to a report by ZAWYA, Dubai is reported to have raised US$ 381 million from medical tourism, accounting up to 326,649 tourists visiting the UAE in 2016. According to the VOA News, Turkey is the major destination for hair transplantation with over 152,000 visits in 2016 delivering safe, cheap, and high-quality services. Moreover, India is known to be the hotspot for medical tourism, owing to presence of highly-skilled doctors and improved medical infrastructure that offers affordable cardiovascular, orthopedic, and cancer treatments at around 20%-30% less as compared to standard expenses in the U.S. Thus, Asian countries such as India, Thailand, Singapore, Malaysia, South Korea, and Turkey offer major destinations for medical tourism to the people around the world.

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Affordability without quality compromise resulting in influx of huge population in various countries fueling the global medical tourism market

The lack of medical insurance a major reason driving growth of global medical tourism market. Growing internet facilities in the rural areas has helped patients to choose different destinations providing specialized treatments and low prices with help of online advertisements. Moreover, respective governments and their agencies are also supporting medical tourism in the country by offering convenient visa policies to patients and companions. For instance, according to article published in Business Standard in 2016, the liberal e- Visa policy by Indian government will boost the medical tourism of India with rising footsteps in the country opting solid organ transplants, cardiovascular treatments, orthopedic and cancer facilities at around 65%-90% cheaper to that of the U.S. prices. However, the inability to deliver post- surgical care by hospitals and the visa restrictions could hamper the market growth.

Mediating agencies providing scope for expansion to the global medical tourism market

Several private agencies offering medical tours worldwide includes France Surgery, MediCzech, Professional Beauty, ClinicAccess, BB Health Solutions, Revitalize in Turkey, Euromedical Tours, Doctour, Celsus Medical, and InLife. Certain private agencies also provide medical tourism facilities such as Medical Tourism Association which is a first non- profit organization created in the medical tourism industry. The government mediating agencies and brokers such as Joint Commission International (JCI) have assisted a number of patients by giving them relevant and necessary information about the presence of these services that results in the influx of patients towards other countries for better treatment options.

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Key players involved in medical tourism market are Asian Heart Association, Apollo Hospitals, Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre, and Wooridul Spine Hospital.

Table of Contents

Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
Market Overview
- Report Description
  - Market Definition and Scope
- Executive Summary
  - Market Snippet, By Treatment Type
  - Market Snippet, By Region
- Coherent Opportunity Map (COM)
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
  - Drivers
  - Restraints
  - Market Opportunities
- Impact Analysis
- Market Trends
- Key Developments
- PEST Analysis
Global Medical Tourism Market, By Treatment Type, 2019 – 2027, (US$ Million)
- Introduction
  - Market Share Analysis, 2019 and 2027 (%)
  - Y-o-Y Growth Analysis, 2017 – 2027
  - Segment Trends
- Cardiovascular
  - Introduction
  - Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027 , (US$ Million)
- Orthopedic
  - Introduction
  - Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027 , (US$ Million)
- Neurological
  - Introduction
  - Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027 , (US$ Million)
- Cancer
  - Introduction
  - Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027 , (US$ Million)
- Fertility
  - Introduction
  - Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027 , (US$ Million)
- Others
  - Introduction
  - Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027 , (US$ Million)
Global Medical Tourism Market, By Region, 2019 – 2027, (US$ Million)
- Introduction
  - Market Share Analysis, By Region, 2019 and 2027 (%)
  - Y-o-Y Growth Analysis, By Region, 2017 – 2026
  - Regional Trends
- North America
  - Market Size and Forecast, By Treatment Type, 2016 – 2027 , (US$ Million)
  - Market Size and Forecast, By Country, 2016 – 2027 , (US$ Million)
    - U.S.
    - Canada
- Europe
  - Market Size and Forecast, By Treatment Type, 2016 – 2027 , (US$ Million)
  - Market Size and Forecast, By Country, 2016 – 2027 , (US$ Million)
    - U.K.
    - Germany
    - Italy
    - France
    - Spain
    - Russia
    - Rest of Europe
- Asia Pacific
  - Market Size and Forecast, By Treatment Type , 2016 – 2027 , (US$ Million)
  - Market Size and Forecast, By Country, 2016 – 2027 , (US$ Million)
    - China
    - Japan
    - India
    - ASEAN
    - Australia
    - South Korea
    - Rest of Asia Pacific
- Latin America
  - Market Size and Forecast, By Treatment Type , 2016 – 2027 , (US$ Million)
  - Market Size and Forecast, By Country, 2016 – 2027 , (US$ Million)
    - Brazil
    - Mexico
    - Argentina
    - Rest of Latin America
- Middle East
  - Market Size and Forecast, By Treatment Type , 2016 – 2027 , (US$ Million)
  - Market Size and Forecast, By Country, 2016 – 2027 , (US$ Million)
    - GCC Countries
    - Israel
    - Rest of Middle East
- Africa
  - Market Size and Forecast, By Treatment Type , 2016 – 2027 , (US$ Million)
  - Market Size and Forecast, By Country/Region, 2016 – 2027 , (US$ Million)
    - North Africa
    - Central Africa
    - South Africa
Competitive Landscape
- Company Profiles
  - Asian Heart Association
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Apollo Hospitals Enterprise Ltd.
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Prince Court Medical Centre
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Gleneagles Hospitals
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Min-Sheng General Hospital
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Raffles Medical Group
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Bangkok Hospital
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Fortis Healthcare Ltd.
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Anadolu Medical Centre
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
  - Wooridul Spine Hospital.
    - Company Overview
    - Product Portfolio
    - Financial Performance
    - Recent Highlights
    - Strategies
- Analyst Views
Section
- References
- Research Methodology
- About Us and Sales Contact

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Last Updated: 05-Mar-2021