As per our recent report, the global medical tourism market size is forecasted to be worth 78.15 billion by 2026 from USD 33.03 billion in 2021, growing at a CAGR of 18.8% between 2021 to 2026. In 2020, the North American region had accounted for the leading global medical tourism market share.
Medical tourism or Healthcare tourism is defined as traveling across countries to benefit the medical treatment of some form, which might not be accessible in the travelers' nation of origin. Thus, medical tourism is considered the travel around international borders to avail medical treatment available in their home country. These treatments include IVF fertility treatment, cancer treatment, neurosurgeries, orthopedic surgeries, etc. This treatment may incorporate a full cluster of therapeutic services. However, the most frequently profited services include dental care, elective surgery, fertility treatment, and cosmetic surgery. Developed Countries like the United States, Germany, United Kingdom, Singapore, Japan, Canada, and France offer highly advanced treatments and are some of the best countries for medical tourism. So, patients travel to such destinations when quality care is not available in the local environment.
Although the quality of treatment is reliable, medical tourism is often estimated to be expensive. As a result, the prices of significant health products are also costly. This situation places a considerable burden on the global healthcare system, as litigation costs have recently increased.
Healthcare professionals need to be aware of the direct and indirect costs and consider saving money over time by implementing preventive programs. Developed nations cannot afford massive healthcare spending. Not all medical expenses were covered by the insurance company, which took the patient abroad. Compared to developed countries, countries in Asia, the Middle East, and South America offer high-quality medical services at much lower rates. Some companies can meet all the medical and non-medical needs of tourists while traveling.
MARKET DRIVERS:
The availability of superior quality healthcare and technological developments are majorly promoting the global medical tourism market growth.
Medical tourism is one of the fastest-growing industries in the world. People travel abroad using treatments and are being treated for health problems. Also, increased awareness of advanced medical facilities is expected to be the most crucial factor driving the growth of the medical tourism market during the forecast period. Developing countries are increasingly paying attention to technological advances and quality services in the medical and healthcare fields.
Other significant drivers of medical tourism are the most advanced technology, quicker access for medically necessary procedures, low-cost care for associated treatment, lower-cost care for discretionary procedures, and better-quality care for medically necessary procedures. Improvement and growth in medical tourism depend on people's travel for treatment, which should be affordable and accessible. For instance, cancer treatment is expensive, and the duration of treatment is prolonged. Hence people migrate to foreign countries for better accessibility in the price range. It contributes to the growth of the medical tourism market.
According to the World Health Organization (WHO) report, the total fare for heart bypass surgery is 10,000 USD in India, 113,000 USD in America, 9,000 USD in Malaysia, and 7,410 USD in Poland. Likewise, angioplasty is 47,000 USD in America, 11,000 USD in India, 13,000 USD in Singapore, 7,300 USD in Poland. In addition, many hospitals have more extensive networks to engage with pay reimbursement activities through medical claims and insurances, which is an advantage factor for the medical tourism market.
According to a few reports in 2019, in terms of revenue, Thailand dominated the market as 2.8 million people took medical care due to the excellent healthcare services from Thailand. Other growing medical tourism destinations include Taiwan, Singapore, Spain, Colombia. Medical tourism, another beneficial factor, is that they concentrate on insurance pilot programs and health benefit plans.
Medical Tourism Market in which the affordability and accessibility of high-quality medical services, and the support of the tourism sector and local governments, are factors driving the growth of the global medical tourism market. Also, the latest medical technologies in medical tourism centers worldwide are expected to drive market growth. Furthermore, the government's support to maintain the host country's general reputation and political stability is a crucial factor driving the Medical Tourism Market. Besides, there is a growing demand for non-insurable procedures such as gender reassignment surgery, fertility treatment, dental reconstruction, and cosmetic surgery.
MARKET RESTRAINTS:
The rigorous documentation process, visa approval issues, and inadequate insurance coverage are several factors that hinder the growth of the medical tourism market. In addition, conditions that include deep vein thrombosis, tuberculosis, amoebic dysentery, and paratyphoid fever caused by poor postoperative care and insufficient rest are other significant factors limiting the global medical tourism market growth. Furthermore, the extended duration for assisting medical treatment, post-surgery complications incorporated with restricted follow-up, and high costs to undergo preventive surgery in developed countries further restrict the global medical tourism market growth.
Additionally, the medical tourism market growth is hampered by long waiting times for medical treatments, patient follow-up problems, and post-surgery complications. The high cost of traveling, where average citizens cannot afford it, steadily degrades the medical tourism market's demand. Although the credentialing and sophistication of (some) destination country facilities can mitigate individual patient risks, the lack of benefits to poorer people in developed countries offering medical tourism remains a generic equity problem that would hinder market growth over the forecast period. Because of the COVID-19 pandemic globally, the medical tourism market is one of the most affected industries.
COVID-19 impact on the global medical tourism market:
During the COVID-19 era, the growth curve of the medical tourism market was flattened. The key causes of the collapse of market shares are lockdown restrictions and the ban on international flights. Emergency services are, however, continuing in every region of the world. Moreover, by taking proper steps to fight against coronavirus, the lockdown constraints are slowly ending. The market for medical tourism will therefore be maintained in the coming days. However, due to the COVID 19 pandemic, major medical tourism markets, including famous medical tourism destinations such as India, China, and other developing countries, have experienced negative impacts.
The patients who can wait for treatment in other states or countries seek medical advice from the doctors virtually. The patients with severe chronic disease and who need immediate care are still flying with even more care on domestic airlines. Providing communication options for the patients through texting or patient portals is solely to help the market in the pandemic situation. In various countries, government authorities are supporting medical tourism in new different ways. Investments in the medical tourism companies by the government will lucratively accelerate the market's growth rate to the extent.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Analysed |
By Treatment Type and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Countries Analysed |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
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Companies Analysed |
Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd, Asian Heart Institute, Prince Court Medical Center, Bangkok Hospital Medical Center, KPJ Healthcare Berhad, Raffles Medical Group & Bumrungrad International Hospital |
This research report on the global medical tourism market has been segmented and sub-segmented based on the treatment type and region.
Medical Tourism Market - By Treatment Type:
Based on treatment type, the cardiovascular and cancer segments are occupying most of the market share; in contrast, the fertility treatment segment is expected to show the fastest growth throughout the forecast period. During the forecast period, the segment is projected to record a CAGR of 9.7%. Among the most common treatments for which medical tourists choose to fly across international borders is fertility treatment.
Due to the increasing prevalence of coronary artery diseases, the cardiovascular surgery segment will see a significant growth of 7.0 percent during the forecast period. The main reasons for high CVD prevalence are lack of physical exercise, adoption of a sedentary lifestyle together with a sub-optimal diet.
Medical Tourism Market - By Region:
Regionally, the North American medical tourism market had accounted for most of the global medical tourism market share in 2019. Factors such as the existence of advanced medical technologies and medical services offered are factors propelling the market. The U.S. medical tourism market led the North American region in 2020 due to the availability of advanced cancer, neurological and cardio treatments in this country. Canadian medical tourism market is to grow at a healthy rate during the forecast period.
The European medical tourism market is witnessed to have a notable development and is predicted to grow at a remarkable CAGR of 18.9% from 2021 to 2026. Advancements in technology and quality management in the healthcare and medical sectors majorly drive medical tourism in Europe. The German medical tourism market is predicted to be the quickest growing region in Europe due to the international quality standards and high-quality service and medical insurance mobility.
In 2019, the Asia Pacific medical tourism market accounted for USD 4.8 billion in revenue. Increasing medical tourism priority for developing countries like Singapore, Thailand, India, and Malaysia is attributed to the availability of advanced medical treatments at substantially lower costs than in developed countries. Besides, various government programs to promote medical travel will fuel regional development significantly in the future. The involvement of multi-specialty hospitals that provide advanced technological therapies will play a key role in boosting the growth of the global medical tourism market. India is renowned for advanced cardiac surgery, while Singapore is a popular destination for medical tourism due to its complicated surgery expertise. Thailand is a well-known medical tourism destination, and since 2006, millions of patients have been traveling to Thailand. It is also the world's top source for cosmetic surgery. China is considered to have a significant share of the market due to improved healthcare facilities; therefore, the appearance of multi-specialty hospitals is influencing medical tourism growth.
The Latin American medical tourism market is considered to enlarge with a CAGR of 7.3% over the review period. The growth of this region is due to the different steps taken by the government of the LATAM region countries like Mexico and Colombia, which is required to make betterments in healthcare infrastructure, which outstandingly boost the market growth over the period.
The Middle East & Africa medical tourism market is estimated to have sluggish growth during the forecast period. The growing availability of medical experts is likely to propel the market growth. UAE is expected to have the largest share of the region with an increasing number of cancer patients; increasing capital income is likely to enhance the market. Saudi Arabia is ranked second place for having a dominating share of the market. The growth of the market owes to the launch of government schemes for assisting the end-users is driving the market growth of the period.
KEY MARKET PARTICIPANTS;
List of key market participants leading the global medical tourism market profiled in this report is Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd, Asian Heart Institute, Prince Court Medical Center, Bangkok Hospital Medical Center, KPJ Healthcare Berhad, Raffles Medical Group and Bumrungrad International Hospital.
The global market for medical tourism is highly competitive, and prominent players have adopted different strategies to gain maximum share.
RECENT HAPPENINGS IN THIS MARKET:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Treatment Type
5.1.1 Introduction
5.1.2 Orthopedic
5.1.3 Neurological
5.1.4 Cardiovascular
5.1.5 Fertility
5.1.6 Cancer Treatment
5.1.7 Y-o-Y Growth Analysis, By Treatment Type
5.1.8 Market Attractiveness Analysis, By Treatment Type
5.1.9 Market Share Analysis, By Treatment Type
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Apollo Hospitals Enterprise Limited
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Samitivej Sukhumvit
8.3 Fortis Healthcare Ltd.
8.4 Asian Heart Institute
8.5 Prince Court Medical Center
8.6 Bangkok Hospital Medical Center
8.7 KPJ Healthcare Berhad
8.8 Raffles Medical Group
8.9 Bumrungrad International Hospital
8.10 Min-Sheng General Hospital
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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