When a person travels across global borders for availing medical treatment, in a form which may or may not be available in the travelers’ own country is called medical tourism. Emerging medical markets with a good supply of medical expertise and facilities at low cost along with good public policies have been playing a vital role in driving the growth of the global medical tourism market. People who are underinsured or uninsured prefer traveling to avail economic benefits.
Another factor motivating the global medical tourism market is the internet. The dawn of the internet has encouraged consumers to browse through and request from a wide range of services offered by agencies or hospitals through their online websites and portals.
As per the global medical tourism market report, the global medical tourism industry is likely to be worth USD XX million at the end of the forecast period, i.e., 2025, rising year-on-year at a rate of XX%.
The global medical tourism market report examines parameters such as the market drivers, restraints, opportunities and other key information. These parameters will throw more light on the behavior of the future global medical tourism market. The global medical tourism market has been analyzed using tools such as Porter’s Five Forces Model.
The global medical tourism market report divides market data on basis of types of treatments across various regions and countries. The segmentation based on the type of treatment offers an in-depth qualitative as well as quantitative analysis. The global medical tourism market report has been segmented into the following types of treatments:
• Cardiovascular treatment
• Cancer treatment
• Fertility treatment
• Neurological treatment
• Orthopedic treatment
• Cosmetic treatment
• Dental treatment
• Other treatment
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Key industry insights
•The global medical tourism market was estimated to exceed over USD 65 billion in 2017 and is expected to grow at a CAGR of over 10% over the forecast period. The global medical tourism industry has a promising future with an expected number of travelers to increase by over 30% each year.
•The rise in geriatric population, increasing medical costs, worsening lifestyle habits, and high rates of chronic diseases are driving the costs of healthcare. In certain countries such as the U.S., an absence of insurance or coverage of certain ailments results in skyrocket prices of medical care. This forces consumers to seek other option for medical care, often out of their own country.
•The global medical tourism provides an economical alternative to uninsured or underinsured patients to obtain treatment. Moreover, patients requiring urgent medical care travel to countries where the waiting time is significantly less.
•Several governments are undertaking initiatives to attract tourists such as easing the visa process and upgrading their healthcare facilities. For instance, in 2017, the Indian government expanded the scope of e-tourist visa to include short-term medical treatment. The government has also undertaken initiatives to install separate immigration counters & facilitation desks to boost the domestic medical tourism market.
•The growing need for foreign healthcare has resulted in the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) in establishing the Joint Commission International (JCI). At present, there are over 220 accredited hospitals around the world providing quality medical care.
•Dental tourism is one of the fastest growing segments of the global medical tourism industry. Patients are traveling to destinations such as Mexico, Thailand, Spain, Turkey, India, Hungary, and the Philippines as it saves 50-70% of the cost. In 2012, approximately 1.2 million Americans traveled outside the U.S. for healthcare treatments. Of these, approximately 42% of patients traveled for dental care. Patient search for affordability, quality, accessibility, and availability has spurred the demand for dentistry outside their own country
•Apollo Hospitals, Fortis Healthcare Limited, KPJ Healthcare, NTT Medical Center Tokyo, and Barbados Fertility Centre are some of the JCI accredited hospitals located across the world which offer medical care to tourists
The global medical tourism market includes the region data with regards to market size, share, and projections.
The regions covered in the global medical tourism market report include the following:
1. North America
4. Middle East and Africa
5. Central & South America
A wide hospital network with international recognition is expected to present various opportunities for the growth of the global medical tourism market. In line with this, the global medical tourism market report provides detailed information on an extensive number of hospitals across countries with particulars on facilities & infrastructure. In addition, the global medical tourism market study covers competitive strategies analysis.
Key hospitals covered in this report are:
• Apollo Hospitals
• KPJ Healthcare
• NTT Medical Center Tokyo
• Barbados Fertility Center
• Seoul National University Hospital
• Infectious Diseases Partners Pte Ltd
A medical tourism agent plays an equally important role in the global medical tourism market value chain as they handle issues which may not apply when patients seek help in their own country. An agent is a company or an organization which brings together a prospective clinic or hospital with a patient.
Various agencies discussed in the global medical tourism market report are:
• Mediconnect India
• Singapore Vita Agency
• IndiCure Health Tours Pvt.Ltd.
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