Medical Tourism is also known as medical travel or health tourism. This term usually refers to traveling to abroad or another country to seek healthcare services. Patients from different countries are traveling outside their home country for the purpose of receiving medical treatments and wellness service. Travelling abroad for medical treatment is not a recent trend, it has been gaining more momentum and media interest in the last decades. According to a report by Oxford Economics and Visa, around 11-14 million people travel abroad for healthcare services.
The Global Medical Tourism Market has been growing rapidly and expected to reach at a high growth figure over the review period owing to availability of lots of opportunities. Availability of cost-effective treatments, quality service and less waiting period, rising geriatric population, and increasing prevalence of diseases boost the growth of the market. Furthermore, quality of the treatment and increasing level of living standard have fueled the market growth. However, communication or language barriers and complications due to traveling before and after surgery may restrain the market growth. The major challenge to the market is to control the illegal practices such as organ trafficking.
Medical Tourism is a rising trend in global healthcare sector which often defined as the activities to improve the well-being of medical traveler or medical tourist. These activities may involve medical check-ups, various treatments, surgeries, and other wellness practices that require skilled medical interventions. The Global Medical Tourism Market is growing at a steady pace and it is expected to grow at a CAGR of 21.4% during the forecasted period 2017-2023. Availability of cost-effective treatments, quality service & less waiting period, and rising geriatric & middle class population drives the growth of the market. However, communication barriers and need for travelling may hamper the market growth.
Medical Tourism Market – Key Findings
- The Global Medical Tourism Market is expected to reach USD 226,762.7 million by 2023.
- Asia Pacific holds the largest share of 43.7% of the global market.
- Orthopedic/spine by type holds the largest market share of 14.9% of the global medical tourism market and is expected to reach USD 27,902.8 million by the end of the forecast period.
- Globally, Oncology/Cancer is the fastest growing segment and expected to grow at a rate of CAGR 21.9% during the forecast period owing to continuously increasing prevalence of different types of cancers.
Medical Tourism Market – Major Players
Some of the key players in the global market: Asklepios Kliniken Verwaltungsgesellschaft Gmbh (Germany), Fortis Healthcare (India), Gleneagles Global Hospitals Group. (India), Prince Court Medical Centre (Malaysia), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), Anadolu Medical Center (Turkey), and others.
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Medical Tourism Market – Segments
Medical tourism market has been segmented on the basis of treatment types, which comprises of orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, fertility/IVF treatments, and others.
Medical Tourism Market – Regional Analysis
The global medical tourism market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Asia Pacific dominates the market, particularly, India due to rising developing healthcare infrastructure, increasing government support, and presence cost-effective treatments. Additionally, continuous innovation in the treatment methods and the presence of the leading players contribute to the market growth.
America holds the second position in the market due to availability of the innovative healthcare solutions for diagnostics and treatment, and government support.
European market is growing steadily because people from Europe are traveling to America and Asia Pacific region to seek cost-effective treatments. The courtiers such as Poland, Belgium, Hungary, and Czech Republic are adding fuel to the market growth in this region, and Germany is attracting more number of foreign patients.
The Middle East & Africa is expected witness limited growth due to limited access to the healthcare resources and lack of advanced treatment methods.
Major Table of Contents
1.2 Scope of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure:
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market Dynamics
3.5 Macroeconomic Indicators
4 Market Factor Analysis
List of Tables
Table 1 Global Medical Tourism Market, 2013-2022 (USD Million)
Table 2 Global Medical Tourism Market, By Treatment, 2013-2022 (USD Million)
Table 3 Global Medical Tourism Market, By Region, 2013-2022 (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Porters Five Forces Model
Figure 3 Global Medical Tourism Market, By Treatment
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