Medical Tourism Market:
The global medical tourism market is expected to decline from $37.72 billion in 2019 to $19.8 billion in 2020 at a compound annual growth rate (CAGR) of -47.53%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The ban on cross-border travel reduces the number of international patients, impacting the market. The market is then expected to recover and reach $33.54 billion in 2023 at CAGR of 19.2%.
The medical tourism market includes revenues generated by healthcare service providers by diagnosing and treating the patients who travel across international borders to obtain medical treatment. Patients usually travel from countries lacking healthcare infrastructure or having high healthcare costs to major medical centers in developing countries.
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Asia Pacific is the fastest growing region in medical tourism market, in which Thailand holds the maximum share.
In November 2018, IHH Healthcare acquired Fortis Healthcare for $1.1 billion. Fortis Healthcare was established in 2001 and headquartered at Gurgaon, India. It is an integrated healthcare service provider which works in verticals like hospitals, diagnostics and day care specialty facilities. With this acquisition, IHH Healthcare will get access to Fortis’ network of 34 hospitals and enable it to expand its presence in India.
The medical tourism market covered in this report is segmented by treatment type into cosmetic treatment; dental treatment; cardiovascular treatment; orthopedics treatment; bariatric treatment; fertility treatment; ophthalmic treatment; others.
The coronavirus disease (COVID-19) outbreak is to act as a major restraint for the growth of the medical tourism industry during 2020 and 2021. According to the World Health Organization’s report, 213 countries are affected by the COVID-19 outbreak including countries with a high number of medical tourists such as the USA, China, Japan, and South Korea. The government of various countries has banned travelers from affected countries, barred flights to certain countries, and changed the visa requirements. The American Centers for Disease Control and Prevention (CDC) predicted that the situation could last into 2021 and is likely to impact the medical tourism industry significantly. Therefore, the coronavirus outbreak and travel bans are expected to restrict the growth of the medical tourism industry in the near future.
Patients travelling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. Electronic health record is the systematic collection of patient health and medical examination reports stored electronically. These health records can be accessed instantly and securely by authorized users. Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment. Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment. Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs. According to a study conducted by the Centers for Disease Control and Prevention in 2017, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.
Major players in the medical tourism market are Apollo Hospital Enterprise Limited, Prince Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad, and Fortis Health Ltd.
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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