Adroit Market Research - Industry Insights
Medical Tourism Market, by Treatment Type (Cardiovascular Treatment, Cancer Treatment, Fertility Treatment, Neurological Treatment, Orthopedic Treatment, Cosmetic Treatment, Dental Treatment, Other treatments) , Region and Forecast, 2021 to 2028
Jun 2021
Total Pages: 152
Choose License Type
The global medical tourism market was valued at USD 21.1 billion in 2020 and is expected to grow at a CAGR of 12.6% over the forecast period. High medical treatment costs in native countries and easier treatment accessibility for health tourism patients drive the global medical tourism market. Emergence of developing economies of Asia Pacific as major hubs for medical tourism, posing themselves as affordable healthcare centres is a characteristic feature of this market.
.png "Global Medical Tourism Market 2018-2028 (USD Billion)")
The global medical tourism market is categorized based on treatment type. Chronic diseases are frequently associated with significant socioeconomic costs. Globally, the incidence of chronic and acute diseases is rising, necessitating a greater demand for patients to obtain cost-effective medical treatment. Patients are also preferring medical tourism to bypass the long wait for the treatment. Also, exorbitant treatment and management costs particularly for surgeries that have limited, or no insurance coverage attracts patients to the medical tourism destinations. As a result of these factors, the global medical tourism market is expected to grow over the next few years.
Key players serving the global medical tourism market include Bumrungrad International Hospital, Asian Heart Association, Bangkok Hospital, Samitivej PCL, Yanhee International Hospital, Apollo Hospitals Enterprise Ltd., Fortis Hospital, Artemis Hospitals, Mexicali Bariatric Center, Sunway Medical Centre, NTT Medical Center Tokyo, Singapore Vita Agency, and Wooridul Spine Hospital among other prominent players.
Key segments of the global medical tourism market
Treatment Type Overview, 2018-2028 (USD Billion)
- Cardiovascular Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Orthopedic Treatment
- Cosmetic Treatment
- Dental Treatment
- Other Treatments
Regional Overview, 2018-2028 (USD Billion)
- North America
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Singapore
- Thailand
- Malaysia
- Rest of Asia Pacific
- South America
- Brazil
- Mexico
- Rest of South America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East and Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Medical Tourism industry
- The overall segmentation of medical tourism market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of medical tourism market
What does the report include?
- The study on the global medical tourism market includes analysis of qualitative market indicators such as drivers, restraints, challenges, and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of treatment type. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global medical tourism market is suitable for all the players across the value chain including raw material suppliers, Medical Tourism providers, medical device manufacturers, distributors, suppliers, and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global medical tourism market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global medical tourism market
Healthcare costs are being driven up by a growing geriatric population, rising medical costs, worsening lifestyle habits, and high rates of chronic diseases. Over the forecast period, the economic benefits associated with medical tourism will be a major factor boosting the global medical tourism market growth. Increased investments in the development of advanced healthcare facilities, new and innovative technologies for disease treatment, and personalized treatment at a lower cost than in the home country are all expected to attract medical tourists in the coming years. Medical tourism for cosmetic and gender reassignment surgeries is expected to grow as these procedures are not covered by standard insurance in several countries and are costly if paid for out of pocket. In addition, the rising number of joint and hip replacement procedures, as well as the rising demand for bariatric surgeries, are driving the global medical tourism market forward in the coming years. Medical tourism in developed countries is expected to increase due to a lack of specialized treatments for life-threatening diseases, particularly cancer. This is due to the availability of technologically advanced medical treatment facilities and a well-developed healthcare infrastructure. A primary factor expected to support market growth is the rising incidence of cancer around the world.
The global medical tourism market has been segmented based on treatment type into cardiovascular treatment, cancer treatment, fertility treatment, neurological treatment, orthopedic treatment, cosmetic treatment, and dental treatment, among others. In 2019, the cosmetic treatment application segment dominated the market, followed by dental treatment and cardiovascular treatment. Due to the high cost of cosmetic surgeries and limited insurance coverage, medical tourism for cosmetic surgeries is expected to grow in the coming years. Growing global adoption of cosmetic procedures, as well as an increase in the prevalence of skin disorders, are driving the segment's growth over the forecast period. Dental treatment accounts for a sizable portion of the global medical tourism market's revenue. Patients are increasingly travelling to destinations such as Mexico, Thailand, Spain, Turkey, India, Hungary, and the Philippines, where they can save 40-70 percent on travel costs.
Based on regions, the global medical tourism market is segmented into North America, Europe, Asia Pacific, Central and South America and Middle East & Africa. Medical tourism has grown in popularity around the world, with cosmetic treatment being a popular treatment option that has aided the expansion of medical tourism in the region, followed by dental treatment. In the global medical tourism market, Asia Pacific accounted for a significant market revenue share in 2020, and this trend is expected to continue until 2028. Around the world, Asia Pacific is the most popular destination for medical tourists. Over the forecast period, factors driving growth in the Asia Pacific medical tourism market include an increase in the number of Joint Commission International (JCI) accredited hospitals and significantly lower treatment and surgery costs. Apollo Hospitals, Fortis Healthcare Limited, KPJ Healthcare, NTT Medical Center Tokyo, and Barbados Fertility Centre, for example, are JCI accredited hospitals that provide medical care to tourists in Asia Pacific.
India is expected to have tremendous growth potential within the region, as the cost savings on medical procedures range from 65 to 90 percent. Over the next few years, the country's medical tourism industry is expected to grow due to an increase in skilled professionals and easier visa processing. Thailand is a popular destination for patients seeking medical treatment. It has the most JCI-accredited healthcare outlets in Asia Pacific, with over 50. The government is focusing on growing medical tourism by upgrading local hospitals to international standards and providing medical care to tourists who become ill while on vacation. It is also loosening visa rules by allowing visitors from other countries to extend their stay from 30 to 90 days.
The global medical tourism market was valued at USD 21.1 billion in 2020 and is expected to grow at a CAGR of 12.6% over the forecast period. High medical treatment costs in native countries and easier treatment accessibility for health tourism patients drive the global medical tourism market. Emergence of developing economies of Asia Pacific as major hubs for medical tourism, posing themselves as affordable healthcare centres is a characteristic feature of this market.
The global medical tourism market is categorized based on treatment type. Chronic diseases are frequently associated with significant socioeconomic costs. Globally, the incidence of chronic and acute diseases is rising, necessitating a greater demand for patients to obtain cost-effective medical treatment. Patients are also preferring medical tourism to bypass the long wait for the treatment. Also, exorbitant treatment and management costs particularly for surgeries that have limited, or no insurance coverage attracts patients to the medical tourism destinations. As a result of these factors, the global medical tourism market is expected to grow over the next few years.
Key players serving the global medical tourism market include Bumrungrad International Hospital, Asian Heart Association, Bangkok Hospital, Samitivej PCL, Yanhee International Hospital, Apollo Hospitals Enterprise Ltd., Fortis Hospital, Artemis Hospitals, Mexicali Bariatric Center, Sunway Medical Centre, NTT Medical Center Tokyo, Singapore Vita Agency, and Wooridul Spine Hospital among other prominent players.
Key segments of the global medical tourism market
Treatment Type Overview, 2018-2028 (USD Billion)
- Cardiovascular Treatment
- Cancer Treatment
- Fertility Treatment
- Neurological Treatment
- Orthopedic Treatment
- Cosmetic Treatment
- Dental Treatment
- Other Treatments
Regional Overview, 2018-2028 (USD Billion)
- North America
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Singapore
- Thailand
- Malaysia
- Rest of Asia Pacific
- South America
- Brazil
- Mexico
- Rest of South America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East and Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Medical Tourism industry
- The overall segmentation of medical tourism market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of medical tourism market
What does the report include?
- The study on the global medical tourism market includes analysis of qualitative market indicators such as drivers, restraints, challenges, and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of treatment type. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global medical tourism market is suitable for all the players across the value chain including raw material suppliers, Medical Tourism providers, medical device manufacturers, distributors, suppliers, and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global medical tourism market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global medical tourism market
Chapter 1. Introduction
1.1. Introduction to the Study
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered
Chapter 2. Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Primary Sources
2.4. Secondary Sources
2.5. Market Size Estimation
2.6. Market Forecast
2.7. Data Triangulation
2.8. Assumptions and Limitations
Chapter 3. Market Outlook
3.1. Introduction
3.2. Macroeconomic Indicators
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Restraints
3.3.3. Opportunities
3.3.4. Challenges
3.4. Porter’s Five Forces Analysis
3.5. PESTLE Analysis
3.6. COVID-19 Impact Analysis
Chapter 4. Global Medical Tourism Market by Treatment Type, 2018-2028 (USD Billion)
4.1.1. Cardiovascular Treatment
4.1.2. Cancer Treatment
4.1.3. Fertility Treatment
4.1.4. Neurological Treatment
4.1.5. Orthopedic Treatment
4.1.6. Cosmetic Treatment
4.1.7. Dental Treatment
4.1.8. Other Treatments
Chapter 5. Global Medical Tourism Market by Region, 2018-2028 (USD Billion)
5.1. North America
5.1.1. U.S.
5.1.2. Canada
5.2. Europe
5.2.1. Germany
5.2.2. UK
5.2.3. France
5.2.4. Spain
5.2.5. Rest of Europe
5.3. Asia Pacific
5.3.1. Japan
5.3.2. China
5.3.3. India
5.3.4. Rest of Asia Pacific
5.4. South America
5.4.1. Brazil
5.4.2. Mexico
5.4.3. Rest of South America
5.5. Middle East and Africa
5.5.1. GCC
5.5.2. South Africa
5.5.3. Rest of Middle East and Africa
Chapter 6. Company Profiles
6.1. Bumrungrad International Hospital
6.1.1. Overview
6.1.2. Products and Services Portfolio
6.1.3. Recent Initiatives
6.1.4. Company Financials
6.2. Asian Heart Association
6.2.1. Overview
6.2.2. Products and Services Portfolio
6.2.3. Recent Initiatives
6.2.4. Company Financials
6.3. Bangkok Hospital
6.3.1. Overview
6.3.2. Products and Services Portfolio
6.3.3. Recent Initiatives
6.3.4. Company Financials
6.4. Samitivej PCL
6.4.1. Overview
6.4.2. Products and Services Portfolio
6.4.3. Recent Initiatives
6.4.4. Company Financials
6.5. Yanhee International Hospital
6.5.1. Overview
6.5.2. Products and Services Portfolio
6.5.3. Recent Initiatives
6.5.4. Company Financials
6.6. Apollo Hospitals Enterprise Ltd.
6.6.1. Overview
6.6.2. Products and Services Portfolio
6.6.3. Recent Initiatives
6.6.4. Company Financials
6.7. Fortis Hospital
6.7.1. Overview
6.7.2. Products and Services Portfolio
6.7.3. Recent Initiatives
6.7.4. Company Financials
6.8. Artemis Hospitals
6.8.1. Overview
6.8.2. Products and Services Portfolio
6.8.3. Recent Initiatives
6.8.4. Company Financials
6.9. Mexicali Bariatric Center
6.9.1. Overview
6.9.2. Products and Services Portfolio
6.9.3. Recent Initiatives
6.9.4. Company Financials
6.10. Sunway Medical Centre
6.10.1. Overview
6.10.2. Products and Services Portfolio
6.10.3. Recent Initiatives
6.10.4. Company Financials
6.11. NTT Medical Center Tokyo
6.11.1. Overview
6.11.2. Products and Services Portfolio
6.11.3. Recent Initiatives
6.11.4. Company Financials
6.12. Singapore Vita Agency
6.12.1. Overview
6.12.2. Products and Services Portfolio
6.12.3. Recent Initiatives
6.12.4. Company Financials
6.13. Wooridul Spine Hospital
6.13.1. Overview
6.13.2. Products and Services Portfolio
6.13.3. Recent Initiatives
6.13.4. Company Financials
Chapter 7. Appendix
7.1. Primary Research Approach
7.1.1. Primary Interview Participants
7.1.2. Primary Interview Summary
7.2. Questionnaire
7.3. Related Reports
7.3.1. Published
7.3.2. Upcoming