Orbis Research’s Inclusive Report Global Medical Tourism Market Growth, Trends and Forecast (2017-2022) has been prepared based on an in-depth market analysis with inputs from industry experts.
The Global Medical Tourism Market accounts for about $XX billion in 2014 and it is anticipated to reach a market value of $XX billion by the end of 2020 at a CAGR of XX% during the forecast period of 2016 to 2022.
Medical tourism which means to travel to another country for the purpose of obtaining medical treatment, is a high-growth industry driven by globalization and rising healthcare costs in developed countries. A study shows that, in US about 750,000 residents travel abroad for care each year. A range of governments across the globe have taken up various initiatives to stimulate and improve the medical tourism in the respective country in order to improve patient quality care and also help expand the market. Many countries could see significant economic development potential in the emergent field of medical tourism. Cosmetic surgery, dental care, elective surgery, fertility treatments, cardiovascular surgery and genetic disorder treatments are the most preferred forms in this sector.
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The global market for Medical tourism industry is segmented based on treatment type (cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, eye surgery and general treatment) and geographical regions. Cosmetic treatments hold the largest market share as cosmetic surgeries are not covered by insurance.
Latin America is one of the leading regions for medical travel with Mexico having the highest demand for medical tourism. Europe takes the place next. In India, medical tourism is a growing sector. As short term goal the Indian market is expected to experience an annual growth rate of 30%, making it a $2 billion industry by 2015 and continue to grow at same CAGR by 2020. Thailand and Malaysia are also becoming strong with their growth in the global medical tourism market followed by Korea.
The key players in the global medical tourism market are Bangkok Hospital Medical Center, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Fortis Healthcare Ltd., Min-Sheng General Hospital, Raffles Medical Group, Prince Court Medical Center, KPJ Healthcare Berhad, and Samitivej Sukhumvit.
High cost of medical treatment in developed countries and availability of those treatments at low prices in other countries has fueled the development of medical tourism. In addition, the availability of latest medical technologies and a growing compliance on international quality standards drive this market. The use of English as main working language that solves the problem of communication and patient satisfaction also adds to the growth of this market. Health insurance portability, advertising and marketing helps medical tourism industry to grow at fast rate.
The major factor constraining this market is that not all medical tourism is treatment on the cheap. Further to this infection outbreaks during or after travel is another factor hindering growth. Issues in following up with the patients before returning to their own country, medical record transfer issues are the other factors restraining the growth of the tourism industry.
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What the report offers?
1) Market Definition for the specified topic along with identification of key drivers and restraints for the market.
2) Market analysis for the Global Medical Tourism Market in Healthcare Industry, with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
5)Identification and analysis of the Macro and Micro factors that affect the Global Medical Tourism Market in Healthcare Industry on both global and regional scale.
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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