Market Synopsis of the Global Medical Tourism Market
Market Scenario 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.
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.
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Key Players in the Global Medical Tourism Market
Some of the key players in this market are Asklepios Kliniken Verwaltungsgesellschaft mbH (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.
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.
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- Multinational Companies
- Contract Research Organizations (CROs)
- Research and Development (R&D) Companies
- Government Research Laboratories
- Independent Research Laboratories
- Government and Independent Regulatory Authorities
- Market Research and Consulting Service Providers
- 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.
Detailed Table of Contents:
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
4.1 Porter’s Five Forces Model
4.1.1 Bargaining Power Of Suppliers
4.1.2 Bargaining Power Of Customer
4.1.3 Intensity Of Competitor’s
4.1.4 Threat Of New Entrants
5 GLOBAL MEDICAL TOURISM MARKET, BY TREATMENT
5.1.1 Cosmetic Surgery
5.1.3 Cardiology/Cardiac Surgery
5.1.4 Orthopaedic Surgery
Regional Analysis of Global Medical Tourism Market
As the patients are getting more familiar with the idea of seeking healthcare services overseas, this market is spurring at the rapid pace. Asia Pacific dominates this market followed by the Americas. Asia Pacific is home to many emerging economies of the world. The Asia Pacific region accounted for the largest share of the global medical tourism market, which had a lion share of 43.7% in 2016. This growth was attributed to heavy investment in infrastructure development, rising economy, technology up gradation, low cost and quality medical services, and government initiative to promote medical tourism in this region.
America holds the second position in the medical tourism, which is followed by Europe. Central and South American countries such as Mexico, Costa Rica, and Brazil are some of the most popular destinations for Americans and Canadians.
The American medical tourism market is expected to grow till USD 102,496.8 million at a CAGR of 22% by end of the 2023.
Europe is the growing market for the medical tourism. Since people from Western Europe are traveling to America to seek cost-effective treatments, which has relaxed the growth of the market.
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