November, 2018: Adroit Research launched a study titled, “Global Medical Tourism Market Size 2017 By Treatment Type (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Surgery, Fertility Treatment, Eye Surgery and General Treatment), By Region and Forecast 2018 to 2025”. The study covers the global medical tourism market value for a period ranging between 2014 to 2025, where 2014 to 2017 imply the historical value with forecast between 2018 and 2025. The global medical tourism market report also includes qualitative insights of the market such as restrains and drivers.
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The global medical tourism market size is expected to reach USD 44.26 million by 2025. Owing to ever increasing cost of medical treatment, availability of skilled labor, higher rate of chronic diseases and relaxed government policies are the major factors driving the global medical tourism market.
Malaysia, Singapore, Costa Rica, Thailand, Turkey India, and Dubai are the most popular destinations in regards to medical tourism. Availability of economic benefits related to the medical treatment, improved healthcare infrastructure and growing number of standard medical centers and hospitals have resulted in developing the medical tourism industry in the above mentioned countries over the last decade and this development is anticipated to boost the demand for the market over the forecast period.
Moreover, the global medical tourism market is benefitting not just the patients who choose to find high quality medical treatment and care at low costs by crossing national borders, but also, the hospitals which are expanding more than ever, insurers who are finding new markets and medical professionals who are finding more and better opportunities. It is a growing sector across the globe. Apart from the financial benefit, patients have the best possible outcomes for their medical conditions.
The low cost of treatment and post treatment services are the major factor due to which the demand for medical tourism market size is growing. For instance, majority of the patients from United States travel abroad for different types of treatments such as dental treatment, cosmetic treatment, orthopedics treatment and cardiovascular treatment. The cost for the treatment is also low and the patient who travels can save around 25% – 80%. Growing demand for minimally invasive surgeries and the number of geriatric patient has resulted in these patients traveling abroad for medical treatments as well as vacations for recuperating.
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A range of packages are being offered by the hospitals such as spas, post-operative care and other wellness program. The easy availability of healthcare professionals through online consultation and also availability of translators in the hospitals to overcome the language barrier by the patients is fueling the growth in the medical tourism industry. Not all the medical bills are covered by the insurance companies, which makes the patients turn to countries abroad. Countries in Asia, Middle East & Latin America provide high quality medical services at a much lower rate, compared to the developed economies. There are companies, which cater to all-round needs of a medical tourist during their travel.
Advancement in technologies has caused a tremendous growth in the global medical tourism industry. EHR (Electronic Health Records), Mhealth, Telemedicine, Medical data banks are providing an additional push to the growth of the medical tourism industry. Additionally, the health care data has been increasing day by day. Governments have been promoting the development of healthcare databases which will help the doctors on real time basis. Doctors can also go through the patient’s data and can advise patients. Government as well as the hospital portals are highlighting the availability of various travel options, cheaper insurance and costs of treatment, preparatory aspects, and tariff options required before travelling to the country to ease the journey of inbound medical patients.
The key players in medical tourism industry that are majorly promoting and increasing the demand for the market are Apollo hospitals Enterprise limited, Bangkok Hospital Medical Centre, Asian heart Institute, Bumrungrad International Hospital, Fortis healthcare Ltd., Min-Sheng General Hospital, Raffles Medical Group, KPJ Healthcare Berhad, Samitivej Sukhumvit Hospital and Prince Court Medical Centre.
Key segments of the global medical tourism market
Type of treatment, 2015 – 2025 (USD Million)
Regional Overview, 2015 – 2025 (USD Million)
Central & South America
Middle East & Africa
Key players analysed
- Apollo hospitals Enterprise limited
- Bangkok Hospital Medical Centre
- Asian heart Institute
- Bumrungrad International Hospital
- Fortis healthcare Ltd.
- Min-Sheng General Hospital
- Raffles Medical Group
- KPJ Healthcare Berhad
- Samitivej Sukhumvit Hospital
- Prince Court Medical Centre
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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