- Report ID: BMRC 1072 | Number of pages: 200 | Publish Date: Apr 2020
Status: Published | Category: Healthcare | Delivery Timeline:
Global Medical Tourism Market is valued at USD 82.27 Billion in 2017 and expected to reach USD 274.37 Billion by 2027 with a CAGR of 12.8% over the forecast period.
Global Tourism Medical Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Presence of developed healthcare infrastructure along with affordability and accessibility of high quality healthcare services are key driving factors for the growth of Global Tourism Medical Market. Rising availability of high medical quality of cardiovascular surgery, cosmetic and dental surgery is one of the key factors which drive the growth of medical tourism market.
Medical Tourism can be defines as the organized travel across international borders for medical treatment which may not be available in the travelers native country. The movement is usually seen from developing countries to highly developed countries having best medical infrastructure. It holds certain benefits which drive the market like giving instant medical care with less waiting time. Since, cost is the crucial factor in deciding the medical treatments; people are ready to get the best quality treatments in medical tourism destination and ready to pay travelling and accommodation charges. Another important factor medical tourism expects is qualified workforce. As most of the developed countries are leading contributors in providing experienced doctors, they are the best health tourism destinations. Most of the treatments opted by the patients in this market are cancer treatment, cardiac surgery, cosmetic surgery and others.
Global Medical Tourism Market report is segmented on the basis of treatment type and region & country level. Based upon medical treatment type, global medical tourism market is classified into organ transplantation, cardiac surgery, cosmetic surgery, dentistry, orthopedic surgery and others.
The regions covered in this Global Medical Tourism Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Medical Tourism is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Some major key players for Global Medical Tourism Market are Aditya Birla Health Services Ltd, Apollo Hospitals Enterprise Limited, Asian Heart Institute & Research Centre Pvt Ltd, Barbados Fertility Centre, BB Healthcare Solutions Ltd, Fortis Healthcare Ltd, Healthbase, KPJ Healthcare Berhad, Prince Court Medical Centre Sdn Bhd, Seoul National University Hospital and others.
News: Doctors Care Anywhere to grow beyond UK
December 31st, 2020; Healthcare Markets reported that Doctor Care Anywhere provided by UK Virtual GP has raised £55.7M. It helped to fund the UK and to expand internationally. Also majority of the funds will be used in new services like mental health service which is due to be launched in 2021 in UK. Over the past few months digital health provider has increased its efforts in international expansion.
Availability of minimally invasive surgical procedures, dental surgery is expected to drive the market growth in the forecast period. Majority of the people arelooking for cosmetic surgeries travel abroad so as to avail high-quality cosmetic treatment but at 50% lesser cost, thereby driving industry growth across the forecast period.An estimated 17.9 million people died from cardiovascular disease in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. Oral diseases pose a major health burden for many countries and affect people throughout their lifetime, causing pain, discomfort, defect and even death. Oral disease affects 3.9 billion people worldwide. This increasing cardiovascular and oral disease leads to availability of high medical quality of cardiovascular surgery and dental surgery. Infection outbreaks during or after travel and Post-operative care quality can decrease is the factor which hampers the growth of medical tourism market. Increasing number of private hospitals, improvements in overall healthcare infrastructure and cheaper treatment costs are responsible for the growth of medical tourism market.
The major factor driving the growth of global medical tourism market is developing healthcare infrastructure and high quality healthcare services. Moreover, technological advancement such as Cloud computing, Mobile Technology, Web 2.0, Internet of Things (IOT) are the major contributors in the medical industry. Technology reduced the long waiting times for certain procedures like dental surgeries, cardiovascular surgery and cosmetic surgery. These procedures cost a fraction of price in medical tourism destination than other countries. For example, Orthopedic Surgery in USA may cost US $ 25000 which would generally cost about US $ 4900 in India. Medical Tourism has given rise to Circumvention Tourism. It is due to the accessing of some medical services that are illegal in home country but legal in destination countries. This tourism is highly popular in Europe due to restrictive abortion laws. By National Health Service, it was estimated that around 7000 women travelled to UK from Poland for these free services. This industry also holds some risks like various medical policies, health insurance, post-operative care and more which are considered to be the restraining factors. On the other hand, favorable international reimbursement polices along with stable political conditions are likely to create ample opportunities in the medical tourism market.
The global Medical Tourism market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is expected to dominate the global medical tourism market within the forecast period attributed to the developing healthcare infrastructure and development of technology in this region. Furthermore, availability of high quality care along with low cost of treatment and inexpensive travel in the region. For example; World Health Organization (WHO); reported in 2016 about the number of tourists travelling to Thailand because of high class hospitality, high intensive care with service packages. Europe is expected to account for second largest market share owing to the presence of developed healthcare infrastructure for specialized treatment such as cancer, cardiovascular disorders at relatively affordable rates as compared to America.
Key Benefits for Global Medical Tourism Market Report:
By Treatment Type:
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Medical Tourism Market Size By Treatment Type (Organ transplantation, Cardiac surgery, Cosmetic surgery, Dentistry, Orthopedic surgery, Others) Other Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027