Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Tourism market.
Trusted Business Insights presents an updated and Latest Study on Medical Tourism Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Tourism market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Medical Tourism Market
Industry / Sector Trends
Medical Tourism Market size was valued at USD 19 billion in 2018 and is expected to witness more than 6.5% CAGR from 2021 to 2026.
Canada Medical Tourism Market Size, By Application, 2018 & 2025 (USD Million)
Growing compliance towards international standards of medical treatments will be the major growth driving factor for medical tourism market. Various organizations such as the Global Healthcare Accreditation (GHA) and the Joint Commission International (JCI) provide accreditations to hospitals and medical centers after stringent quality check to provide highly efficient treatment to foreign patients. Various local and international organizations are formulated for maintaining and implementing high quality of medical procedure, thereby propelling industry growth throughout the forecast timeframe.
Ease and affordability of international travel to avail medical services will boost industry growth in the future. Various packages and discounts offered by airline and traveling companies to medical patients will increase the number of international travellers. Favorable exchange rates and economical prices coupled with better hospitality services provided by the health tourism destination will further add to the affordability, thereby boosting the growth of medical travel industry.
Availability of high medical quality of cardiovascular surgery, cosmetic surgery, orthopedic and dental surgery is one of the key factor that will drive the market. For instance, the success rate of cardiovascular surgeries in India is 98% that is among the highest success rate achievable in any developing country. As more sophisticated and effective quality medical procedures are being offered in developing countries at minimal cost, the demand for medical treatments among patients in foreign countries will increase in the future.
However, long waiting time for availing rare medical treatment in foreign countries will hinder the market growth. Furthermore, chances of development of post-surgery complications coupled with limited chance of follow-up will further hamper industry growth in the future.
Market Segmentation, Outlook & Regional Insights: Medical Tourism Market
Medical Tourism Market, By Application
India Medical Tourism Market Size, By Application, 2018 (USD Million)
Cardiovascular surgery segment will witness robust growth of 7.0% from 2021 to 2026 owing to increasing prevalence of coronary artery diseases. For instance, as per the American Heart Association (AHA) estimates in 2017, about 90 million people in U.S. were diagnosed with cardiovascular disease (CVD). Lack of physical exercise, adoption of sedentary lifestyle along with sub-optimal diet are the major reasons for high CVD prevalence. Moreover, availability of high-quality cardiac surgeries at low cost in developing economies will be the major factors for boosting medical travel to avail cardiovascular surgeries in the future.
Bariatric surgery accounted for USD 2.4 billion in 2018 and will show significant growth rate in the future due to high prevalence of obesity. For instance, as per the World Health organization (WHO) estimates, in 2016, about 39% of people aged above 18 years had body mass index (BMI) of more than 25. Increasing number of obesity cases across the globe will positively impact medical travel for availing bariatric surgeries in developed countries. The cost of bariatric surgeries is 50% less in developing economies along with provisions for advanced bariatric surgical procedures, thus boosting industry growth.
Medical Tourism Market, By Region
Asia Pacific Medical Tourism Market Size, By Country, 2025 (USD Million)
Asia Pacific market accounted for revenue of USD 4.8 billion in 2018. Increasing preference of medical tourists towards developing countries such as Thailand, India, Malaysia is attributed to availability of advanced medical treatments at significantly lower cost compared to developed regions. Furthermore, various government initiatives to encourage medical travel will significantly boost regional growth in the future. Presence of multi-specialty hospitals that provide technologically advanced therapies will play a pivotal role in augmenting industry growth.
Latin America medical tourism market is forecasted to expand at 7.3% CAGR during the analysis period. Various measures undertaken by the governments of developing countries such as Mexico and Colombia to improve healthcare infrastructure will significantly drive regional growth. Moreover, high unmet medical needs in developed nations of North America due to cost along with growing demand for cost-effective treatment will drive Latin American market.
Key Players, Recent Developments & Sector Viewpoints: Medical Tourism Market
Key industry participants in medical tourism market are Asklepios Kliniken GmbH, KPJ Healthcare Berhad, Apollo Hospitals, Fortis Healthcare and Bumrungrad International Hospital. These hospitals adopt strategies such as marketing, geographic and business expansion to expand market share in medical tourism industry.
Recent industry developments:
In May 2019, Apollo Hospitals announced launch of holistic department for women and child care in Karnataka state that is equipped with 43 ICU beds and 4 neonatal ICU beds. This strategy will enable the company to expand its service offerings to large customer base.
In December 2018, SRCC Childrens Hospital (operating under Narayana Health) established its Bone Marrow Transplant (BMT Unit). This facility enabled Narayana Health to provide bone marrow transplants to Indian and international patients, thus broadening its customer base.
Medical Tourism Industry Viewpoint
Medical tourism was initiated in the late 20th century and got significant importance in the 21st century. Patients from various developed countries are preferring treatment options in developing countries of Latin America and Asia Pacific region due to availability of low cost and high-quality treatment options. Countries such as Thailand, India, Costa Rica, and Mexico attract medical tourists for treatment purposes. Various international organizations such as Joint Commission International (JCI) and Global Healthcare Accreditation (GHA) conduct regular quality checks and stringent controls for safeguarding treatment offered to various medical travellers. With growing awareness and promotion of medical travel, the market is poised to show significant growth in the future
Key Insights Covered: Exhaustive Medical Tourism Market
1. Market size (sales, revenue and growth rate) of Medical Tourism industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Medical Tourism industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Medical Tourism industry.
4. Market size (sales, revenue) forecast by regions and countries from 2021 to 2026 of Medical Tourism industry.
Research Methodology: Medical Tourism Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
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