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Global Medical Tourism Market - Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025

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  • 87 Pages
  • April 2019
  • Region: Global
  • IHR Insights
  • ID: 4770644
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The author's market research report predicts that the “Global Medical Tourism Market” will grow at a CAGR of 16.1% during the forecast period 2019–2025. The global medical tourism market witnessed flat growth in the past few years but sustained due to the high cost of medical treatment in developed countries such as US and UK in fact, most of the outbound medical tourists are from North America and Europe.

The industry-specific parameters that are driving the global medical tourism market are primarily the increasing healthcare related costs in the patient’s country of origin, lack of insurance and healthcare coverage, lower cost of medical treatment in destination countries, availability of highly trained, skilled, and qualified specialists in the countries providing services, and increasing costs of long-term care in developed countries.

With respect to mega trends or macro factors fueling the growth of the global medical tourism market are the population growth, urbanization, and easy access to popular medical tourism destinations.

The certified and accredited infrastructure to provide the products and services related to the medical tourism industry is increasing rapidly in the regions (such as LATAM and Asia Pacific) providing services to the medical tourists.

Though more support from government agencies and organizations and strategic marketing initiatives are needed to grow medical tourism in the developing countries. Industry partnerships with global medical travel agents, logistic suppliers, hotels, and hospitals have facilitated in offering packaged facilities. For example, Apollo has collaborated with American International Medical University (AIMU) for emerging medical tourism plans in the regions like the Bahamas and St Lucia.

While looking for a favourable medical destination most of the medical tourists virtually visit several JCI-accredited hospitals providing amenities and exceptional atmosphere for treatment and healing period after a lengthy period of enduring surgical procedures. The growth of the elderly population is also one of the major factors driving the medical tourism market because of the need for high-quality long-term care. The growing lifestyle-related disorders and incidence of cancers are increasing rapidly globally, with high treatment costs cancer treatment is also driving the growth of medical tourism globally.

Telemedicine is also increasingly used in facilitating medical tourism. As the various technology barricades have wrecked down, patients and medical staff can discuss data and apprehensions previously and subsequently after surgery.

By Therapeutic Class:

  • Dentistry
  • Cosmetic
  • Cardiovascular
  • Orthopaedic
  • In vitro Fertilization
  • Oncology
  • Others

The cosmetic segment occupied the largest share in 2018. Over 21 million cosmetic surgeries are being performed every year across the world. Breast augmentation followed by liposuction are the two major cosmetic surgeries performed across the globe.

By Region:

  • North America
  • Europe
  • APAC
  • RoW

Asia Pacific is dominant in the global medical tourism market in 2018. The significant share of the Asia Pacific region comes from India, Thailand, Singapore, and Malaysia due to the availability of quality healthcare facilities at a comparatively less cost.

Medical Tourism Market Research Competitive Analysis
Countries like India, Thailand, and Singapore in the APAC region are at the forefront of the market. Not to be left behind other nations of Asia such as Malaysia and Philippines, the South American and Eastern European countries are also emerging as favourable medical tourism destinations particularly for near shore countries and base locations with shorter journey time. Another substantial reason for medical tourism is the accessibility to the most recent and technologically radical procedures of treatment. For example, the method of Cyberknife robotic surgery used for diagnosis and the treatment of various cancer types. Tomotherapy, the newest radiotherapy apparatus which is currently present in very few state-of-the-art facilities hospitals in South Korea, which is an evolving centre for medical tourism.

Key Vendors:

  • Apollo Hospitals Enterprise Limited
  • Asian Heart Institute
  • Fortis Healthcare Limited
  • KPJ Healthcare Berhad
  • Bumrungrad International Hospital

Key Competitive Facts

  • Bumrungrad International Hospital in Thailand and Apollo Hospitals Enterprise Ltd. in India are the top hospitals
  • Focus is on the swift implementation and distribution of technical innovation which is helping the countries to provide better care
  • In 2017 around 2.4 million individuals visited Thailand to seek medical care due to the low cost and decent quality of the medical facilities

This report meets the expectations of reliable data on global medical tourism. The report provides complete details about the sub-segments of the medical tourism market. Through this report, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the disease-burden management in the upcoming years along with details of the existing pure-play companies and new players entering the market.

Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.

Key Takeaways:

  • Understanding the potential market opportunity with precise market size and forecast data
  • A detailed market analysis focusing on the growth of the medical tourism industry
  • Factors influencing the growth of the medical tourism market
  • In-depth competitive analysis of dominant and pure-play vendors
  • Prediction analysis of the medical tourism market in both developed and developing regions
  • Key insights related to major segments of the medical tourism market
  • Latest market trend analysis impacting the buying behaviour of the consumers

Table of Contents

1 Industry Outlook
1.1 Industry Overview
1.2 Total Addressable Market
2 Report Outline
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 Market Snapshot
3.1 Market Definition
3.2 Segmented Addressable Market (SAM)
3.3 Industry Trends
3.4 Related Markets
3.4.1 Hospital Services Market
4 Market Outlook
4.1 Destination Ranking
4.2 Market Segmentation
4.3 Porter 5 (Five) Forces
5 Market Characteristics
5.1 Evolution
5.2 Market Dynamics
5.2.1 Drivers High cost of medical treatment in developed countries Insurance business Long waiting list in countries like US and UK
5.2.2 Restraints Complications epidemic outbreak Medical record transfer issues and post-procedure complications
5.2.3 Opportunities Support from government agencies and organizations Strategic marketing
5.2.4 DRO – Impact Analysis
5.3 Key Stakeholders
6 Therapeutic Area: Market Size and Analysis
6.1 Overview
6.2 Dental
6.3 Cosmetic
6.4 Cardiovascular
6.5 Orthopedic
6.6 In vitro Fertilization
6.7 Oncology
6.8 Others
7 Regions: Market Size and Analysis
7.1 Overview
7.2 North America
7.2.1 Overview
7.2.2 US
7.2.3 Canada
7.3 Europe
7.3.1 Overview
7.3.2 UK
7.3.3 Germany
7.3.4 Turkey
7.3.5 Italy
7.4 Asia Pacific
7.4.1 Overview
7.4.2 India
7.4.3 Thailand
7.4.4 South Korea
7.4.5 Singapore
7.4.6 Malaysia
7.5 Rest of The World
7.5.1 Overview
7.5.2 Mexico
7.5.3 Brazil
7.5.4 Middle East
7.5.5 Africa
8 Competitive Landscape
9 Vendors Profile
9.1 Apollo Hospitals Enterprise Limited
9.1.1 Overview
9.1.2 Business Units
9.1.3 Business Focus
9.1.4 SWOT Analysis
9.1.5 Business Strategies
9.2 Fortis Healthcare Limited
9.2.1 Overview
9.2.2 Business Units
9.2.3 Geographic Revenue
9.2.4 Business Focus
9.2.5 SWOT Analysis
9.2.6 Business Strategies
9.3 Asian Heart Institute
9.3.1 Overview
9.3.2 Business Focus
9.3.3 SWOT Analysis
9.3.4 Business Strategies
9.4 KPJ Healthcare Berhad
9.4.1 Overview
9.4.2 Business Focus
9.4.3 SWOT Analysis
9.4.4 Business Strategies
9.5 Bumrungrad Hospital Public Company Limited
9.5.1 Overview
9.5.2 Business Units
9.5.3 Business Focus
9.5.4 SWOT Analysis
9.5.5 Business Strategies
10 Companies to Watch for
10.1 Prince Court Medical Centre
10.1.1 Overview
10.2 Seoul National University Hospital
10.2.1 Overview
10.3 Clemenceau Medical Center (CMC)
10.3.1 Overview
10.4 Samitivej PLC
10.4.1 Overview
10.5 Bangkok Chain Hospital PLC
10.5.1 Overview
List of Tables
Table 1 TheMost Popular Countries
Table 2 Medical Tourism Market Revenue, by Product Type, 2018–2025 ($Million)
Table 3 Medical Tourism Market Revenue, by Region, 2018–2025 ($Million)
Table 4 Leading Hospital Players in India
Table 5 Apollo Hospitals Enterprise Limited: Recent Developments
Table 6 Fortis Healthcare Limited: Recent Developments
Table 7 Asian Heart Institute and Research Centre Private Limited: Recent Developments
Table 8 KPJ Healthcare Berhad: Recent Developments
Table 9 Bumrungrad Hospital Public Company Limited: Recent Developments
Table 10 Prince Court Medical Centre: Snapshot
Table 11 Prince Court Medical Centre: Recent Developments
Table 12 Seoul National University Hospital: Snapshot
Table 13 Seoul National University Hospital: Recent Developments
Table 14 Clemenceau Medical Center.: Overview
Table 15 Clemenceau Medical Center: Recent Developments
Table 16 Samitivej Plc: Overview
Table 17 Samitivej Plc.: Recent Developments
Table 18 Bangkok Chain Hospital Plc: Snapshot
Table 19 Bangkok Chain Hospital Plc: Recent Developments
List of Charts
Chart 1 International Tourism Expenditure in 2017 ($Billion)
Chart 2 2019 Outlook of Tourism Market
Chart 3 Research Methodology of Global Medical Tourism Market
Chart 4 Medical Tourism Market Revenue, 2018–2025 ($Million)
Chart 5 Medical Tourism Market Segmentation
Chart 6 Porters 5 Forces on Medical Tourism Market
Chart 8 Market Dynamics – Drivers, Restraints & Opportunities
Chart 9 DRO - Impact Analysis of Medical Tourism Market
Chart 10 Key Stakeholders of Medical Tourism Market
Chart 11 Medical Tourism Market Segment Revenue, by Types, 2018 Vs 2025 ($Million)
Chart 12 Cost Comparison of Dental Implants Across The Globe
Chart 13 Dental Medical Tourism Market Revenue, by Types, 2018–2025 ($Million)
Chart 14 Cost Comparison of Cosmetic Across The Globe
Chart 15 Cosmetic Medical Tourism Market Revenue, by Types, 2018–2025 ($Million)
Chart 16 Cost Comparison of Cardiovascular Across The Globe
Chart 17 Cardiovascular Disease Medical Tourism Market Revenue, by Types, 2018–2025 ($Million)
Chart 18 Orthopedic Medical Tourism Market Revenue, by Types, 2018–2025 ($Million)
Chart 19 Cost Comparison of IVF Procedures
Chart 20 In vitro Fertilization Medical Tourism Market Revenue, by Therapeutic Area 2018–2025 ($Million)
Chart 21 Oncology Medical Tourism Market Revenue, by Therapeutic Areas 2018–2025 ($Million)
Chart 22 Other Medical Tourism Market Revenue, by Therapeutic Areas 2018–2025 ($Million)
Chart 23 Popular Medical Tourism Treatments (Therapeutic, Wellness and Alternative Medicine)
Chart 24 Medical Tourism Market by Regional Segmentation, 2018 Vs 2025 ($Million)
Chart 25 Medical Tourism Market Revenue in North America, 2018–2025 ($Million)
Chart 26 Medical Tourism Market Revenue in Europe, 2018–2025 ($Million)
Chart 27 Cumulative Foreign Tourist Arrivals on Medical Visa to India 2014-17
Chart 28 Percentage of Eye Surgery Patients Travelled to India
Chart 29 Historic View of Medical Tour Patient Number in Korea
Chart 30 Medical Tourism Market Revenue in Asia Pacific, 2018–2025 ($Million)
Chart 31 Medical Tourism Revenue in Rest of The World, 2018–2025 ($Million)
Chart 32 Apollo Hospitals Enterprise Limited: Business Snapshot
Chart 33 Apollo Hospitals Enterprise Limited: Overview Snapshot
Chart 34 Apollo Hospitals Enterprise Limited: Business Units
Chart 35 Apollo Hospitals Enterprise Limited: SWOT Analysis
Chart 36 Fortis Healthcare Limited: Business Snapshot
Chart 37 Fortis Healthcare Limited: Overview Snapshot
Chart 38 Fortis Healthcare Limited: Business Units
Chart 39 Fortis Healthcare Limited: Geographic Revenue
Chart 40 Fortis Healthcare Limited: SWOT Analysis
Chart 41 Asian Heart Institute: Business Snapshot
Chart 42 Asian Heart Institute and Research Centre Private Limited: SWOT Analysis
Chart 43 KPJ Healthcare Berhad: Business Snapshot
Chart 44 KPJ Healthcare Berhad: Overview Snapshot
Chart 45 KPJ Healthcare Berhad: SWOT Analysis
Chart 46 Bumrungrad Hospital Public Company Limited: Business Snapshot
Chart 47 Bumrungrad Hospital Public Company Limited: Overview Snapshot
Chart 48 Bumrungrad Hospital Public Company Limited: Business Units
Chart 49 Bumrungrad Hospital Public Company Limited: SWOT Analysis

Companies Mentioned

  • American International Medical University
  • Apollo Hospitals Enterprise Limited
  • Asian Heart Institute
  • Bangkok Chain Hospital Plc
  • Bumrungrad Hospital Public Company Limited
  • Clemenceau Medical Center (CMC)
  • Fortis Healthcare Limited
  • KPJ Healthcare Berhad
  • Prince Court Medical Centre
  • Samitivej Plc
  • Seoul National University Hospital