Medical Tourism Market Size, Share, Analysis | Forecast (2019-2024)

Medical Tourism Market - Segmented by Treatment Type (Cosmetic Treatment, Dental treatment, Cardiovascular Treatment, Orthopedics Treatment, bariatric Treatment, Fertility Treatment, Ophthalmic Treatment, Other Treatments) and Geography - Growth, Trends, and Forecast (2019 - 2024)

Medical Tourism Market is projected to grow at a CAGR of 8.5% by 2024. This report offers latest trends, growth factors, top players etc. Download full report now.

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Medical Tourism Market-1

Study Period:

2019-2024

Base year:

2018

Market concentration:

low

Fastest growing market:

Asia Pacific

Largest market:

Asia Pacific

Key Players:

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Market Overview

The global Medical Tourism market was valued at USD 16,761 million in 2018 and is expected to reach USD 27,247.6 million by 2024, registering a CAGR of 8.5%, during. The factors associated with the growth of the market include higher treatment cost in developed countries, availability of the latest medical technologies, growing compliance on international quality standards, high quality of service, health insurance portability and advertising and marketing of the medical tourism.

The cost of undergoing medical treatment in a developed country is very high. It is estimated that, although the treatments are of reliable quality, the procedures tend to be on the expensive side. Along with this, the major healthcare products are also quite extravagantly priced. This scenario places a big burden on the healthcare systems, worldwide, accompanied by the additional rising costs of litigation during recent times. Healthcare practitioners need to be aware of both the direct and indirect costs and consider how the implementation of prevention protocols may offer cost saving s in the longer term. People in the developed countries cannot afford the huge expenditure associated with medical treatments. Not all medical bills are covered by insurance companies, which makes the patients turn to countries abroad. Countries in Asia, the Middle East, and South America provide high-quality medical services at a much lower rate, compared to the developed economies. There are companies, which cater to all the medical and non-medical needs of the tourist during their travel.

Scope of the Report

As per the scope of the report, medical tourism is an improvement of the healthcare system, which provides quality medical care to people seeking treatment. Patients travel to another country for obtaining medical treatment.

By Treatment Type Cosmetic Treatment
Dental Treatment
Cardiovascular Treatment
Orthopedics Treatment
Bariatric Surgery
Fertility Treatment
Ophthalmic Treatment
Other Treatments
 

By Geography

North America United States
Canada
Mexico
Europe United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

South America Brazil
Argentina
Rest of South America

Key Market Trends

Fertility Treatments Segment Expected to Have Highest CAGR

The fertility treatments segment of the medical tourism market is believed to show the fastest growth in the forecast period. The segment is expected to grow at a CAGR of 9.7%. Fertility treatment is one of the most common treatments for which medical tourists elect to travel across international borders. Fertility tourism or reproductive tourism is one of the fastest growing areas.

About 20,000 to 25,000 couples annually seek assisted reproductive technology services abroad. An estimated 4% of European Union citizens receive treatment in other countries. The fertility treatment procedures are regulated in most European nations.

Medical Tourism-2

Asia Pacific Currently Dominates the Market

The Asia Pacific currently dominates the market for Medical Tourism and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future owing to the raised preference of the Medical Tourism across the developing nations of this region. China holds the majority of the market in the Asia Pacific region; this is due to the lower cost of the treatment in China and the better the healthcare services provided.

Medical Tourism Market-3

Competitive Landscape

The Medical Tourism market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Companies like Healthbase, Apollo Hospitals, KPJ Healthcare, and Klinikum Medical Link holds the significant market share in the Medical Tourism market.

Major Players

  1. MEDRETREAT
  2. Healthbase
  3. Apollo Hospitals
  4. KPJ Healthcare
  5. Klinikum Medical Link

* Complete list of players covered available in the table of contents below

Medical Tourism Market-4

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Table of Contents

  1. INTRODUCTION
    1. Study Deliverables
    2. Study Assumptions
    3. Scope of the Study
  2. RESEARCH METHODOLOGY
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Market Overview
    2. Introduction to Market Drivers and Restraints
    3. Market Drivers
      1. High Treatment Cost in Developed Countries
      2. Availability of Latest Medical Technologies
      3. Growing Compliance on International Quality Standards
      4. High Quality of Service
      5. Health Insurance Portability
      6. Advertising and Marketing
    4. Market Restraints
      1. Ethical Concerns
      2. Epidemic Outbreaks
      3. Issues with Patient Follow Up and Post-procedure Complications
      4. Medical Record Transfer Issues
    5. Industry Attractiveness – Porter’s Five Force Analysis
  5. MARKET SEGMENTATION
    1. By Treatment Type
      1. Cosmetic Treatment
      2. Dental Treatment
      3. Cardiovascular Treatment
      4. Orthopedics Treatment
      5. Bariatric Surgery
      6. Fertility Treatment
      7. Ophthalmic Treatment
      8. Other Treatments
    2. Geography
      1. North America
        1. United States
        2. Canada
        3. Mexico
      2. Europe
        1. France
        2. Germany
        3. United Kingdom
        4. Italy
        5. Spain
        6. Rest of Europe
      3. Asia Pacific
        1. China
        2. Japan
        3. India
        4. Australia
        5. South Korea
        6. Rest of Asia-Pacific
      4. Middle East and Africa
        1. GCC
        2. South Africa
        3. Rest of Middle East and Africa
      5. South America
        1. Brazil
        2. Argentina
        3. Rest of South America
  6. COMPETITIVE LANDSCAPE
    1. Company Profiles
      1. Medretreat
      2. Healthbase
      3. Apollo Hospitals
      4. KPJ Healthcare Behard
      5. Klinikum Medical Link
      6. Euromedical Tours
      7. BB Health Solutions
      8. Cosmedic Travel
  7. MARKET OPPORTUNITIES AND FUTURE TRENDS