A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Medical Tourism Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Medical Tourism Market Analysis
According to cognizance market research the Medical Tourism Market is poised to grow at a compound annual growth rate (CAGR) of 21.6% during the forecast period 2023 to 2030.
What is Medical Tourism Market?
Medical tourism can be defined as the process in which people travel abroad in order to receive medical care and treatment. In other words, medical tourism is when a patient from a particular nation travel to another nation that has good medical facilities treatment isn’t available in his or her own nation or is expensive in nature. Most commonly patients travel across nations to avail dental care, cosmetic care, fertility treatment and other serious diseases like cancer and heart related issues. Medical tourism is quite popular among global patients because of low cost of medical treatment in developing countries, which is found to be very costly in developed countries. There’s been a considerable growth in global medical tourism market owing to low-cost services and medical treatments from local governments.
Medical Tourism Market Outlook
In the Medical Tourism market report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Extrinsic factors include opportunities and challenges whereas intrinsic factors include drivers and restraints.
Growing technological advancements in the healthcare industry in terms of medical devices, surgical procedures, wearables, connected healthcare, etc have expected to grow the market to a greater extent. During the forecast period the market is expected to grow at a great pace. The primary factor responsible for market growth is the high cost of healthcare services in native countries. Some of the market’s major drivers consist of cost savings and additional benefits to visitors such as improved healthcare, cutting-edge technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care
The bariatric surgery segment will expand considerably through 2030, owing to unhealthy diet patterns and the growing number of people with sedentary lifestyles. The cosmetic surgery segment is anticipated to grow to greater extent because of the rise in the number of beauty enhancement procedures and the increasing concerns surrounding a flawless aesthetic appearance.
Segment Analysis:
The Medical Tourism Market is broadly segmented on the basis of type (Domestic and international), service ( transport, Accommodation, Hospitality and others) service provider ( Public and private), type of treatment (cosmetic treatment, dental treatment, cardiovascular treatment, orthopaedics treatment, bariatric treatment, fertility treatment, ophthalmic treatment, and other treatments) , healthcare service (Medical treatment, wellness and alternative treatment) geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). Among the above segments based on healthcare service, medical treatment segment dominated the global market owing to increased demand for medical procedures such as dental, orthopaedic, spine, cardiology, etc. In between public and private segment, the private segment dominated the global market. The cardiovascular segment holds the largest share among other segments (based on type of treatment) in the market. The bariatric and cosmetic treatment segment is expected to grow at a significant rate due to the rising prevalence of obesity among people.
Geographical Analysis:
On the basis of geography/region, the Medical Tourism market has been broadly segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among the main five geographical regions, North America dominates the medical tourism market because of better healthcare infrastructure. Asia-Pacific region is anticipated to grow at the highest growth rate in the forecast period of 2023 to 2030 because of rising price difference and better quality healthcare services in countries such as China, Japan, India.
The report offers the revenue of the Medical Tourism market for the period 2020-2030, considering 2020 & 2021 as a historical year, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Medical Tourism market for the forecast period. The Medical Tourism market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Medical Tourism market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Medical Tourism market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the Medical Tourism market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the Medical Tourism market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Medical Tourism market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Medical Tourism market. The subsequent section of the Medical Tourism report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Medical Tourism Market Competitive Landscape
The medical tourism market is slightly competitive and consists of a number of major competitors. The Medical Tourism Market competitive landscape includes an analysis of a few international as well as local companies. Healthcare companies such as Apollo Hospitals Enterprise Ltd. (India), Fortis Healthcare (India), KPJ HEALTHCARE BERHAD (Malaysia), Klinikum medical link, Nippon Telegraph and Telephone East Corporation (Japan), Asian heart institute (India), ADITYA BIRLA HEALTH SERVICES LTD. (India), Samitivej PCL (Thailand), BB Healthcare Solutions (U.K.), UZ LEUVEN (Belgium), Berkalp Co-Limited (Ireland), Bumrungrad International Hospital( Bangkok, Thailand) ,MEDIC ABROAD (U.S.), Livonta Global(India), AMERICAN MEDICAL CARE (U.S.), MEDICINE PARK UNITED KINGDOM (U.K.), Hospital Galenia, Gleneagles ( India), Centro Médico ABC (Mexico) are some of the major competitors in Medical Tourism market.
Through strategic initiatives and collaborations, these companies are constantly proposing new technologies and providing better healthcare services. For example, Fortis Healthcare, a leading healthcare provider, with over 20 hospitals, 4,000 operational beds, and 400 diagnostics centers in India, approved IHH Healthcare’s investment proposal in July 2018. This collaboration helped to strengthen its market position and provided Fortis Healthcare with new growth opportunities.
Segmentation:
Medical Tourism Market, by Type
Medical Tourism Market, by Service Providers
Medical Tourism Market, by Healthcare Service
Medical Tourism Market, by Service
Medical Tourism Market, by Treatment Type
Medical Tourism Market, by Geography
Medical tourism is the process of traveling to another country to receive medical care. It is often motivated by the desire to save money on medical costs, but it can also be driven by the desire to access higher quality care or to receive treatment that is not available in the patient’s home country.
Benefits of medical tourism include:
Risks of medical tourism include:
The most popular destinations for medical tourism include:
Here are some tips for choosing a reputable medical facility for medical tourism:
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