Medical Tourism

Medical Tourism Market Size To Touch US$ 286.1 Billion By 2030 Medical Tourism Market Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 - 2030

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As per the experts, the medical tourism market is predicted to record a growth rate of 10.8% from 2021-2030 and is projected to reach US$ 286.1 billion by 2030.

The study provides the overall revenue of the global medical tourism market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year.

The global medical tourism market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the medical tourism industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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The global medical tourism market is primarily driven by the increased demand for the cheap treatment for various chronic diseases available in the developing countries. Sometimes, the treatment of certain diseases are quite expensive in the home country, therefore, in order to obtain cheap and advanced treatments people opt for visiting foreign countries. The rising burden of diseases among the global population and increased affordability of various latest therapies is fostering the growth of the medical tourism market. Globalization is an essential aspect of the medical tourism industry. Globalization resulted in the free flow of medical technologies, health professionals, patients, medicines, and capital funds which constitutes the development of the medical tourism industry. The rising government investments in the development of tourism infrastructure and building strong and advanced healthcare facilities are significantly propelling the growth of the global medical tourism market.

The rising prevalence of chronic diseases and availability of various treatments related to fertility, cancer, cardiovascular health, and orthopedics is augmenting the demand for the medical tourism market. The medical tourism market is dominantly affected by various factors such as climate, geo-political relations between countries, political stability, and local regulations. Favorable government policies related to VISA and other permits plays a crucial role in the growth of the market.

Scope of the Medical Tourism Market

Report Coverage Details
Market Size in 2020 USD 102.6 Billion
Growth Rate From 2021 to 2030 CAGR 10.8%
Fastest Growing Market Europe
Largest Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Companies Covered Samitivej PCL, Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, Fortis Healthcare Limited, Prince Court Medical Centre, Aditya Birla Memorial Hospital, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, Wooridul Spine Hospital

Based on region, Asia Pacific is the dominating and the fastest-growing market in the global tourism market. This can be attributed to the availability of cheap air transport and availability of specialized, advanced, and affordable treatments of various chronic diseases. Furthermore, the availability of cheap cosmetic surgery and cosmetic treatment facilities is boosting the growth of the medical tourism in this region. Cosmetics treatment is not covered in the healthcare policies and hence, people are increasingly preferring Asia Pacific for the availability of cheap cosmetic treatments. Further, the increasing government initiatives to promote tourism in the region coupled with the rising investments for the development of sophisticated healthcare infrastructure is expected to contribute exponentially towards the market growth in the forthcoming years. The countries such as Thailand, Singapore, India, and China are the major destinations for the medical tourists owing to the availability of advanced medical technologies at affordable prices. The rising burden of diseases in the developed regions like North America and Europe is attracting medical tourists in the Asia Pacific region.

The medial tourism market is highly dependent of the foreign policies, regulations, and geo-political relations between countries that may have a negative impact on the growth of the medical tourism market. Further, the availability of advanced treatment at higher costs in the regions like Europe and North America may hinder the market growth during the forecast period.

The rapid development of various new technologies and increasing investments in the research activities to develop improved and effective medicines and medical devices is expected to present a huge growth opportunity for the market players in the foreseeable future. For instance, the development of targeted therapy, gene-targeted therapy, laser treatment, and various other advanced treatments are the major growth drivers of the global medical treatment market.

The recent outbreak of the COVID-19 pandemic has negatively affected the medical tourism market. Almost all the countries on this planet sealed their borders and shut down their destinations for the tourists. Most of the scheduled medical tourism were postponed or delayed for an indefinite time period. Further, disruptions in the supply chain resulted in the shortages of medicines and medical devices owing to the lack of raw materials. Hence, such pandemics may have a devastating effect on the market in the forthcoming years.

Based on the type, the cancer segment dominated the global medical tourism market. This is simply attributed to the huge demand for the cancer treatment at cheaper costs. Furthermore, the prevalence of cancer is on the rise among the global population.According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. Prevalence of breast cancer in the female population is surging, accounting for around 11.7% of the new cancer cases followed by the lungs cancer that accounted for 11.4% and colorectal cancer accounted for 10.0% in 2020. Hence, the availability of advanced treatment for cancer is expected to drive the segment growth and is estimated to retain its dominance throughout the forecast period.

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global medical tourism market are as follows:

  • Aditya Birla Memorial Hospital,
  • Apollo Hospitals Enterprise
  • Asian Heart Institute
  • Barbados Fertility Center
  • Fortis Healthcare Limited
  • KPJ Healthcare Berhad
  • NTT Medical Center Tokyo
  • Prince Court Medical Centre
  • Samitivej PCL
  • Seoul National University Hospital
  • Wooridul Spine Hospital

Segments Covered in the Report

By Treatment Type

  • Dental Treatment
  • Cardiovascular Treatment
  • Cancer Treatment
  • Cosmetic Treatment
  • Orthopedic Treatment
  • Fertility Treatment
  • Neurological Treatment
  • Other

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the medical tourism market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Why should you invest in this report?

If you are aiming to enter the global medical tourism market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for medical tourism are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Medical Tourism Market 

5.1. COVID-19 Landscape: Medical Tourism Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Medical Tourism Market, By Product

8.1. Medical Tourism Market, by Product Type, 2020-2027

8.1.1. Dental Treatment

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Cardiovascular Treatment

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. Cancer Treatment

8.1.3.1. Market Revenue and Forecast (2019-2030)

8.1.4. Cosmetic Treatment

8.1.4.1. Market Revenue and Forecast (2019-2030)

8.1.5. Orthopedic Treatment

8.1.5.1. Market Revenue and Forecast (2019-2030)

8.1.6. Fertility Treatment

8.1.6.1. Market Revenue and Forecast (2019-2030)

8.1.7. Neurological Treatment

8.1.7.1. Market Revenue and Forecast (2019-2030)

8.1.8. Others

8.1.8.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Medical Tourism Market, Regional Estimates and Trend Forecast

9.1. North America

9.1.1. Market Revenue and Forecast, by Product (2019-2030)

9.1.2. U.S.

9.1.3. Rest of North America

9.1.3.1. Market Revenue and Forecast, by Product (2019-2030)

9.2. Europe

9.2.1. Market Revenue and Forecast, by Product (2019-2030)

9.2.2. UK

9.2.2.1. Market Revenue and Forecast, by Product (2019-2030)

9.2.3. France

9.2.3.1. Market Revenue and Forecast, by Product (2019-2030)

9.2.4. Rest of Europe

9.2.4.1. Market Revenue and Forecast, by Product (2019-2030)

9.3. APAC

9.3.1. Market Revenue and Forecast, by Product (2019-2030)

9.3.2. India

9.3.2.1. Market Revenue and Forecast, by Product (2019-2030)

9.3.3. China

9.3.3.1. Market Revenue and Forecast, by Product (2019-2030)

9.3.4. Japan

9.3.4.1. Market Revenue and Forecast, by Product (2019-2030)

9.3.5. Rest of APAC

9.3.5.1. Market Revenue and Forecast, by Product (2019-2030)

9.4. MEA

9.4.1. Market Revenue and Forecast, by Product (2019-2030)

9.4.2. GCC

9.4.2.1. Market Revenue and Forecast, by Product (2019-2030)

9.4.3. North Africa

9.4.3.1. Market Revenue and Forecast, by Product (2019-2030)

9.4.4. South Africa

9.4.4.1. Market Revenue and Forecast, by Product (2019-2030)

9.4.5. Rest of MEA

9.4.5.1. Market Revenue and Forecast, by Product (2019-2030)

9.5. Latin America

9.5.1. Market Revenue and Forecast, by Product (2019-2030)

9.5.2. Brazil

9.5.2.1. Market Revenue and Forecast, by Product (2019-2030)

9.5.3. Rest of LATAM

9.5.3.1. Market Revenue and Forecast, by Product (2019-2030)

Chapter 10. Company Profiles

10.1. Aditya Birla Memorial Hospital

10.1.1. Company Overview

10.1.2. Product Offerings

10.1.3. Financial Performance

10.1.4. Recent Initiatives

10.2. Apollo Hospitals Enterprise

10.2.1. Company Overview

10.2.2. Product Offerings

10.2.3. Financial Performance

10.2.4. Recent Initiatives

10.3. Asian Heart Institute

10.3.1. Company Overview

10.3.2. Product Offerings

10.3.3. Financial Performance

10.3.4. Recent Initiatives

10.4. Barbados Fertility Center

10.4.1. Company Overview

10.4.2. Product Offerings

10.4.3. Financial Performance

10.4.4. Recent Initiatives

10.5. Fortis Healthcare Limited

10.5.1. Company Overview

10.5.2. Product Offerings

10.5.3. Financial Performance

10.5.4. Recent Initiatives

10.6. KPJ Healthcare Berhad

10.6.1. Company Overview

10.6.2. Product Offerings

10.6.3. Financial Performance

10.6.4. Recent Initiatives

10.7. NTT Medical Center Tokyo

10.7.1. Company Overview

10.7.2. Product Offerings

10.7.3. Financial Performance

10.7.4. Recent Initiatives

10.8. Prince Court Medical Centre

10.8.1. Company Overview

10.8.2. Product Offerings

10.8.3. Financial Performance

10.8.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research

11.2. Secondary Research

11.3. Assumptions

Chapter 12. Appendix

12.1. About Us

12.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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