Market Research Reports

Medical Tourism Market (India, Thailand, Singapore, Malaysia, Mexico, Brazil, Taiwan, Turkey, South Korea, Costa Rica, Poland, Dubai and Philippines) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

139pages
Published Date: 2013-10-03
 

Description


Medical tourism is defined as the travel of patients from their home country to different destinations for the purpose of treatment that may also incorporate an extended holiday. Rise in healthcare costs in developed countries coupled with the availability of high quality medical services at lower prices in developing nations has primarily surged the expansion of the medical tourism industry. Moreover, rise in elderly population along with growing number of uninsured population has further triggered the market growth. Patients are travelling abroad not only for cosmetic surgeries with a quick recovery, but also for sophisticated cardiovascular surgeries. Many countries plan to leverage medical tourism as a strategy to boost their healthcare services and tourism industry. By encouraging its presence in the medical tourism market, a country can stimulate its economic growth and create employment opportunities. Consequently, the medical tourism industry is rapidly expanding and is anticipated to have a significant growth in the near future.

Medical tourism is a direct result of globalization of healthcare. According to the Medical Tourism Association, a global non-profit organization, it was estimated that approximately 1.6 million Americans travelled to other destinations in 2012 for medical services and this number is anticipated to grow in the near future. Rising number of uninsured population and rise in demand for cosmetic surgery is further driving market growth. There is an emerging opportunity for Asian and Middle Eastern countries that are catering to the healthcare requirements of developed countries like the U.S, Canada and European countries. Factors such as medical specializations, geographic proximity, portability of health insurance, and reputation of the country are some of the main reasons that compel the patient to move to another destination. However, factors such as problem in follow-up care, medical malpractice and others could restrain the growth of this market.

The research report on the global medical tourism market helps in understanding the prominent forces responsible for the growth of this industry. In addition, the current market dynamics including drivers, restraints, trends, and developments are covered throughout the report. The research report provides in-depth analysis of the geographies facilitating inbound medical services that include India, Thailand, Singapore, Malaysia, Mexico, Brazil, Turkey, Taiwan, South Korea and prospective countries. Market size estimates and forecast for the period 2011 to 2019 has been given for each of the countries, in terms of USD million, using 2012 as a base year. The market overview section of the report comprises qualitative analysis of the overall market considering the factors determining the market dynamics such as drivers, restraints and opportunities along with Porter’s five forces analysis. These different analyses would provide a thorough understanding about the market from its past, present and future perspectives and help market players to design effective business strategies. Further, the report on medical tourism comprises executive summary chapter that will help you understand the overall market size, growth rate of various segments, geographies and competitors present in the market in a very precise manner. 

This report on medical tourism also deals with various government initiatives taken by different countries in order to boost the medical tourism market. Besides, this report covers various aspects such as market size on the basis of number of medical tourists, revenue generated from foreign patients and market segmentation based on the most sought after procedures. Medical tourism report also provides profiles of major hospitals that provide medical treatment to foreign patients. Some of the significant players in this market include Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Asian Heart Institute and others. These market players are profiled on the basis of various attributes such as company overview, recent developments, financial overview and strategies adopted by them to flourish in the market.

The global medical tourism market is segmented into the following categories:
  • Medical Tourism Market, by Geography
    • India
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • India Inbound Medical Tourism (No. of patients)
      • India Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Thailand
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Thailand Inbound Medical Tourism ( No. of patients)
      • Thailand Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Singapore
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Singapore Inbound Medical Tourism ( No. of patients)
      • Singapore Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Malaysia
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Malaysia Inbound Medical Tourism ( No. of patients)
      • Malaysia Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Mexico
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Mexico Inbound Medical Tourism ( No. of patients)
      • Mexico Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Brazil
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Brazil Inbound Medical Tourism ( No. of patients)
      • Brazil Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Turkey
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Turkey Inbound Medical Tourism ( No. of patients)
      • Turkey Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • South Korea
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • South Korea Inbound Medical Tourism ( No. of patients)
      • South Korea Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Taiwan
      • Overview
      • Cost Comparison of Procedures
      • SWOT Analysis
      • Government Support
      • Taiwan Inbound Medical Tourism ( No. of patients)
      • Taiwan Medical Tourism: Top Revenue Contributing Country (%) (2012)
    • Prospective Countries
      • Costa Rica
      • Poland
      • Dubai
      • Philippines

Table of Contents



Chapter 1 Preface
1.1 Report Description
1.2 Market Segmentation
1.3 Research Methodology

Chapter 2 Executive Summary

Chapter 3 Market Overview
3.1 Overview
3.2 Preferred  Medical Procedures: Medical Tourism
3.3 Medical Tourism: Market Dynamics
      3.3.1 Market Drivers
               3.3.1.1 Reduced Cost of Procedures
                           3.3.1.1.1 Comparative Cost of Medical Procedures Around the World (USD Thousands)
               3.3.1.2 Long Waiting Time
                           3.3.1.2.1 Waiting Time of Four Weeks or more for a Specialist Appointment
               3.3.1.3 Large Uninsured Population
               3.3.1.4 Better Technology and Wider Treatment Options
               3.3.1.5 Aging Population
               3.3.1.6 Tourism or Vacation
      3.3.2 Market Restraints
               3.3.2.1 Follow-Up Care
               3.3.2.2 Medical Malpractice
               3.3.2.3 Country’s Negative Image a Dilemma For Foreign Patients
               3.3.2.4 Other Problems
      3.3.3 Opportunities
               3.3.3.1 Government Support
                           3.3.3.1.1 Growth Initiatives Undertaken by the Government of Various Countries to Promote the Industry
3.4 Porter’s Five Forces Analysis: Global Medical Tourism Market
      3.4.1 Bargaining Power of Buyers
      3.4.2 Bargaining Power of Suppliers
      3.4.3 Threat of New Entrants
      3.4.4 Threat of Substitutes
      3.4.5 Competitive Rivalry
3.5 Comparative Analysis: Medical Tourism Market, By Geography, 2012 & 2019 (Value %)

Chapter 4 Malaysia Medical Tourism Market
4.1 Overview
      4.1.1 Malaysia Medical Tourism Market Revenue, 2011 – 2019 (USD Million)
      4.1.2 Cost Comparison of Procedures for the U.S. and Malaysia (USD)
      4.1.3 Malaysia Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      4.1.4 Malaysia Medical Tourism: SWOT Analysis
      4.1.5 Government Support
               4.1.5.1 Malaysia Healthcare Travel Council (MHTC)
               4.1.5.2 Malaysian Society for Quality in Health (MSQH)
               4.1.5.3 Tax Exemption to Boost Medical Tourism Industry
      4.1.6 Malaysia Inbound Medical Tourism
               4.1.6.1 Number of Inbound Patients in Malaysia, 2011 – 2019 (Million)
      4.1.7 Malaysia Medical Tourism: Top Revenue Contributing Countries (%), 2012

Chapter 5 Singapore Medical Tourism Market
5.1 Overview
      5.1.1 Singapore Medical Tourism Market Revenue, 2011 – 2019 (USD Million)
      5.1.2 Cost Comparison of Procedures in the U.S. And Singapore (USD)
      5.1.3 Singapore Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      5.1.4 Singapore Medical Tourism: SWOT Analysis
      5.1.5 Government Support
               5.1.5.1 3M Framework
               5.1.5.2 Singapore Medicine
               5.1.5.3 Promotions
      5.1.6 Singapore Inbound Medical Tourism
               5.1.6.1 Number of Inbound Patients in Singapore, 2011 – 2019 (Million)
      5.1.7 Singapore Medical Tourism: Top Revenue Contributing Countries (%), 2012

Chapter 6 Thailand Medical Tourism Market
6.1 Overview
      6.1.1 Thailand Medical Tourism Market, 2011 – 2019 (USD Million)
      6.1.2 Cost Comparison of Procedures in the U.S. and Thailand (USD)
      6.1.3 Thailand Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      6.1.4 Thailand Medical Tourism: SWOT Analysis
      6.1.5 Government Support
               6.1.5.1 Five Year Plan
               6.1.5.2 Hospital Accreditation Scheme (HA)
               6.1.5.3 Promotions
               6.1.5.4 Phuket Spa Association (PSA)
      6.1.6 Thailand Inbound Medical Tourism
               6.1.6.1 Number of Inbound Patients in Thailand, 2011 – 2019 (Million)
      6.1.7 Thailand Medical Tourism: Top Revenue Contributing Countries (%), 2012

Chapter 7 Turkey Medical Tourism Market
7.1 Overview
      7.1.1. Turkey Medical Tourism Market, 2011 – 2019 (USD Million)
      7.1.2 Cost Comparison of Procedures in the U.S. And Turkey (USD)
      7.1.3 Turkey Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      7.1.4 Turkey  Medical Tourism: SWOT Analysis
      7.1.5 Government Support
               7.1.5.1 Tax Free Health Zones
               7.1.5.2 Transportation Relaxation
               7.1.5.3 Medical Park Group
      7.1.6 Turkey Inbound Medical Tourism
               7.1.6.1 Number Of Inbound Patients In Turkey, 2011 – 2019 (Million)
      7.1.7 Turkey Medical Tourism: Top Revenue Contributing Countries (%), 2012

Chapter 8 Brazil Medical Tourism Market
8.1 Overview
      8.1.1 Brazil  Medical Tourism Market, 2011 – 2019 (USD Million)
      8.1.2 Cost Comparison Of Procedures in the U.S. And Brazil (USD)
      8.1.3 Brazil  Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      8.1.4 Brazil  Medical Tourism: SWOT Analysis
      8.1.5 Government Support
               8.1.5.1 Olympic Games and World Cup
               8.1.5.2 Porto Alegre Health Care Cluster
               8.1.5.3 Modernization of Private Hospitals
               8.1.5.4 Cosmetic Vacation(CV) And Mednetbrazil
      8.1.6 Brazil Inbound Medical Tourism
               8.1.6.1 Number Of Inbound Patients in Brazil, 2011 – 2019 (Million)
      8.1.7 Brazil Medical Tourism: Top Revenue Contributing Countries (%), 2012

Chapter 9 South Korea Medical Tourism Market
9.1 Overview
      9.1.1 South Korea Medical Tourism Market, 2011 – 2019 (USD Million)
      9.1.2 Cost Comparison of Procedures in the U.S. And South Korea (USD)
      9.1.3 South Korea Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      9.1.4 South Korea Medical Tourism: SWOT Analysis
      9.1.5 Government Support
               9.1.5.1 South Korea Medical Tourism: Government Support
               9.1.5.2 Amendment to the Tourism Act
               9.1.5.3 Amendment to the Medical Services Act
               9.1.5.4 Establishment of Healthcare Town in Jeju
               9.1.5.5 Korean International Medical Association (KIMA)
               9.1.5.6 Korea Tourism Organization (KTO)
               9.1.5.7 Relaxation on Visa Requirements
      9.1.6 South Korea Inbound Medical Tourism
               9.1.6.1 Number of Inbound Patients in South Korea, 2011 – 2019 (Million)
      9.1.7 South Korea Medical Tourism: Top Revenue Contributing Countries (%) (2012)

Chapter 10 Mexico Medical Tourism Market
10.1 Overview
      10.1.1 Mexico Medical Tourism Market, 2011 – 2019 (USD Million)
      10.1.2 Cost Comparison Of Procedures for US and Mexico, (USD)
      10.1.3 Mexico Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      10.1.4 Mexico Medical Tourism: SWOT Analysis
      10.1.5 Government Support
                 10.1.5.1 Mexico Medical Tourism: Government Support
      10.1.6 Mexico Inbound Medical Tourism
                 10.1.6.1 Number of Inbound Patients in Mexico, 2011 – 2019 (Million)
      10.1.7 Mexico Medical Tourism: Top Revenue Contributing Countries (%) (2012)

Chapter 11 India Medical Tourism Market
11.1 Overview
      11.1.1 India Medical Tourism Market, 2011 – 2019 (USD Million)
      11.1.2 Cost Comparison of Procedures for US and India, (USD)
      11.1.3 India Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      11.1.4 India Medical Tourism: SWOT Analysis
      11.1.5 Government Support
                 11.1.5.1 India Medical Tourism: Government Support
                 11.1.5.2 Market Development Assistance Scheme
                 11.1.5.3 Promotions
                 11.1.5.4 Medical Visa
                 11.1.5.5 Wellness Tourism
      11.1.6 India Inbound Medical Tourism
                 11.1.6.1 Number of Inbound Patients in India, 2011 – 2019 (Million)
      11.1.7 India Medical Tourism: Top Revenue Contributing Countries (%) (2012)

Chapter 12 Taiwan Medical Tourism Market
12.1 Overview
      12.1.1. Taiwan Medical Tourism Market, 2011 – 2019 (USD Million)
      12.1.2 Cost Comparison Of Procedures for US and Taiwan, (USD)
      12.1.3 Taiwan Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
      12.1.4 Taiwan Medical Tourism: SWOT Analysis
      12.1.5 Government Support
                 12.1.5.1 Taiwan Medical Tourism: Government Support
                 12.1.5.2 Department Of Health
      12.1.6 Tourism Promoting Agencies
                 12.1.6.1 Development of Healthcare Villages
                 12.1.6.2 Renovation of Airport
      12.1.7 Taiwan Inbound Medical Tourism
                 12.1.7.1 Number of Inbound Patients in Taiwan, 2011 – 2019 (Million)
      12.1.8 Taiwan Medical Tourism: Top Revenue Contributing Countries (%) (2012)

Chapter 13 Prospective Countries
13.1 Overview
      13.1.1 Prospective Countries Medical Tourism Market, 2011 – 2019 (USD Million)
      13.1.2 Costa Rica
      13.1.3 Dubai
      13.1.4 Poland
      13.1.5 Philippines

Chapter 14 Recommendations
14.1 Mergers and Acquisitions
14.2 Marketing and Promotional Activities
14.3 Creation of New Healthcare Plans that Covers Medical Travel
      14.3.1 Medical Tourism Programs within Health Benefits Plans

Chapter 15 Hospital Profiles
15.1 Apollo Hospitals Enterprise Limited
      15.1.1 Overview
      15.1.2 Financial Overview
      15.1.3 Services
      15.1.4 Business Strategies
      15.1.5 Recent Developments
15.2 Asian Heart Institute
      15.2.1 Overview
      15.2.2 Financial Overview
      15.2.3 Services Portfolio
15.3 Bangkok Hospital Medical Center
      15.3.1 Overview
      15.3.2 Financial Overview
      15.3.3 Services Portfolio
      15.3.4 Business Strategies
15.4 Bumrungrad International Hospital
      15.4.1 Overview
      15.4.2 Financial Overview
      15.4.3 Services
      15.4.4 Business Strategies
15.5 Fortis Healthcare Ltd.
      15.5.1 Overview
      15.5.2 Financial Overview
      15.5.3 Services
      15.5.4 Business Strategies
      15.5.5 Recent Developments
15.6 KPJ Healthcare Berhad
      15.6.1 Overview
      15.6.2 Financial Overview
      15.6.3 Patient Services
      15.6.4 Business Strategies
15.7 Min-Sheng General Hospital
      15.7.1 Overview
      15.7.2 Financial Overview
      15.7.3 Services
      15.7.4 Business Strategies
      15.7.5 Recent Developments
15.8 Prince Court Medical Center
      15.8.1 Overview
      15.8.2 Financial Overview
      15.8.3 Services
      15.8.4 Recent Developments
15.9 Raffles Medical Group
      15.9.1 Overview
      15.9.2 Financial Overview
      15.9.3 Services
      15.9.4 Business Strategies
      15.9.5 Recent Developments
15.10 Samitivej Sukhumvit
      15.10.1 Overview
      15.10.2 Financial Overview
      15.10.3 Services
      15.10.4 Business Strategies

List of Figures

FIG. 1 Medical Tourism: Market Segmentation
FIG. 2 Global Medical Tourism Market, By Geography, 2012 (USD Million)
FIG. 3 Preferred Medical Procedures: Medical Tourism
FIG. 4 Medical Tourism : Market Dynamics
FIG. 5 Waiting Time of Four Weeks or more for a Specialist Appointment
FIG. 6 Porter’s Five Forces Analysis: Global Medical Tourism Market
FIG. 7 Comparative Analysis: Medical Tourism  Market, By Geography, 2012 & 2019 (Value %)
FIG. 8 Malaysia Medical Tourism Market Revenue, 2011 – 2019 (USD Million)
FIG. 9 SWOT Analysis For Medical Tourism: Malaysia
FIG. 10 Malaysia Medical Tourism: Government Support
FIG. 11 Number Of Inbound Patients In Malaysia, 2011 – 2019 (Million)
FIG. 12 Malaysia Medical Tourism: Top Revenue Contributing Countries (%), 2012
FIG. 13 Singapore Medical Tourism Market Revenue, 2011 – 2019 (USD Million)
FIG. 14 SWOT Analysis For Medical Tourism: Singapore
FIG. 15 Singapore Medical Tourism: Government Support
FIG. 16 Number Of Inbound Patients In Singapore, 2011 – 2019 (Million)
FIG. 17 Singapore Medical Tourism: Top Revenue Contributing Countries (%), 2012
FIG. 18 Thailand Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 19 SWOT Analysis For Medical Tourism: Thailand
FIG. 20 Thailand Medical Tourism: Government Support
FIG. 21 Number Of Inbound Patients In Thailand, 2011 – 2019 (Million)
FIG. 22 Thailand Medical Tourism: Top Revenue Contributing Countries (%), 2012
FIG. 23 Turkey Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 24 SWOT Analysis For Medical Tourism: Turkey
FIG. 25 Turkey  Medical Tourism: Government Support
FIG. 26 Number Of Inbound Patients In Turkey, 2011 – 2019 (Million)
FIG. 27 Turkey Medical Tourism: Top Revenue Contributing Countries (%), 2012
FIG. 28 Brazil  Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 29 SWOT Analysis For Medical Tourism: Brazil
FIG. 30 Brazil  Medical Tourism: Government Support
FIG. 31 Number Of Inbound Patients In Brazil, 2011 – 2019 (Million)
FIG. 32 Brazil Medical Tourism: Top Revenue Contributing Countries (%), 2012
FIG. 33 South Korea Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 34 SWOT Analysis For Medical Tourism:  South Korea
FIG. 35 South Korea Medical Tourism: Government Support
FIG. 36 Number Of Inbound Patients In South Korea, 2011 – 2019 (Million)
FIG. 37 South Korea Medical Tourism: Top Revenue Contributing Countries (%) (2012)
FIG. 38 Mexico Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 39 Mexico Medical Tourism: SWOT Analysis
FIG. 40 Mexico Medical Tourism: Government Support
FIG. 41 Number Of Inbound Patients In Mexico, 2011 – 2019 (Million)
FIG. 42 Mexico Medical Tourism: Top Revenue Contributing Countries (%) (2012)
FIG. 43 India Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 44 India Medical Tourism: SWOT Analysis
FIG. 45 India Medical Tourism: Government Support
FIG. 46 Number Of Inbound Patients In India, 2011 – 2019 (Million)
FIG. 47 India Medical Tourism: Top Revenue Contributing Countries (%) (2012)
FIG. 48 Taiwan Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 49 SWOT Analysis For Medical Tourism: Taiwan
FIG. 50 Taiwan Medical Tourism: Government Support
FIG. 51 Number Of Inbound Patients In Taiwan, 2011 – 2019 (Million)
FIG. 52 Taiwan Medical Tourism: Top Revenue Contributing Countries (%) (2012)
FIG. 53 Prospective Countries Medical Tourism Market, 2011 – 2019 (USD Million)
FIG. 54 Apollo Hospitals Enterprise Ltd, Annual Revenue: 2010 – 2012 (USD Million)
FIG. 55 Bumrungrad International Hospital, Annual Revenue: 2010 – 2012 (USD Million)
FIG. 56 Fortis Healthcare Ltd., Annual Revenue: 2010 – 2012 (USD Million)
FIG. 57 KPJ Healthcare Berhad, Annual Revenue: 2010 – 2012 (USD Million)
FIG. 58 Raffles Medical Group, Annual Revenue: 2010 – 2012 (USD Million)

List of Tables

TABLE 1 Market Snapshot: Global Medical Tourism Market
TABLE 2 Comparative Cost of Medical Procedures around the World  (USD Thousands)
TABLE 3 Growth Initiatives Undertaken by the Government To Promote The Industry
TABLE 4 Cost Comparison of Procedures for the U.S. and Malaysia (USD Million)
TABLE 5 Malaysia Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 6 Cost Comparison of Procedures in the U.S. and Singapore (USD)
TABLE 7 Singapore Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 8 Cost Comparison of Procedures in the U.S. and Thailand (USD)
TABLE 9 Thailand Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 10 Cost Comparison of Procedures in the U.S. and Turkey  (USD)
TABLE 11 Turkey Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 12 Cost Comparison of Procedures in the U.S. and Brazil (USD)
TABLE 13 Brazil  Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 14 Cost Comparison of Procedures in the U.S. and South Korea (USD)
TABLE 15 South Korea Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 16 Cost Comparison of Procedures for US and Mexico, (USD)
TABLE 17 Mexico  Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 18 Cost Comparison of Procedures for US and India, (USD)
TABLE 19 India  Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)
TABLE 20 Cost Comparison of Procedures for US and Taiwan, (USD Million)
TABLE 21 Taiwan Medical Tourism Market Revenue, By Procedures, 2011 – 2019 (USD Million)

Enquiry Before Buying


Free Market Analysis


Medical tourism is also defined as the travel of patients from their home country to different destinations for the purpose of medical treatment. These services could be sophisticated treatments such as cardiac surgery, orthopedics, neurosurgery, dental care or elective treatments such as cosmetic surgeries or even routine health check-ups. The medical tourism industry is emerging due to rise in healthcare expenditure in developed countries coupled with the availability of cost effective treatments in developing countries. The high cost of treatment in developed countries is seen as a prime reason for the migration of patients to other destinations. In the United States, approximately 50 million people are uninsured and approximately 139 million Americans are without dental insurance. It was estimated that approximately 1.6 million Americans travelled to other destinations in 2012 for seeking medical services. Cost of treatment in developing countries is in a range of 20% to 30% less to the cost in the United States. Therefore, a patient can save up to 30% to 85% on the medical services coupled with sophisticated travel expenditure. The global medical tourism market was valued at USD 10.5 billion in 2012 and is expected to grow at a CAGR of 17.9 % from 2013 to 2019 to reach an estimated value of USD 32.5 billion in 2019.

Driving factors such as rise in geriatric population, increasing adoption of sophisticated technology and favorable exchange rate have boosted the growth of this market. According to current estimations, number of Americans aged 65 years or above is expected to double by 2050. Therefore, rise in geriatric population would propel the demand for advanced and affordable care. Additionally, economic crisis in the developed countries has led to the reduction in healthcare expenditure. Therefore, rising healthcare expenditure is propelling insurers, health insurance agents and employers to seek medical services abroad. Further, long waiting time in countries such as Canada, U.K. and France remains one of the major factors that compel the patients to move to other destinations. Similarly, favorable exchange rates and rise in demand of the cosmetic surgeries is accelerating the growth of this market.

Medical tourism is seen as direct result of globalization of healthcare services. Witnessing the immense growth potential of this industry, a considerable rise in the number of countries seeking to become major exporters for medical services is observed. With low cost of treatment and high quality of infrastructure, the Asian region has become a prominent player in the market over the past few years. It is estimated that in 2012 the region attracted approximately 2 billion foreign patients generating revenue of over USD 6.4 billion. Growth in this region is primarily seen due to the presence of well-established medical tourist destinations such as Thailand, India, Singapore, Malaysia, Taiwan and South Korea. In Asia, Thailand is the most popular destination among the Western European medical tourists for cosmetic surgeries. In 2012, Thailand received approximately 2.5 million foreign patients that is approximately 45% share of the total foreign tourist arrival in the Asian region. Singapore and India specialize in complex procedures with India attracting large number of patients owing to its specialization in cardiac surgeries. Malaysian region is rapidly gaining momentum and is expected to lead the medical tourism market in future. Growth in this region is witnessed due to the presence of highly skilled professionals and modern healthcare infrastructure. Similarly, robust growth in revenue and medical tourist arrival is driven by factors such as cost-effective treatment and government support. In 2012, the country treated approximately 671,000 patients and expects to treat approximately 2 million patients by 2019.

Geographic proximity and cultural similarities are also driving growth of this industry. Brazil and Mexico primarily witness patients from the U.S due to geographic proximity. Moreover, cost-effective treatments coupled with rise in baby boomer population are further propelling growth of this market. In addition, growth in Turkey is seen due to increase in demand for cosmetic surgeries.

However, medical tourism industry is still maturing and requires a lot of coordination among the government, insurers and healthcare providers. Currently, medical tourism industry is mainly captured by the private sector. Further, greater involvement of government agencies could improve the competitive advantage of one country over other countries. Major healthcare providers in this industry include Apollo Enterprise Ltd, Bumrungrad Hospital, Bangkok Medical Center, Raffles Medical Group, Prince Court Medical Center and others.

global-medical-tourism-market-by-geography-2012
 

To get discount on this report, just click on the button below.

To receive brochure, please click on the button below.

Share This Market Study!  

Upcoming Report

Payment
Copyright @ Transparency Market Research