Global Medical Tourism Market: Snapshot
The global medical tourism market has gained popularity in the recent years as a result of advancing medical services being made available in a cost-effective manner. Various medical services such as neurology, oncology, orthopedic surgery, dentistry, cosmology, and cardiology are available to medical tourists. Increasing awareness of regular medical treatments and advancing technology for better treatment options are raising demand for medical treatment. As medical treatment is quite expensive in Western countries, there has been a rising incidence of patient travel to developing countries where treatments are usually cost-effective. These expensive healthcare treatments have pushed patients to look for options in other regions, thus boosting medical tourism in developing nations.
The excepted CAGR for the global medical tourism market is 14.9% for the forecasted period 2017-2025, considering that market gained a value of US$46.46 bn in 2016. The estimated value could reach at a US$160.8 bn by the end of 2025.
Orthopedics having the Highest Market Share for Medical Tourism due to Increasing Accidental Injury
Researchers authoring the report segment the world medical tourism market on the basis of medical treatment and region. As per the segmentation, a larger percentage of revenue is anticipated to accumulate through the orthopedics segment, which held a significant share of the market in 2016. Increasing number of sports events and accidents witnessed annually could be a considerable factor that catapults this segment. Hundreds of thousands of surgeries have been performed by thousands of surgeons annually. Orthopedics is a branch that specializes in bones and muscle correcting, whereas cosmetology deals with diseases related to the skin and offers various treatment options such as wrinkles, plastic surgery, skin coloration, rhinoplasty, and those for complete external appearance.
Dentistry consists of disorders, diagnosis, prevention, and treatment of diseases related to oral cavity. Globally, demand for orthopedics, dentistry, and cosmetics treatments has made telling contributions to the world medical tourism market. Medical tourism for cardiology treatment is seen to grow at a high rate in Asia Pacific, mainly in India and Singapore, as the treatment is available at low cost and with advanced technology.
Asia Pacific Grows as Prominent Market for Medical Tourism by Offering Lower Cost
The international medical tourism market is segmented into five regions - Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa (MEA). The region that could dominate the market is Asia Pacific expected to gain more market share during the forecasted period. Other regions viz. Latin America and the MEA are also expected to grow significantly as medical treatment cost is higher in the U.S. and European countries.
Taking into account revenue accumulated for medical treatment, Mexico and Turkey could be more preferred destinations for medical tourism. Europe is also expanding its treatment facilities as the number of patients travel is increasing in France, Germany, Italy, and the U.S. The competition in this market is getting fierce with increasing number of players and establishment of newer hospitals with better facilities.
Bumrungrad International Hospital, Mount Elizabeth Hospital, Bangkok Chain Hospital, KPJ Healthcare Berhad, and Asklepios Kliniken GmbH are some of the main players of the international medical tourism market.
Global Medical Tourism Market: Overview
Medical tourism market is now targeted by many countries hospitals and governments worldwide for further growth and investment. These medical services could be sophisticated treatments such as Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, Oncology 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 dentistry, cosmetology, orthopedics and cardiology are the few of the highly contributing medical treatment for medical tourism market in 2016. Major sports including Football (Soccer), Cricket, Rugby, Basketball, Baseball & Softball, Bicycling drive the orthopedics segment globally. Orthopedics segment share the largest medical tourism market in 2016. Low cost of medical treatment and highly developed tourism infrastructure are anticipated to boost the growth of the medical tourism market in Mexico, Turkey, Germany, Singapore and other developing countries.. As per OECD estimates, 50 million medical tourists travel worldwide annually for medical treatment.
Global Medical Tourism Market: Key Segments
The global medical tourism market can be segmented on the basis of medical treatment and region. On the bases of medical treatment, medical tourism market can be further segmented into Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, Oncology and Others. Orthopedics is a branch of medicine which deals with conditions concerning bones and muscles. It majorly involves the surgical procedures for correcting the musculoskeletal system. Cosmetology is a branch of medicine which deals with the treatment options concerning skin, wrinkles, skin coloration, unwanted hair, plastic surgery, rhinoplasty and overall external appearance. A branch of medicine that is concern with the study, diagnosis, prevention and treatment of disorders and conditions related to oral cavity called Dentistry. In term of revenue, Orthopedics segment held a significant share of the medical tourism market in 2016. Increasing annual incidence of sport and accident injury drive this segment. Approximately 427,181 procedure were performed in Unites State through 3,170 surgeons in 2016. The growth of the cardiology segment is attributed with increasing number of people travelling for cardiac surgery in Asia Pacific specially in India, Singapore due to advanced treatment availability at low cost.
Global Medical Tourism Market: Regional Outlook
Geographically, the global medical tourism market is segmented into five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. These regions have been further segmented by countries and medical treatment. Asia Pacific dominated the market and is anticipated to gain more market share by the end of 2025. The market in Europe is expanding rapidly, due to increase in the number of medical travel patient, especially in UK, Germany, Italy and France, Moreover, the market in Latin America and Middle East & Africa projected to expand significantly in the near future due to high medical treatment cost in United State and Europe region. Turkey and Mexico are accounted in top ten destination for medical tourism market in term of revenue. Increasing healthcare infrastructure and international medical stranded drive the medical tourism market in this region with significant growth. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new hospitals to establish their presence in medical tourism market.
Companies Mentioned in Report
The report also profiles major players in the market based on various attributes such as company and hospitals overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Major market players competing in the medical tourism market profiled in the report include Bumrungrad International Hospital, Bangkok Chain Hospital, Asklepios Kliniken GmbH, Fortis Healthcare Limited, Apollo Hospitals Enterprise Limited, Mount Elizabeth Hospital, Jordan Hospital, The Ac?badem Hospitals Group, Al Rahba Hospital and KPJ Healthcare Berhad.
Medical tourism Market is segmented as given below:
Medical Tourism Market, by Medical Treatment
- Cosmetic surgery
- Orthopedic surgery
Medical Tourism Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa