Medical Tourism Market
Medical Tourism Market (Medical Treatment - Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, and Oncology) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global medical tourism market for the historical period 2017–2018 and forecast period 2019–2027, Low cost medical treatment, Availability of latest medical technologies & wider treatment options are projected to drive the global medical tourism market.
- According to the report, the global medical tourism market was valued at US$ 61.3 Bn in 2018 and is projected to expand at a CAGR of 10.5% from 2019 to 2027
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Availability of latest medical technologies & wider treatment options, rise in compliance to international quality standards: Key Drivers of Global Medical Tourism Market
- Hospitals & specialty clinics in some of the countries are backed by sophisticated research infrastructure and doctors are supported by more registered nurses than other developed countries facility. Also lack of technological advancements at home countries have compelled patients to travel abroad for treatments
- Patient care is the core focus of the international accreditation standard hospital facility, and a protocol for the continuity of care, with appropriate measures in place for the discharge, referral, follow-up, and transfer of patients are provided in these facilities improving the patient experience
- Educated professional from developed western countries, planned hospitals/clinics, procedure accreditation with other aspect of medical tourism sector improvise quality and thus patient prefer such type of center for treatment at half the price . There is also rise in hospitals and clinics which are accredited by JCI. Turkey has 42 JCI accredited hospitals, Saudi Arabia has 39, the UAE has 38, and India has 13
Health Insurance Portability Propel Global Medical Tourism Market Growth
- In the era of mobility, an increasing number of people are moving across countries for various reasons and one among them is for medical treatment, thereby raising the requirement for insurance portability. Europe countries insurance rules provide portability within the European Union
- Globalization of insurance also benefits the provider as insurer could contact with service providers including foreign hospitals and doctors, with far lower prices, in their provider networks creating a win-win situation for both the provider and the patient.
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Follow Up Care and Post Procedure to Hamper Global Medical Tourism Market Growth
- Most of the patients suffer post procedure complications or side effects. Post-treatment care then becomes the responsibility of the medical care system in the patient’s home country or the patient has to travel back overseas if the physician at home is unwilling to provide the necessary care.
- Moreover, many foreign laws governing medical liability are not as strict as those in developed countries such as the U.S. and Ireland. Furthermore, compensation for medical malpractice can differ and compensation for injury is quite low in relative terms in other jurisdictions and many foreign doctors may not have the same level of malpractice insurance too, thereby causing inconvenience to the patients.
Regional Instability & Political Unrest to Restrain Global Medical Tourism Market
- Political instability has affected countries and medical tourism to these regions has gone down significantly due to the chaos situation prevailing in affected countries.
- Jordan's medical tourism sector has been impacted by ongoing regional instability and increase in national operating expenses. It is gone down by 40% since 2015. The unpredictable political situation in Thailand has also affected medical tourism, with nearly 50 countries advising citizens to think twice before traveling to the country. There is a reluctance from patients to travel to Turkey and other similar countries due to the ongoing war and political instability of the surrounding countries.
Global Medical Tourism Market: Competitive Landscape
- This report profiles major players in the global medical tourism market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global medical tourism market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global medical tourism market are
- Asklepios Kliniken GmbH
- Fortis Healthcare Limited
- Apollo Hospitals Enterprise Limited
- Bangkok Chain Hospital Public Company Limited
- Bumrungrad International Hospital
- Saudi German Hospital (SGH) Group
- Dr. Soliman Fakeeh Hospital
- Bahrain Specialist Hospital
- Hamad Medical Corporation
- Al Zahra Hospital
- Al Rahba Hospital
- Zulekha Hospital
- Samitivej PCL
- Phyathai Hospitals Group
- The Ac?badem Hospitals Group
- Razavi Hospital
- Jordan Hospital.
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Global Medical Tourism Market: Key Developments
Key players in the global medical tourism market are engaged in regulatory approvals, technologically advanced products, offering advanced medical procedures, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global medical tourism market. A few expansion strategies adopted by players operating in the global medical tourism market are:
- In 2016, KPJ Healthcare Berhad has partnership with Japan and South Korea well established player to share knowledge and technology and increase regional opportunities.
- The group is building the 120-bed Acibadem Kartal Hospita, which is expected to be completed by 2018 and the 180-bed Acibadem Atasehir Hospital, which is expected to be completed in 2019.
The report on the global medical tourism market discussed individual strategies, followed by company and hospitals offering medical tourism. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical tourism market.
TMR’s report on the global medical tourism market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global medical tourism market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical tourism market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global medical tourism market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global medical tourism market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global medical tourism market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global medical tourism market.
The report delves into the competitive landscape of the global medical tourism market. Key players operating in the global medical tourism market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global medical tourism market that have been profiled in this report.
Key Questions Answered in Global Medical Tourism Market Report
- What is the scope of growth for companies/hospitals in the global medical tourism market?
- What will be the Y-o-Y growth of the global medical tourism market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global medical tourism market?
- Will Asia Pacific continue to be the most profitable market for medical tourism providers?
- Which factors are anticipated to hamper the growth of the global medical tourism market during the forecast period?
- Which are the leading companies in the global medical tourism market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global medical tourism market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global medical tourism market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the medical tourism market as primary methods.
These primary research respondents have provided exclusive information during interviews, which serves as a validation from the medical tourism market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global medical tourism market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global medical tourism market more reliably and accurately.
Regional Segmentation of Medical Tourism market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Medical Tourism Market - Segmentation
Middle East & Africa