Medical Tourism Market: Current Analysis and Forecast (2021-2027)

Report Description

Medical Tourism Market is expected to grow at a CAGR of ~10% over the forecast period (2021-2027). There are numerous factors such as economic, social, cultural, and technological which are Driving medical tourism across the globe. Moreover, several domestic health systems in countries are undergoing significant changes, challenges, and strain such as tightened eligibility criteria, waiting lists, and shifting priorities for health care, which impacts consumer decision making. Also, familiarity, availability, cost, quality, and bioethical legislation (international travel for abortion services, fertility treatment, and euthanasia services are some of the factors which are acting as a growth catalyst to the medical tourism market.

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The variation in treatment costs, availability of advanced technologies procedures, and the easy government policies are some of the factors which are the key to consider while planning for medical tourism. Some of the facts on the Medical Tourism Industry:

• Medical services in Panama cost between 40% and 70% less than in the United States or Canada.
• In Hungary, one can save from 40% to 50% of the cost in dentistry and cosmetic surgeries.
• Mexico is the favorite destination for Americans, offering from 25% to 35% in medical services savings. There are nine hospitals certified by the Joint Commission International.
• India provides health care services at a cost 20% lower than the United States. In Thailand, the cost is 30% less.
• Singapore has 13 hospitals accredited by the Joint Commission International, with services costing 35% less than in North America.

Average Infertility Rate (in %), by Selected Countries

Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Asian Heart Institute, Kpj Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, Uz Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, and Barbados Fertility Center. etc, are some of the prominent players operating in the Medical Tourism market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Treatment Type, Necklace and Chain segment holds the major share”

Based on the Treatment Type, the Medical Tourism market is segregated into Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others. The Cancer Treatment segment dominated the market and captured XX% market share in 2020. Moreover, the market is expected to reach USD XX Mn by 2024. However, the Fertility treatment segment would witness the exhibit CAGR during the forecast period. Decrease in the cost of infertility treatment services in the region such as the Middle East is a key factor that is gaining end-users traction. The average cost of an IVF/ICSI cycle in the GCC States is approximately USD3,000-5,000 and an additional USD1,500-2,000. These costs are cheaper by at least 70-80% than those in Western Europe and the US. Limitations of legislative

“Asia-Pacific region represents one of the largest markets of Medical Tourism market”

For a better understanding of the market dynamics of the Medical Tourism market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific dominated the market and generated revenue of US$ XX Million in 2020 owing to the Low cost and easy availability of labor force is the main reason behind the cheaper treatment costs in medical tourism destinations in countries such as India, South Korea, Australia in Asia-Pacific Region. Patients can save from 30% to 80% of the total treatment costs. For instance:

• •  The heart surgery expenses in the United States are around USD 30,000 whereas in India its USD 7000.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Medical Tourism Market were the three major steps undertaken to create and analyze the demand for Medical Tourism across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Medical Tourism market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Medical Tourism through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Medical Tourism market, we conducted a detailed secondary analysis to gather historical market insights and share for different treatment types for major regions. Major segments included in the report are Treatment Types. Further region and country-level analyses were conducted to evaluate the overall adoption of Medical Tourism across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Medical Tourism. Further, we conducted factor analysis using dependent and independent variables such as The Availability of Superior Quality Healthcare and Technological Development, Low Cost of Treatment and World Class Infrastructure, Promulgating marketing and Online Customer Information about the availability of Medical Services, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Medical Tourism industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Medical Tourism market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2024 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Medical Tourism across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Medical Tourism market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Medical Tourism market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product Type, Gender, and Mode of sale of the Medical Tourism market.

Main Objective of the Medical Tourism Market Study

The current & future market trends of Medical Tourism were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Medical Tourism in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, gender, and mode of sale
• Define and analysis of the regulatory framework for the Medical Tourism industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Medical Tourism market for the major countries
• The major region studied in the report includes North America, Europe, Asia- Pacific and Rest of the World.
• Company profiles of the Medical Tourism market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry