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

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Emphasis on Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, Others); Region/Country

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153

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42

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78

Report ID:

UMHE21389

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Report Description
Table of content
Research Methodology

Report Description

Medical Tourism Market 2
Medical Tourism Market 2

Global Medical Tourism Market was valued at US$ XX Million in 2020 and is anticipated to reach US$ XX Million by 2024 displaying an elevated CAGR of XX% over the forecast period (2021-2024).

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.

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

Medical Tourism Market 1
Medical Tourism Market 1

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

Customization Options:

The Medical Tourism Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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 1.1.Market Definitions
 1.2.Objective of the Study
 1.3.Limitation
 1.4.Stake Holders
 1.5.Currency Used in Report
 1.6.Scope of the Global Medical Tourism Market Study

 

 2.1.Research Methodology for the Global Medical Tourism Market
  2.1.1.Main Objective of the Global Medical Tourism Market

 

5.       BRAIN MONITORING AMID COVID-19
 7.1.Cancer Treatment
 7.2.Orthopedic Treatment
 7.3.Fertility Treatment
 7.4.Cardiovascular Treatment
 7.5.Neurological Treatment
 7.6.Others 

 

 8.1.Asia Pacific Medical Tourism Market
  8.1.1.China 
  8.1.2.Japan 
  8.1.3.India 
  8.1.4.Australia 
  8.1.5.South Korea
  8.1.6.Rest of Asia Pacific
 8.2.North America Medical Tourism Market 
  8.2.1.The U.S 
  8.2.2.Canada 
  8.2.3.Rest of North America
 8.3.Europe Medical Tourism Market 
  8.3.1.Germany 
  8.3.2.France 
  8.3.3.U.K. 
  8.3.4.Spain 
  8.3.5.Italy 
  8.3.6.Rest of Europe
 8.4.Rest of the World Medical Tourism Market 

 

 9.1.Market Drivers 
 9.2.Market Challenges
 9.3.Impact Analysis

 

 10.1.Demand Side Analysis
 10.2.Supply Side Analysis
  10.2.1.Top Product Launches
  10.2.2.Top Business Partnerships
  10.2.3.Top Merger & Acquisitions

 

 13.1.Porter’s Five forces analysis
  13.1.1.Bargaining power of Supplier
  13.1.2.Bargaining power of Buyer
  13.1.3.Industry Rivalry
  13.1.4.Availability of Substitute
  13.1.5.Threat of new Entrants
 13.2.Competitive Landscape
  13.2.1.Company Shares, By Revenue

 

 14.1. Apollo Hospitals Enterprise Limited
  14.1.1.Key Facts 
  14.1.2.Business Description
  14.1.3.Key Product/Services Offerings
  14.1.4.Growth Strategy
  14.1.5.SWOT Analysis
  14.1.6.Key Financials
   14.1.6.1.Revenue Split
   14.1.6.2.Financial Overview of Apollo Hospitals Enterprise Limited
  14.1.7.Recent Developments
   14.1.7.1.Product Launch
   14.1.7.2.Partnerships
   14.1.7.3.Business Expansion and Investments
   14.1.7.4.Merger and Acquisition
 14.2.Fortis Healthcare Limited
 14.3.Asian Heart Institute
 14.4.Kpj Healthcare Berhad
 14.5.NTT Medical Center Tokyo
 14.6.Seoul National University Hospital.
 14.7.Uz Leuven 
 14.8.Wooridul Spine Hospital
 14.9.Aditya Birla Memorial Hospital
 14.10.Barbados Fertility Center

 

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

Medical Tourism Market 3
Medical Tourism Market 3

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