About Medical Tourism
Medical tourism includes traveling to another country to avail medical treatment of some form, which may or may not be offered in the travelers’ home country. This treatment may include a wide array of medical services; however, the most frequently availed services include cardiovascular treatment, cancer treatment, orthopedic treatment, neurological treatment, fertility treatment, cosmetic surgery, dentistry, and others. The global medical tourism market is driven by globalization as well as increasing healthcare costs in developed countries. High cost of medical treatment in developed nations and their availability at low price in other countries impel the market growth over the near future. Many governments around the globe have taken up several initiatives, to stimulate & improve medical tourism in their respective nations, to improve patient quality care so as to boost the market. Many nations recorded noteworthy economic development potential in the emergent field of medical tourism.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 13.6% |
The key players in the market such as Bumrungrad International Hospital (Thailand), Asian Heart Institute (India), Apollo Hospitals (India), Prince Court Medical Centre (Malaysia), and Gleneagles Hospital (Singapore), among others compete on the basis of exceptional service quality, optimum patient comfort, as well as relatively reasonable costs for various treatments. Numerous facilities are also undergoing mergers, affiliations, acquisitions, as well as joint ventures for providing enhanced medical care Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medical Tourism market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bumrungrad International Hospital (Thailand), Asian Heart Institute (India), Apollo Hospitals (India), Prince Court Medical Centre (Malaysia), Gleneagles Hospital (Singapore), Min-Sheng General Hospital (Taiwan), Samitivej Sukhumvit Hospital (Bangkok), Raffles Medical Group (Singapore), Clemenceau Medical Centre (Lebanon) and Bangkok Hospital (Thailand) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Fortis Healthcare Ltd. (India), Wooridul Spine Hospital (Korea), KPJ Healthcare Berhad (Malaysia), Anadolu Medical Centre (Turkey) and Asklepios Klinik Barmbek (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Medical Tourism market by and Region.
On the basis of geography, the market of Medical Tourism has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, Singapore, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia-Pacific region held largest market share in the year 2023. If we see Market by Treatment Type, the sub-segment i.e. Cardiovascular Treatment will boost the Medical Tourism market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Adults will boost the Medical Tourism market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing investments from the private sector and Increase in demand for cosmetic surgery
Market Growth Drivers:
Availability as well as affordable of quality care, Accessible information & care, Assistance & support from government agencies & associations and High Cost of Medical Treatment in Developed Nations and Their Availability at Low Price in Other Countries
Challenges:
Ethical Concerns
Restraints:
Problems associated with travel, availability, language barriers, documentation, & VISA approval issues and Restricted coverage & lengthy fractional reimbursement by payers
Opportunities:
Widespread hospital network under insurance coverage for cashless transactions
Market Leaders and their expansionary development strategies
In November 2023, FairMedOnline, a digital healthcare company based in Singapore offering neutral medical second opinions for patients across the world, has acquired the international medical tourism platform Caremondo.
In January 2024, Ferns N Petals, India’s leading gifting brand, announced the launch of “MediJourney,” an innovative global medical tourism vertical. Setting new benchmarks in healthcare facilitation, MediJourney is committed to prioritizing personalized well-being for individuals worldwide.
Key Target Audience
Medical Service Providers, Research Organizations and Universities, Hospitals, Consulting Companies, Investors and Venture Capitalists and End Users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.