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Global Medical Tourism Market is set to Grow US$29 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-31 

The Medical Tourism Market is set to reach USD 29 billion by 2024; according to a new research report by Global Market Insights. Growing compliance to international standards for medical treatments in developing countries will spur growth of medical tourism market in upcoming years. According to a study published by Fraser Institute, around 63 thousand Canadian citizens traveled abroad for availing medical treatments. Major reason for seeking medical treatment abroad was increasing compliance of medical treatments with international standards. Currently, there are more than 450 Joint Commission International (JCI) accredited hospitals around the world. This will lead to increasing inclination of patients towards medical treatments in foreign countries.

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Availability of high-quality medical treatment procedures in developing countries is the one of the major factors driving medical tourism market. For instance, success rate of open heart surgery in India in around 98%, that is the highest in whole of Asia Pacific region. Also, rising focus of major public and private hospitals towards offering medical treatments of quality similar to those in developed nations such as U.S. and UK will spur medical tourism market growth.

Various government policies to ease medical travel will spur the market during the projected timeframe. For instance, government of India announced in May 2016 that it will issue electronic-visas to patients of about 150 countries including U.S., UK, UAE and other Asian countries for medical treatments in India. This initiative will further accentuate growth of medical tourism business in India. Also, Indian government is undertaking various measures to assure high-quality medical treatment for foreign patients. Favourable policies for ease of medical travel will boost medical tourism industry in the future.

However, the absence of any organized medical tourism structure in developing countries will hamper growth of global market. Furthermore, long waiting time for availing several medical treatments and issue with patient follow-up and post-surgery complications will hinder medical tourism market growth.

Cosmetic surgery market accounted for USD 2,863.1 million in 2017 due to increasing number of patients traveling to foreign countries to obtain cosmetic procedures. Increasing influence of aesthetic appeal is one of the major factors leading to growth of cosmetic surgery market. Also, international medical coverage is another major factor that will boost cosmetic surgery market. With availability of highly trained and qualified plastic surgeons in developing countries, the cosmetic surgery market will spur in the future.
 
Orthopedic surgery market will expand at 8.1% CAGR during the forecast timeframe. As number of people suffering from osteoarthritis and osteoporosis is increasing, the demand for orthopedic surgery will increase in the future. Furthermore, patients save about 25-75% on orthopedic surgeries outside U.S. without compromising quality of the surgery. With increasing prevalence rate of osteoarthritis and rheumatoid arthritis in developed countries, the demand for orthopedic surgeries in foreign countries will increase in the future.
 
Canada medical tourism market will grow at 7.2% CAGR, owing to availability of cutting-edge and advanced medical treatments to patients. According to Medical Tourism Index, in 2016, Canada stood first among the top 5 destinations for seeking medical care. Canada healthcare system provides one of the highest quality of medical treatments across the globe. The overall Canadian environment, high quality of facilities and services offered are the major reasons for attracting medical tourists from the world. Well-established healthcare infrastructure and availability of rare medical treatments will drive medical tourism market growth in the future.
 
Singapore medical tourism market occupied a significant share of 35.0% in 2017 owing to presence of highly skilled healthcare personnel and more than 20 internationally-accredited hospitals and specialty centers in the country. According to The Economist Intelligence Unit (EIU), in 2014, Singapore ranked 2nd worldwide for healthcare outcomes and efficient healthcare system. Well-established medical infrastructure and stable political environment are major factors propelling medical tourism market growth.

Some of the prominent players involved in medical tourism market are Apollo Hospitals Enterprise Limited, Asklepios Kliniken GmbH & Co. KGaA, Fortis Healthcare Limited and Bumrungrad International Hospital. These firms adopt strategic initiatives including opening of new establishments, mergers and acquisitions, and geographical expansion. For instance, in October 2018, Apollo Cradle, Hyderabad announced launch of pediatric intensive care unit (PICU). This unit will be able to offer intensive care to critically ill children and round-the-clock care for special cases. This strategy will deliver new value for customers eventually increasing company’s brand image.

Medical Tourism Market, by Application

1 Cardiovascular Surgery
2 Cosmetic Surgery
3 Hair Transplant
4 Breast Augmentation
5 Dental Surgery
6 Orthopedic Surgery
7 Bariatric surgery
8 Fertility Treatment
9 Oncology Treatment

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Chapter 1. Methodology

1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1.  Secondary
1.4.1.1.    Paid sources
1.4.1.2.    Unpaid sources
1.4.2.  Primary

Chapter 2. Executive Summary

2.1. Medical tourism market industry 3600 synopsis, 2013 - 2024
2.1.1.  Business trends
2.1.2.  Application trends
2.1.3.  Regional trends

Chapter 3. Medical Tourism Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces

3.3.1.  Growth drivers
3.3.1.1. Low cost of medical treatment in developing countries
3.3.1.2. Rising awareness about medical tourism among patients
3.3.1.3. Availability of high-quality medical treatment in developing countries
3.3.1.4.    Growing compliance towards international standard for surgical procedures
3.3.1.5.    Ease and affordability of international travel
3.3.1.6.    Various government policies to ease medical travel

3.3.2.  Industry pitfalls & challenges
3.3.2.1. Long wait times for certain medical procedure
3.3.2.2.    Issue with patient follow-up and post-surgery complications

Chapter 4. Medical Tourism Market, By Application

4.1. Key segment trends

4.2. Cardiovascular surgery
4.2.1.  Market size, by region, 2013 – 2024 (USD Million)

4.3. Cosmetic surgery
4.3.1.  Market size, by region, 2013 – 2024 (USD Million)

4.3.2.  Hair transplant
4.3.2.1.  Market size, by region, 2013-2024 (USD Million)

4.3.3.  Breast augmentation
4.3.3.1.  Market size, by region, 2013-2024 (USD Million)

Browse Full Report Details @ https://www.gminsights.com/industry-analysis/medical-tourism-market

Data Tables

TABLE 1.    Medical tourism industry 360 0 synopsis, 2013 – 2024
TABLE 2.    Global medical tourism market, 2013 – 2017 (USD Million)
TABLE 3.    Global medical tourism market, 2018 – 2024 (USD Million)
TABLE 4.    Global medical tourism market, by application, 2013 - 2017 (USD Million)
TABLE 5.    Global medical tourism market, by application, 2018 - 2024 (USD Million)
TABLE 6.    Global medical tourism market, by region, 2013 – 2016 (USD Million)
TABLE 7.    Global medical tourism market, by region, 2017 – 2024 (USD Million)
TABLE 8.    Industry impact forces
TABLE 9.    Cardiovascular surgery market size, by region, 2013 – 2017 (USD Million)
TABLE 10.   Cardiovascular surgery market size, by region, 2018 – 2024 (USD Million)


Related Report- Aquaculture Vaccines Market

Know more @ https://www.marketwatch.com/press-release/at-6-cagr-aquaculture-vaccines-market-will-cross-290-milllion-by-2025-2019-05-31

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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