Medical Tourism Market Size By Application (Cardiovascular Surgery, Cosmetic Surgery {Hair Transplant, Breast Augmentation}, Dental Surgery, Orthopedic Surgery, Bariatric Surgery, Fertility Treatment, Oncology Treatment), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Turkey, Poland, The Netherlands, India, Thailand, Singapore, Malaysia, Mexico, Columbia, Costa Rica, South Africa, UAE, Iraq), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

Published Date: Jan 2021  |  Report ID: GMI3022  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 130   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry trends

Medical Tourism Market size valued at USD 10.1 billion in 2020 and is estimated to grow at over 12.1% CAGR between 2021 and 2027. Rising awareness regarding medical tourism among patients will drive the market growth.
 

Various healthcare centers of developing nations, including both public and private, undertake initiatives for promotion of medical tourism and various advantages offered by them. Also, governments from developing nations take various initiatives for promotion of medical tourism in their country. Furthermore, as increasing number of patients are being aware about safety and effectiveness of medical procedures in foreign countries, the demand for medical tourism is expected to increase in near future.
 

Medical Tourism Market
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In the last few year, governments have been successful in converting respective countries into a medical travel hub. However, the COVID-19 pandemic has significantly impacted the health tourism industry. For instance, in March, European region was declared the epicentre of the pandemic, as the COVID-19 outbreak soared across the region. In response to COVID-19, the countries closed the borders and suspended cross-border traffic to limit the spread of coronavirus in respective countries. This has caused devastating effects on the medical tourism industry, as patients or individuals were not allowed to travel to their medical destination for the treatment.
 

Low cost of medical procedures in developing countries will be one of the prime factors for the medical tourism market growth. Patients from other countries flew to developing countries to save significantly in terms of medical care. Although the cost of medical treatments in developing countries is low, the quality is not compromised due to availability of resources at relatively lower costs. This will lead to increase in inclination towards medical tourism. Furthermore, a lot of U.S. citizens are uninsured or underinsured, that forces them to bear out-of-pocket expenses. Availability of advanced medical technology at low cost in developing countries will encourage the U.S. citizens to avail healthcare services in developing countries.
 

Medical Tourism Market Report Coverage
Report Coverage Details
Base Year: 2020 Market Size in 2020: 10,137.9 Million (USD)
Historical Data for: 2016 to 2020 Forecast Period: 2021 to 2027
Forecast Period 2021 to 2027 CAGR: 12.1% 2027 Value Projection: 37,285.2 Million (USD)
Pages: 130 Tables, Charts & Figures: 152
Geographies covered (20): U.S., Canada, Germany, UK, France, Italy, Spain, Poland, The Netherlands, Turkey, India, Thailand, Singapore, Malaysia, Mexico, Columbia, Costa Rica, South Africa, UAE, Iraq
Segments covered: Application and Region
Companies covered (10): Apollo Hospital Enterprise Limited, Asklepios Kliniken GmbH & Co. KGaA, Bumrungrad International Hospital, Fortis Healthcare Limted, KPJ Healthcare Berhad, Manipal Hospital, Max Healthcare, Mount Elizbeth Hospitals, Narayana Health, Raffles Medical Group
Growth Drivers:
  • Low cost of medical treatment in developing countries
  • Rising awareness about medical tourism among patients
  • Availability of high-quality treatment in developing countries
  • Growing compliance towards international standard for surgical procedures
  • Ease and affordability of international travel
  • Various government policies to ease medical travel
Pitfalls & Challenges:
  • Long wait time for certain medical procedures
  • Issue with patient follow-up and post-surgery complications

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Issue with patient follow-up and post-surgery complications may slow down the medical tourism market

Increasing number of patients from developed economies are traveling abroad to avail medical treatments due to availability of low-cost treatment. However, even though after successful completion of the procedure, there may be chances of development of post-surgery complications. Various bariatric procedures include medical devices such as intragastric balloon and adjustable gastric band that need to be removed after a period of 6 months to 12 months. In such circumstances, the patient has to again travel to foreign country and get the necessary treatments for complications. Also, there is limited chance for follow-up that is an important aspect of a treatment procedure.
 

Availability of technologically advanced and minimally invasive surgical procedures for cosmetic purposes

Medical Tourism Market

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The cosmetic surgery segment accounted for medical tourism market share of 17% in 2020. Cosmetic surgeries mainly include hair restoration, breast augmentation, facelift procedures, rhinoplasty, and other procedures. As the influence of aesthetics is growing among people, the demand for cosmetic surgeries is increasing across the world. Thus, availability of technologically advanced and minimally invasive surgical procedures for cosmetic purposes will fuel the market growth. Furthermore, increasing influence of aesthetic and cosmetic surgical procedure among the rising geriatric population base will spur the segment demand.
 

 

Availability of latest technologies and medical equipment in European region

Medical Tourism Market

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Europe medical tourism market is predicted to show robust growth of around 11.7% during the forecast period owing to availability of latest technologies and medical equipment that are rarely available in developing regions. Also, the process of medical device approval in the European Union is much faster as compared to that in the U.S.
 

Moreover, countries such as Turkey and Poland are world-class destinations for medical tourism. This is attributable to availability of skilled surgeons and other healthcare personnel. Also, Turkey is considered to be the major destination for cosmetic procedures such as hair restoration procedures and treatment for fertility disorders. Sophisticated healthcare system and high healthcare expenditure by government will positively impact the market expansion.
 

The growing demand for minimal invasive surgical procedures coupled with advanced treatment procedures will drive the market revenue. Also, the stable political environment and availability of various international reimbursement policies will encourage medical patients to visit European countries for medical treatments.
 

Adoption of inorganic business strategies will pave growth opportunities for hospitals operating in the market

Prominent players operating in the medical tourism industry include Asklepios Kliniken GmbH, KPJ Healthcare Berhad, Apollo Hospitals, Fortis Healthcare and Bumrungrad International Hospital. These hospitals adopt various strategies such as business and geographic expansion and marketing to sustain market position.
 

Some of the recent industry developments:

  • In June 2020, Dar Al Shifa Hospital announced that new hospital has been opened in Al-Zubair district in Basra Provision. The hospital has a capacity of 60 beds, five operating theatres, an ophthalmology center, dental clinics, maternity ward and pharmacy among others. This is expected to enhance their service offering in untapped geographies and expand customer base.
     
  • In January 2019, Raffles Medical Group started a new hospital in Chongqing, China. The hospital comprises more than 700-bed facility and offer services in various division. This has enabled hospital to cater to more international patients and generate more revenues.
     

The medical tourism market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Application

  • Cardiovascular surgery
  • Cosmetic surgery
    • Hair transplant
    • Breast augmentation
    • Others
  • Dental surgery
  • Orthopedic surgery
  • Bariatric surgery
  • Fertility treatment
  • Oncology treatment
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Poland
    • Turkey
    • The Netherlands
  • Asia Pacific
    • India
    • Thailand
    • Singapore
    • Malaysia
  • Latin America
    • Mexico
    • Columbia
    • Costa Rica
  • Middle East & Africa
    • South Africa
    • UAE
    • Iraq

 

Frequently Asked Questions (FAQ) :

The market size for medical tourism had reached USD 10.1 billion in 2020 and is projected to witness more than 12.1% CAGR up to 2027.
The cosmetic surgery segment held more than 17% of the industry size in 2020 with increased access to advanced technologies and minimally invasive procedures.
Europe market size is expected to register nearly 11.7% CAGR between 2021-2027 owing to faster approval for medical procedures and the availability of latest medical equipment.
Some of the major companies include Apollo Hospitals, Asklepios Kliniken GmbH, Bumrungrad International Hospital, Fortis Healthcare, Max Healthcare, among many others.

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Premium Report Details

  • Published Date: Jan 2021
  • Pages: 130
  • Tables: 140
  • Charts / Figures: 12
  • Companies covered: 10
  • Countries covered: 20

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