Medical Tourism Market 2020 and Forecast 2021-2027

  • TBI577316
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Medical Tourism Market

The global medical tourism market size was valued at USD 33.7 billion in 2020 and is expected to witness a CAGR of 10.0% over the forecast period 2021-2027. The availability of additional benefits including better healthcare, latest technologies, innovative medicines, modern devices, better hospitality, and personalized care are some of the drivers of this market. The market is expected to grow at a rapid rate over the forecast period. Factors propelling market growth comprise inadequate insurance benefits and no healthcare insurance in the local market. In addition, increasing demand for procedures, which are not covered by insurance such as gender reassignment operations, fertility treatment, dental reconstruction, and cosmetic surgery is also driving the market. Most cosmetic surgery procedures are considered elective and are therefore not covered under medical insurance. As cosmetic surgery is not covered by most medical aid plans and is paid out of pocket, lower costs in other countries increase the appeal for foreign patients. They save costs by traveling to destinations and avail treatment at cheaper rates while engaging in leisure activities at the destination country. The availability of cheaper treatment options along with the better quality of care is the primary factor responsible for the rising preference for offshore medical tourism. Patients can save from 30% to 80% of the total treatment costs. Low cost and easy availability of labor force is the main reason behind the cheaper treatment costs in medical tourism destinations. The emergency medical requirements of patients lead to the search for medical tourism destinations for other feasible options. The advancements in hospital management have brought about positive changes in the field of medical tourism. Provision of luxurious stay and comfortable treatment options by the hospitals is attracting medical tourists. Patients can enjoy tourism facilities post-treatment.

Country Insights: Medical Tourism Market

Thailand, India, Costa Rica, Mexico, Malaysia, Singapore, Brazil, Colombia, Turkey, Taiwan, South Korea, Czech Republic, and Spain have been covered in the report based on their emergence as popular destinations for medical tourism. Thailand was the most popular destination for medical tourism in 2019. The market growth was contributed by Thailand’s status as one of the most popular tourist destinations in Asia. The increasing number of private hospitals, improvements in overall healthcare infrastructure, and cheaper treatment costs are responsible for the growth of inbound medical tourists in Thailand. Thailand has more than 450 private hospitals and this number is expected to grow exponentially. Medical tourism leads to generation of substantial revenue in developing economies, helping them further expand their healthcare business. This has resulted in increased involvement and promotion of medical tourism by government authorities. For instance, in Thailand, the government is targeting new potential markets such as China, Laos, Myanmar, Cambodia, and Vietnam to benefit from the growing affluence and increasing demand for professional healthcare services in these countries. In February 2018, the government announced prerequisites for issuing smart visas for professionals or entrepreneurs interested in investing in new businesses, which will help international medical tourism providers to expand their business in Thailand with incentives such as allowance of a 4-year visa period. Over 53 private Thai hospitals have received JCI accreditation. Availability of additional benefits including better healthcare, latest technologies, innovative medicines, modern devices, better hospitality, and personalized care are some of the drivers of the medical tourism market.

Treatment Type Insights: Medical Tourism Market

Thailand is mostly preferred for cosmetic and bariatric surgeries. Some of the common procedures performed in Thailand include breast augmentation, laser tattoo removal, liposuction, Botox, hair transplant, and CoolSculpting. In Thailand, cosmetic surgeries are the most preferred type of treatment. On the other hand, medical procedures such as knee replacement, hip replacement, and gastric bypass are more affordable in India as compared to some of the developed nations including the U.S. and the UK. Costa Rica is preferred by medical tourists for dental procedures.

Medical Tourism Market Share Insights: Medical Tourism Market

Based on emerging countries, the market has been segmented into Thailand, India, Costa Rica, Mexico, Malaysia, and Singapore. In terms of revenue turnover, the market was lead by Thailand in 2019. The growth of the market was contributed by Thailand’s status as one of the most popular tourist destinations in Asia. Increasing number of private hospitals, improvements in overall healthcare infrastructure, and cheaper treatment costs are responsible for the growth in inbound medical tourists in Thailand. Thailand has more than 450 private hospitals and this number is expected to grow exponentially in the coming years. The number of incoming tourists with the purpose of obtaining healthcare from Thailand is increasing rapidly with a growth rate of around 18%. Along with the increase in the number of private hospitals, the improved quality of personal care and the adoption of the latest treatment technologies are responsible for the growing international patients. Medical tourism in Thailand is mostly preferred for cosmetic and bariatric surgeries. Some of the common procedures include breast augmentation, laser tattoo removal, liposuction, and Botox. Some of the leading medical tourism private hospitals are Bumrungrad International Hospital, Samitivej Hospitals, and Bangkok Hospital Group. These hospitals mostly cater to foreign patients as around 50% of the patients visiting these hospitals are medical tourists. In India, Apollo Hospitals Enterprise Ltd. and Fortis Hospitals are the most preferred treatment destinations for various medical procedures. Bumrungrad International Hospital and Apollo Hospitals Enterprise Ltd. are the leading treatment destinations for medical tourism in Thailand and India respectively. In addition, the emerging medical tourism hospitals in this market include Mexicali Bariatric Center in Mexico and TMC Fertility in Malaysia. Competitive rivalry is expected to remain higher in the pregnancy care products market over the forecast period. Some of the industry players are competing to increase the market share by acquiring and expanding their regional presence. On the other hand, some of the established market players such as the Clarins Group and Procter and Gamble invest high capital in marketing and media advertising as a part of their promotional strategies. Medical Tourism Market Report Scope

Key companies Profiled: Medical Tourism Market Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical tourism market based on countries:

Table of Contents
Chapter 1 Methodology
  1.1 Research Methodology
      1.1.1 Information procurement
  1.2 Information or Data Analysis
  1.3 Market Formulation & Validation
  1.4 Region Wise Market Calculation
      1.4.1 Region Wise Market: Base Estimates
      1.4.2 Global Market: CAGR Calculation
  1.5 Model Details
      1.5.1 Commodity flow analysis (Model 1)
      1.5.2 Volume p
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