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LI200275 |
Pages: 140 |
Feb 2020 |
The Medical tourism market size was $58.62 billion in 2018 and is projected to $149.34 billion by 2026, at a CAGR of 12.4% during forecast year. Asia pacific region accounted for the highest market share of 37% in 2018 and is predicted to grow at a CAGR of 12.2% in the forecast period. North America medical tourism market was $15.82 billion in 2018, and will surpass $41.07 billion by 2026, at a CAGR of 12.7%.
Medical tourism can be termed as the medical care that is received by travelling outside the country. In other words, medical tourism is when a patient from a particular nation travels to another nation that has good medical facilities for treatment, simply because the treatment isn’t available in his or her own nation or is expensive in nature. The main advantage of medical tourism is that the patient receives the treatment and the sense of travelling together. Most commonly patients travel across nations to avail dental care, cosmetic surgery, fertility treatment and other serious diseases like cancer and heart related issues.
Cost and availability of quality care is considered to be a major driving factor for the market.
Medical tourism is expected to be a multi-billion-dollar market and is predicted to grow considerably in the next decade. Many countries across the globe can foresee the financial benefits from this emerging market, and hence are engaging in effort to offer premium medical services at a substandard price, as these prices are directly related to their economic growth. For instance, the expense for heart surgery in the U.S is $30,000 whereas the same surgery comes down to $6,000 to $ 7,000 in India. The emergence of several hospitals in developing nations has largely contributed to provide treatments at a lower cost which makes the patient travel across to get their treatment done at a reasonable price. Advanced medicine techniques and affordable, highly qualified doctors attract patients from all over the world.
Lengthy reimbursement of insurance and difficulties associated with the accessories and visa are considered to be the biggest restraints for the market.
Private hospitals charge exorbitant fees for treatments and surgeries. Patients who haven’t covered their insurance face problems eventually. Patients who have insured themselves face problems related to their insurance policies and their reimbursement as many insurance companies refuse to cover the patient’s insurance for foreign treatments. But in some cases they only cover the treatment expenses if they are cheaper in other countries and do not cover the airfare and other expenses. Hence, patients prefer to stay in the respective country and get themselves treated which affects the medical tourism industry. In addition, patients also face difficulties associated with language barrier, documentation and visa approval; these are the biggest restraints for the medical tourism market.
Market opportunities:
Rising Healthcare Facility Across the Globe
Increasing hospital coverage in the developed and developing nations will provide significant opportunities for the growth of global medical tourism market.
Medical tourism market share for the cosmetic segment was $12,603.8 million in 2018 and is predicted to grow at a CAGR of 11.9% in the forecast period. In the current world, people are inclined to change their physical appearance to maintain their self-esteem and confidence. There are many types of cosmetic treatments through which a normal person can improve their outward appearance. Many people are opting surgery treatment to build their self-confidence and esteem by changing their appearance cosmetically. This trend is going to create a boom in the cosmetic medical tourism market. Cancer treatment is predicted to have the fastest growth rate in the forecast period. The medical tourism market share for cancer treatment was $2,638.0 million in 2018 and is predicted to grow at a CAGR of 14.2% during the forecast period. Cancer treatment is anticipated to grow due to the rise in the cancer cases. Many patients are opting for their cancer treatment overseas for better treatment. As cancer takes a long time to get cured patients are selecting countries that provide better medical facilities and cost less. Medical Tourism Market Forecast is such that the cancer segment is going to experience a boost during the forecast period.
Regional Growth of Medical Tourism Market:
Asia pacific accounted for the highest market share of 37% in 2018. Asia-Pacific region was $21,690.2 million in 2018 and is predicted to grow at a CAGR of 12.2% in the forecast period. Affordable and advanced level of treatment and machinery and lesser government policies towards tourism are the major driving factors for this market in the Asia-Pacific region
Source: Research Dive Analysis
The major key players in the medical tourism market are Bumrungrad International Hospital, Fortis Healthcare, Apollo Hospitals Enterprise Ltd., KPJ Healthcare Berhad, Asklepios Kliniken GmbH, NTT Medical Centre, Asian Heart Institute, UZ Leuven, Aditya Birla Memorial hospital, and Prince Court Medical Centre among others.
| Aspect | Particulars |
| Historical Market Estimations | 2018-2019 |
| Base Year for Market Estimation | 2018 |
| Forecast timeline for Market Projection | 2019-2026 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Service Type |
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| Key Countries Covered | U.S., Canada, Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Middle west, Africa |
| Key Companies Profiled |
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Source: Research Dive Analysis
1. Research Methodology
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.4.1. Assumptions
1.4.2. Forecast parameters
1.5. Data sources
1.5.1. Primary
1.5.2. Secondary
2. Executive Summary
2.1. 360° summary
2.2. Service type trends
3. Market Overview
3.1. Market segmentation & definitions
3.2. Key takeaways
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. Porter’s five forces analysis
3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market
3.4. Market dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Strategic overview
4. Mineral Wool Market, by Service Type
4.1. Fertility Treatment
4.1.1. Market size and forecast, by region, 2017-2028
4.1.2. Comparative market share analysis, 2018 & 2028
4.2. Cancer Treatment
4.2.1. Market size and forecast, by region, 2017-2028
4.2.2. Comparative market share analysis, 2018 & 2028
4.3. Neurological Treatment
4.3.1. Market size and forecast, by region, 2017-2028
4.3.2. Comparative market share analysis, 2018 & 2028
4.4. Orthopedic Treatment
4.4.1. Market size and forecast, by region, 2017-2028
4.4.2. Comparative market share analysis, 2018 & 2028
4.5. Cardiovascular Treatment
4.5.1. Market size and forecast, by region, 2017-2028
4.5.2. Comparative market share analysis, 2018 & 2028
4.6. Cosmetic Treatment
4.6.1. Market size and forecast, by region, 2017-2028
4.6.2. Comparative market share analysis, 2018 & 2028
4.7. Dental Treatment
4.7.1. Market size and forecast, by region, 2017-2028
4.7.2. Comparative market share analysis, 2018 & 2028
4.8. Others
4.8.1. Market size and forecast, by region, 2017-2028
4.8.2. Comparative market share analysis, 2018 & 2028
5. Mineral Wool Market, by Region
5.1. North Region
5.1.1. Market size and forecast, by service type, 2017-2028
5.1.2. Market size and forecast, by country, 2017-2028
5.1.3. Comparative market share analysis, 2018 & 2028
5.1.4. U.S
5.1.4.1. Market size and forecast, by service type, 2017-2028
5.1.4.2. Comparative market share analysis, 2018 & 2028
5.1.5. Canada
5.1.5.1. Market size and forecast, by service type, 2017-2028
5.1.5.2. Comparative market share analysis, 2018 & 2028
5.2. Europe
5.2.1. Market size and forecast, by service type, 2017-2028
5.2.2. Market size and forecast, by country, 2017-2028
5.2.3. Comparative market share analysis, 2018 & 2028
5.2.4. Germany
5.2.4.1. Market size and forecast, by service type, 2017-2028
5.2.4.2. Comparative market share analysis, 2018 & 2028
5.2.5. France
5.2.5.1. Market size and forecast, by service type, 2017-2028
5.2.5.2. Comparative market share analysis, 2018 & 2028
5.2.6. Rest of Europe
5.2.6.1. Market size and forecast, by service type, 2017-2028
5.2.6.2. Comparative market share analysis, 2018 & 2028
5.3. Asia-Pacific
5.3.1. Market size and forecast, by service type, 2017-2028
5.3.2. Market size and forecast, by country, 2017-2028
5.3.3. Comparative market share analysis, 2018 & 2028
5.3.4. China
5.3.4.1. Market size and forecast, by service type, 2017-2028
5.3.4.2. Comparative market share analysis, 2018 & 2028
5.3.5. India
5.3.5.1. Market size and forecast, by service type, 2017-2028
5.3.5.2. Comparative market share analysis, 2018 & 2028
5.3.6. Japan
5.3.6.1. Market size and forecast, by service type, 2017-2028
5.3.6.2. Comparative market share analysis, 2018 & 2028
5.3.7. South Korea
5.3.7.1. Market size and forecast, by service type, 2017-2028
5.3.7.2. Comparative market share analysis, 2018 & 2028
5.3.8. Australia
5.3.8.1. Market size and forecast, by service type, 2017-2028
5.3.8.2. Comparative market share analysis, 2018 & 2028
5.3.9. Rest of Asia-Pacific
5.3.9.1. Market size and forecast, by service type, 2017-2028
5.3.9.2. Comparative market share analysis, 2018 & 2028
5.4. LAMEA
5.4.1. Market size and forecast, by service type, 2017-2028
5.4.2. Market size and forecast, by country, 2017-2028
5.4.3. Comparative market share analysis, 2018 & 2028
5.4.4. Middle west
5.4.4.1. Market size and forecast, by service type, 2017-2028
5.4.4.2. Comparative market share analysis, 2018 & 2028
5.4.5. Africa
5.4.5.1. Market size and forecast, by service type, 2017-2028
5.4.5.2. Comparative market share analysis, 2018 & 2028
6. Company Profiles
6.1. Bumrungrad International Hospital
6.1.1. Business overview
6.1.2. Financial performance
6.1.3. Product portfolio
6.1.4. Recent strategic moves & developments
6.1.5. SWOT analysis
6.2. Fortis Healthcare
6.2.1. Business overview
6.2.2. Financial performance
6.2.3. Product portfolio
6.2.4. Recent strategic moves & developments
6.2.5. SWOT analysis
6.3. Apollo Hospitals Enterprise Ltd
6.3.1. Business overview
6.3.2. Financial performance
6.3.3. Product portfolio
6.3.4. Recent strategic moves & developments
6.3.5. SWOT analysis
6.4. KPJ Healthcare Berhad
6.4.1. Business overview
6.4.2. Financial performance
6.4.3. Product portfolio
6.4.4. Recent strategic moves & developments
6.4.5. SWOT analysis
6.5. Asklepios Kliniken GmbH
6.5.1. Business overview
6.5.2. Financial performance
6.5.3. Product portfolio
6.5.4. Recent strategic moves & developments
6.5.5. SWOT analysis
6.6. NTT Medical Centre
6.6.1. Business overview
6.6.2. Financial performance
6.6.3. Product portfolio
6.6.4. Recent strategic moves & developments
6.6.5. SWOT analysis
6.7. Asian Heart Institute
6.7.1. Business overview
6.7.2. Financial performance
6.7.3. Product portfolio
6.7.4. Recent strategic moves & developments
6.7.5. SWOT analysis
6.8. UZ Leuven
6.8.1. Business overview
6.8.2. Financial performance
6.8.3. Product portfolio
6.8.4. Recent strategic moves & developments
6.8.5. SWOT analysis
6.9. Aditya Birla Memorial hospital
6.9.1. Business overview
6.9.2. Financial performance
6.9.3. Product portfolio
6.9.4. Recent strategic moves & developments
6.9.5. SWOT analysis
6.10. Prince Court Medical Centre
6.10.1. Business overview
6.10.2. Financial performance
6.10.3. Product portfolio
6.10.4. Recent strategic moves & developments
6.10.5. SWOT analysis
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