Global Medical Tourism Market Overview:
Medical tourism includes traveling to another country to avail medical treatment of some form, which may or may not be offered in the travelersí 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. Some of the players profiled in the study are 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). According to Market Analyst at AMA, the Global Medical Tourism market may see a growth rate of 13.6%
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 2019. 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.
Market Growth Drivers
- Availability as well as affordable of quality care
- Accessible information & care
- Assistance & support from government agencies & associations
- High Cost of Medical Treatment in Developed Nations and Their Availability at Low Price in Other Countries
- Problems associated with travel, availability, language barriers, documentation, & VISA approval issues
- Restricted coverage & lengthy fractional reimbursement by payers
- Widespread hospital network under insurance coverage for cashless transactions
Key Market Developments:
In Oct, 2017, The Indian ministry of finance, together with the ministries of tourism & health, launched a portal, www.indiahealthcaretourism.com. The portal is used for helping medical travelers with a complete information base. It also provides information in languages such as Arabic, French, and Russian.
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
Medical Service Providers, Research Organizations and Universities, Hospitals, Consulting Companies, Investors and Venture Capitalists and End Users
Major Objectives Focused through this Study
To define, describe, and forecast the Global Medical Tourism market on the basis of product  , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Medical Tourism market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Medical Tourism industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Fortis Healthcare Ltd. (India), Wooridul Spine Hospital (Korea), KPJ Healthcare Berhad (Malaysia), Anadolu Medical Centre (Turkey) and Asklepios Klinik Barmbek (Germany).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Medical Tourism market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.