The global growth in the flow of patients and health professionals as well as medical technology, capital funding and regulatory regimes across national borders has given rise to new patterns of consumption and production of healthcare services over recent decades. Moreover, as healthcare treatment turns costlier in developed countries, the people travel from one country to another to receive medical treatments, which is referred as medical tourism. These medical treatments could be either sophisticated treatments, which include cardiac, orthopedic, dental, and neurosurgeries; or non-compulsory treatments such as cosmetic surgeries. Costa Rica, India, Israel, Malaysia, Mexico, Thailand, Turkey, Singapore, South Korea, Taiwan and United States are some of the key destination countries for the medical tourism patients.
High cost of treatments, rise in base of geriatric population, increasing adoption of sophisticated technology, increasing awareness about cost effective treatments available in developing countries, and favorable exchange rates are key factors driving the market growth. In addition, long waiting time for treatment in some countries, and employers, insurers and health insurance agents who are seeking medical treatments abroad due to economic crisis in some countries further propelling the market growth in the coming years. The global market for medical tourism was valued at USD 78.5 billion in 2015 and is expected to reach around USD 327.3 billion by 2022, growing at a CAGR of 19.9% during the forecast period of 2016 to 2022.
As a result of globalization of healthcare services over the last few years, the medical tourism has gained lot of popularity among highly industrialized countries like the United States and the European countries. Geographic proximity and cultural similarities also driving the market further. Americans prefer Mexico, Costa Rica or Panama for dental services or cosmetic surgeries due to their proximity. Southeast Asia and India are the choice destinations for orthopedic and cardiovascular cases due to the high quality of healthcare, and a significant number of U.S accredited hospitals and physicians.
The report delivers a strategic analysis of the market for medical tourism and growth forecast for the period from 2016– 2022. The scope of the report includes competitive analysis of various market players who are operating in the market, and country-wise analysis. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
The study also provides information for recent merger and acquisition deals happened in the medical tourism market. Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in medical tourism market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies.
- Bumrungrad Hospital
- Bangkok Dusi
- Medical Services
- Apollo Enterprise Ltd
- Raffles Medical Group
- IHH Healthcare Berhad
- Fortis Hospital
- Prince Court Medical Center
- Wooridul Spine Hospital
- Gleneagles Hospital