Medical Tourism Market Estimated to grow at a CAGR of over 10% over 2018-2025: Industry Size, Share Trends Analysis

Tue Mar 13, 2018 - 9:00am UTC has published “Global Medical Tourism Market Share and Trends: Key Industry Insights, Segments, Opportunities, and Forecasts to 2018-2025” reports to its database. global medical tourism industry has a promising future with an expected number of travelers to increase by over 30% each year.

Dallas, United States – March 13, 2018

Reasons for the study
•The aim of the study is to present an in-depth analysis of the global medical tourism market
•We have been tracking the global healthcare market where we came across a major trend of patients traveling to foreign destinations to avail medical care
•While studying the wellness tourism market, we found that medical tourism is growing at a rapid pace across certain geographies. Medical tourism has seen tremendous growth in Asia Pacific over the past few years with support from various national governments.
•We came across the fast-growing dental tourism sector wherein patients were traveling across countries to receive dental treatment
•We observed that uninsured or underinsured patients often traveled to destinations including India, Thailand, and Singapore to avail economic benefits for medical treatments

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Key industry insights
•The global medical tourism market was estimated to exceed over USD 65 billion in 2017 and is expected to grow at a CAGR of over 10% over the forecast period. The global medical tourism industry has a promising future with an expected number of travelers to increase by over 30% each year.
•The rise in geriatric population, increasing medical costs, worsening lifestyle habits, and high rates of chronic diseases are driving the costs of healthcare. In certain countries such as the U.S., an absence of insurance or coverage of certain ailments results in skyrocket prices of medical care. This forces consumers to seek other option for medical care, often out of their own country.
•The global medical tourism provides an economical alternative to uninsured or underinsured patients to obtain treatment. Moreover, patients requiring urgent medical care travel to countries where the waiting time is significantly less.
•Several governments are undertaking initiatives to attract tourists such as easing the visa process and upgrading their healthcare facilities. For instance, in 2017, the Indian government expanded the scope of e-tourist visa to include short-term medical treatment. The government has also undertaken initiatives to install separate immigration counters & facilitation desks to boost the domestic medical tourism market.
•The growing need for foreign healthcare has resulted in the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) in establishing the Joint Commission International (JCI). At present, there are over 220 accredited hospitals around the world providing quality medical care.
•Dental tourism is one of the fastest growing segments of the global medical tourism industry. Patients are traveling to destinations such as Mexico, Thailand, Spain, Turkey, India, Hungary, and the Philippines as it saves 50-70% of the cost. In 2012, approximately 1.2 million Americans traveled outside the U.S. for healthcare treatments. Of these, approximately 42% of patients traveled for dental care. Patient search for affordability, quality, accessibility, and availability has spurred the demand for dentistry outside their own country
•Apollo Hospitals, Fortis Healthcare Limited, KPJ Healthcare, NTT Medical Center Tokyo, and Barbados Fertility Centre are some of the JCI accredited hospitals located across the world which offer medical care to tourists

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Key segments of the upcoming report

Type of treatment, 2015 – 2025 (Number of patients in thousands) (USD Million)
Cardiovascular treatment
Cancer treatment
Fertility treatment
Orthopedic treatment
Cosmetic treatment
Dental treatment
Other treatments

The report has analyzed several players in the market, some of which include
•Mediconnect India
•Singapore Vita Agency
•IndiCure Health Tours Pvt. Ltd.
•Apollo Hospitals
•Fortis Healthcare Limited
•KPJ Healthcare
•NTT Medical Center Tokyo
•Barbados Fertility Centre

What does the report include?
•Market factors such as drivers, restraints, and opportunities have been discussed in the study
•A separate section in the study addresses the regulatory framework across various countries surrounding the healthcare sector
•The study analyses the market using Porter’s Five Forces Model
•Various types of treatment for the medical tourism sector have been analyzed in-depth
•Profiles of key hospitals & medical agencies have been provided in the report

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Who should buy this report?
This study is suitable for industry participants and stakeholders, who want an in-depth insight into the dynamics of the global medical tourism market. The report will benefit:
•Doctors, hospital administrators, travel and tourism agencies, medical equipment manufacturers, healthcare providers, etc.
•Venture capitalists looking into investing capital for turnkey/expansion projects for hospitals and healthcare facilities for traveling patients
•Regulatory bodies and municipal corporations looking for innovative solutions for attending to the incoming medical tourists
•Decision makers across various government and non-government panels who are looking for solutions or planning on attracting and enhancing more medical tourists
•Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies

Major points from Table of Contents:
Chapter 1. Research Methodology
Chapter 2. Executive Summary
Chapter 3. Market Outlook
Chapter 4. Type of Treatment Overview
Chapter 5. Regional Overview
Chapter 6. Industry Structure
Chapter 7. Hospital Profiles
Chapter 8. Agency Profiles

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Contact Info:
Name: Hector Costello
Organization: Orbis Research
Address: 4144N Central Expressway, Suite 600, Dallas
Phone: +1 (214) 884-6817

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