MEDICAL TOURISM MARKET ANALYSIS

Medical Tourism Market – Insights

The lack of medical insurance is the primary reason driving the growth of the global medical tourism market. Expansion of internet and online advertising in rural areas has made it possible for patients to identify specialized treatments at low prices. The Nerd Wallet Health analyzed data from the Centers for Disease Control and Prevention (CDC), U.S. Census and Federal Court System in 2013 and found that around 56 million Americans under the age of 65 have trouble paying their medical bills.

Moreover, as per the Health-Tourism fact sheet and statistics, medical tourism generated massive revenue between US$ 60,000 to US$ 70,000 in 2015, and it is expected to double in the near future. These factors indicate the fast growth and expansion of the global medical tourism market over the forecast period.

The global medical tourism market size was estimated to be valued at US$ 32,733.7 million in 2019, and is expected to witness a CAGR of 12.4% over the forecast period (2019 – 2027).

Global Medical Tourism Market Share (%) Analysis, By Treatment Type, 2019

Source: Coherent Market Insights Analysis (2020)

Increasing government initiative for medical tourism is expected to favor the growth of global medical tourism market.

Most of the countries are taken initiative for medical tourism to provide treatment for visitors. For instance, according to the Dubai Chamber of Commerce’s 2019 report, the Abu Dhabi Department of Health and Abu Dhabi Department of Culture and Tourism (DCT) jointly launched the Abu Dhabi Medical Tourism e-portal, a digital platform that provides visitors to Abu Dhabi with all medical offerings and healthcare facilities throughout the duration of their visit.

Furthermore, orthopedics, sports medicine, dermatology and skin care, dentistry, and fertility treatment are currently among the top specialties for health tourism in Dubai.

Global Medical Tourism Market - Regional Insights

On the basis of region, the global medical tourism market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global medical tourism market owing to increasing prevalence of cancer. There is high incidence of cancer in the U.S. and across the world. For instance, according to the National Cancer Institute, in 2016, an estimated 15.5 million people survived cancer in the U.S., and the number of cancer survivors is expected to increase to 20.3 million by 2026. Moreover, in 2017, an estimated 15,270 children and adolescents in the age group of 0 to 19 were diagnosed with cancer in the U.S.

Asia Pacific is the fastest growing region in the global medical tourism market owing to increasing government initiative for medical tourism. For instance, according to the government of India’s Ministry of Home Affairs, in 2017, India retooled its e-Visa program, introducing a special visa subcategory for medical travelers which can be given for specific purpose to foreign tourists coming to India for medical treatment.

Global Medical Tourism Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027

Source: Coherent Market Insights Analysis (2020)

Global Medical Tourism Market - Competitive Landscape

• Key players operating in the global medical tourism market include Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre and Wooridul Spine Hospital.