Published Date: Jun, 2018
The global medical tourism market size was estimated at USD 25.02 billion in 2016. It is expected to expand at a CAGR of 20.24% during the forecast period. Growing geriatric population and spiraling demand for low cost medical procedures with high-quality service are some of the key trends stimulating market growth.
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Geriatric population is at high risk of developing heart-related diseases. The number of Americans aged 65 years or above is anticipated to double by 2050. Longer waiting time and high cost in countries such as Canada, the U.K., and France are among the major factors that are compelling patients to move to other destinations such as Thailand, India, Singapore, and Costa Rica for cost-effective treatment.
According to the American Heart Association, cardiovascular disease is a leading cause of death taking a toll on 17.3 million deaths per year, and the cases are likely to grow beyond 23.6 million by 2030. This trend is projected to drive the market during the forecast period.
Furthermore, commercialization, expansion, merger & acquisition, and several other initiatives by hospitals and healthcare facilities are poised to boost the growth of the market during the forecast period. For instancein March 2015, Fortis Hospitals Limited incorporated Fortis Charitable Trust, a nonprofit company under section 8 of the Companies Act 2013 for carrying out corporate social responsibilities (‘CSR’) of the group.
Various government policies to ease visa-on-arrival and visa restrictions, increasing implementation of modern facilities by private sector hospitals, and availability of trained healthcare practitioners are factors responsible for the fastest growth of the market in India.
In 2016, KPJ Healthcare Berhad signed up an agreement with Golden Age Solution Private Limited, Australia to develop several curriculums focusing on aged care programs (in support of KPJ’s Senior Living Care services). The former also collaborated with the Universiti Teknikal Malaysia Melaka (UTeM) for R&D on medical imaging advancements.
Report Coverage & Deliverables
Thailand dominated the medical tourism market in 2016. This can be attributed to high adoption of new technology and quality services at low cost in this country. In August 2015, Samitivej Public Co., Ltd. passed the resolution to approve First Health Food Co., Ltd., to sell investments in Sodexo Healthcare Support Service (Thailand) Co., Ltd.
Some of the other factors favoring the growth of the market are affordable international travel, improved quality of healthcare, cost savings, shorter waiting period, and easier access to care. According to an article published by All times AEDT, 15,000 Australians travel to Thailand mostly for cosmetic surgeries making it the top destination in the market. The Phuket Plastic Surgery Institute (PPSI) is Thailand’s leading provider of cosmetic surgeries. Procedures carried out at inexpensive prices include breast reductions, breast lifts, breast augmentations, face-lifts, liposuction, rhinoplasty, and tummy tucks.
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India is estimated to be one of the fastest growing markets during the forecast period, owing to improving healthcare infrastructure, rising disposable income, and increasing overseas promotion. Government initiatives to introduce medical visas to govern medical tourism and low-cost procedures such as cosmetic surgery, infertility, dental, cardiology, and joint replacement are expected to provide a significant push to the market in India.
According to the Indian Society for Assisted Reproduction (ISAR), there are some 400 in vitro fertilization (IVF) clinics in India, providing an estimated 30,000 assisted reproductive treatment a year at an affordable cost of USD 1800 – 5000. Leading players in this nation attracting medical tourist include Fortis Group of Hospitals, Apollo Group of Hospitals, Max Healthcare, Rockland Hospital, Narayana Institute of Cardiac Sciences (NICS), and BLK Super Specialty Hospital.
Singapore and Costa Rica are prominent markets in medical tourism. American medical tourists travel to Costa Rica in order to receive quality dental care at a cheaper price. Singapore is a promising destination due to availability of various surgical procedures in neurology, orthopedics, oncology, cardiology pediatrics, ophthalmology, and organ transplants.
Medical Tourism Market Share Insights
Some of the major players are Apollo Hospitals Enterprise Limited, Bumrungrad International hospital, KPJ Healthcare Berhad, Fortis Healthcare, Samitivej Hospital, Raffles Medical Group, and Prince Court Medical Center.
Mergers, acquisitions, and partnerships are some of the key strategies adopted by market players to stay competitive in the market. For instance, in September 2015, Raffles Medical Group’s (RMG) subsidiary, RSM Ltd acquired 100% interest in Zui Wa Kai Medical Corporation (ZWK). With this move, the group anticipates extending the Raffles brand of care to the Japanese market.
|Base year for estimation||2016|
|Actual estimates/Historical data||2014 – 2015|
|Forecast period||2017 – 2025|
|Market representation||Revenue in USD Million and CAGR from 2017 to 2025|
|Country scope||Costa Rica, Mexico, India, Thailand, Malaysia, and Singapore|
|Report coverage||Revenue forecast, competitive landscape, growth factors, and trends|
|15% free customization scope (equivalent to 5 analyst working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization|
Segments Covered in the Report
This report forecasts revenue growth at global & country levels and provides an analysis on industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global medical tourism market report on the basis of country:
- Regional/Country Outlook (Revenue, USD Million, 2014 – 2025)
- Costa Rica