NEW YORK, Feb. 16, 2023 /PRNewswire/ — Major players in the medical tourism market are Apollo Hospital Enterprise Limited, Prince Court Medical Centre, Bumrungrad International Hospital, KPJ Healthcare Berhad, Fortis Health Ltd, Raffles Medical Group, Bangkok Hospital Medical Centre, Samitivej PCL., Min-Sheng General Hospital and Asian Heart Institute.
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The global medical tourism market will grow from $35.77 billion in 2022 to $39.95 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The medical tourism market is expected to grow to $59.67 billion in 2027 at a CAGR of 10.5%.
The medical tourism market includes revenues earned by entites by providing inbound medical tourism services, and outbound medical tourism services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Medical tourism is the process of travelling to another country solely for the reasons of medical treatment. It is useful for people living in countries where appropriate medical facilities are not available.
North America was the largest region in the medical tourism market in 2022. Western Europe was the second largest region in the medical tourism market.The regions covered in the medical tourism report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of medical tourism are domestic and international.Domestic health or medical tourism is when a person travels from his or her regular place of residence to another inside the state in order to receive better medical treatment or because the therapy available in his or her usual place of residence is too expensive.
The different treatment types include cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric treatment, fertility treatment, opthalmic treatment, others and involves various service providers such as public, private. The several healthcare services include medical treatment, wellness, alternative treatment.
High healthcare cost in developed countries is driving growth in the medical tourism market as developing countries are able to provide cheaper treatment.Patients usually travel to developing countries with quality healthcare infrastructure and low healthcare costs.
According to a study conducted by the Centres for Disease Control and Prevention, approximately 0.75 -1.6 million people from the USA travel out of the country for medical care to avoid high treatment cost. For instance, a hip replacement surgery in the USA costs approximately $39,299 while the same surgery in India, Costa Rica or other developing countries would cost between $7000 and $15,000 including logistics.
The coronavirus disease (COVID-19) outbreak is to act as a major restraint for the growth of the medical tourism industry during 2020 and 2021.According to the World Health Organization’s report, 213 countries are affected by the COVID-19 outbreak including countries with a high number of medical tourists such as the USA, China, Japan, and South Korea.
The government of various countries has banned travellers from affected countries, barred flights to certain countries, and changed the visa requirements.The American Centres for Disease Control and Prevention (CDC) predicted that the situation could last into 2021 and is likely to impact the medical tourism industry significantly.
Therefore, the coronavirus outbreak and travel bans are expected to restrict the growth of the medical tourism industry in the near future.
Patients traveling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format.An electronic health record is the systematic collection of patient health and medical examination reports stored electronically.
These health records can be accessed instantly and securely by authorized users.Electronic health records eliminate the need to carry heavy medical records for patients travelling long distances for treatment.
Some of the major electronic health records software include eClinicalWorks, Allscripts, Cerner.
In September 2020, IHH Healthcare, a Malaysian–Singaporean private healthcare group focused on upmarket health services acquired Prince Court Medical Centre for $0.25 billion. Through this acquisition, Prince Court Medical Centre will complement IHH’s cluster strategy of having specialized tertiary hospitals in Kuala Lumpur. Prince Court Medical Centre is a private healthcare facility located in the heart of Kuala Lumpur, Malaysia.
The countries covered in the medical tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.It does not include revenues from resales either further along the supply chain or as part of other products.
The medical tourism market research report is one of a series of new reports that provides medical tourism market statistics, including medical tourism industry global market size, regional shares, competitors with a medical tourism market share, detailed medical tourism market segments, market trends and opportunities, and any further data you may need to thrive in the medical tourism industry. This medical tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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