Global Health Tourism Market, By Service (Transport, Accommodation, Hospitality and Others), Type of Treatment (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopaedic Treatment, Bariatric Treatment, Fertility Treatment, Cancer Treatment, Ophthalmic Treatment, Neurological Treatment and Others), Age Group (Senior Citizens, Minors and Adults), Service Provider (Private and Public) – Industry Trends and Forecast to 2030.
Health Tourism Market Analysis and Size
According to the Turkish Statistical Institute, 642,444 inbound medical tourists visited Turkey in 2021, a 66% increase from 2020. The report includes Thailand, Costa Rica, India, Malaysia, Mexico, Brazil, Singapore, Turkey, Colombia, South Korea, Taiwan, Czech Republic, Spain, Australia, China, and Indonesia as popular medical tourism destinations.
Data Bridge Market Research analyses that the health tourism market which is USD 27.195 million in 2022, is expected to reach USD 410.61 million by 2030, at a CAGR of 40.4% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Health Tourism Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Service (Transport, Accommodation, Hospitality, and Others), Type of Treatment (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopaedic Treatment, Bariatric Treatment, Fertility Treatment, Cancer Treatment, Ophthalmic Treatment, Neurological Treatment and Others), Age Group (Senior Citizens, Minors and Adults), Service Provider (Private and Public)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Apollo Hospitals Enterprise Ltd. (India), Fortis Healthcare (India), KPJ HEALTHCARE BERHAD (Malaysia), Nippon Telegraph and Telephone East Corporation (Japan), ADITYA BIRLA HEALTH SERVICES LTD. (India), Samitivej PCL (Thailand), BB Healthcare Solutions (U.K.), UZ LEUVEN (Belgium), Berkalp Co-Limited (Ireland), MEDIC ABROAD (U.S.), AMERICAN MEDICAL CARE (U.S.), MEDICINE PARK UNITED KINGDOM (U.K.), Hospital Galenia, Centro Médico ABC (Mexico)
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Market Opportunities
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Market Definition
Health tourism is a subset of the healthcare industry that focuses on the needs of patients traveling across international borders for complex surgeries and medical treatments. Medical tourism is popular among global patients, owing to the low cost of medical treatments in developing countries, which is found to be very expensive in developed countries. Access to low-cost services and medical treatments from various tourism departments and local governments is a major factor in the global health tourism market's growth.
Health Tourism Market Dynamics
Drivers
- Rise in globalization trend
Globalization has been a major driving force in medical tourism, allowing many consumers to obtain the highest quality and most affordable health care treatments. Thus, globalization 75% improves health care and reduces costs by 25% to 75%, primarily for Americans and citizens of developed countries. As a result, the globalization trend allows consumers to receive low-cost and advanced treatments across international borders, driving the global health tourism market.
Opportunities
- Rise in the demand for online medical agencies (OMA)
Most countries have developed strategies to promote digitalization in healthcare services, creating a demand for the best and most valued treatment regardless of region; thus, collaboration with foreign organizations improves, and if diagnostics and surgical treatments improve, the demand for medical tourism increases. As a result, market growth is expected to be driven by the adoption of connectivity technologies, digital platforms, and telemedicine.
Restraints/Challenges
- Complications in the transfer of medical records
The medical record transfer problem fractures the healthcare system on multiple levels, killing countless patients every day. Doctors and physicians must ze that there is no free market in which patients can take advantage when they are already ill and require emergency treatment. Such a problem is likely to limit the health tourism market.
This health tourism market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the health tourism market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on the Health Tourism Market
COVID-19 had a significant impact on the health tourism market because almost every country chose to shut down all production facilities except those involved in the production of essential goods. To prevent the spread of COVID-19, the government took stringent measures such as shutting down production and sales of non-essential goods, blocking international trade, and many others. The only businesses dealing with this pandemic were the essential services that were permitted to open and run the processes.
The health tourism market has been impacted by an increase in travel restrictions in many countries, which has halted travel facilities. Furthermore, trade wars caused by deteriorating economic conditions in many developing countries resulted in the closure of many major industries' markets. However, COVID-19 had a negative impact on the health tourism market because there were no cross-border transportation options for consumers, and most companies had to temporarily suspend their medical tourism operations for several months.
Recent Developments
- In 2019, Apollo Hospitals Enterprise Ltd. announced that it had won the Times Health Icons Awards 2019 in five categories. This award has assisted the company in increasing the value of its brand in the market and attracting new customers, resulting in business expansion to various cities and countries.
- In 2021, UZ LEUVEN opened a COVID testing centre in various locations, primarily for travellers. This has assisted the company in reaching out to new customers and expand its business, particularly during the Ontario Hockey League, organised by the GP association Khobra.
Global Health Tourism Market Scope
The health tourism market is segmented on the basis of service, age group, type of treatment and service providers. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service
- Transport
- Accommodation
- Hospitality
- Others
Type of Treatment
- Cosmetic Treatment
- Dental Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Bariatric Treatment
- Fertility Treatment
- Cancer Treatment
- Ophthalmic Treatment
- Neurological Treatment
- Others
Age Group
- Senior Citizens
- Minors
- Adults
Service Provider
- Private
- Public
Health Tourism Market Regional Analysis/Insights
The health tourism market is analyzed and market size insights and trends are provided by country, service, age group, type of treatment and service provider as referenced above.
The countries covered in the health tourism market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the health tourism market because of the region's well-developed healthcare infrastructure and favourable reimbursement policies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the increasing huge price difference and better quality healthcare services in emerging countries such as China, Japan, India.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The health tourism market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for health tourism market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the health tourism market. The data is available for historic period 2011-2021.
Competitive Landscape and Health Tourism Market Share Analysis
The health tourism market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health tourism market.
Some of the major players operating in the health tourism market are:
- Apollo Hospitals Enterprise Ltd. (India)
- Fortis Healthcare (India)
- KPJ HEALTHCARE BERHAD (Malaysia)
- Nippon Telegraph and Telephone East Corporation (Japan)
- ADITYA BIRLA HEALTH SERVICES LTD. (India)
- Samitivej PCL (Thailand)
- BB Healthcare Solutions (U.K.)
- UZ LEUVEN (Belgium)
- Berkalp Co-Limited (Ireland)
- MEDIC ABROAD (U.S.)
- AMERICAN MEDICAL CARE (U.S.)
- MEDICINE PARK UNITED KINGDOM (U.K.)
- Hospital Galenia (Mexico)
- Centro Médico ABC (Mexico)
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