Medical Tourism Global Market Report 2021: COVID-19 Growth and Change to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global medical tourism market.
Major players in the medical tourism market are Apollo Hospital Enterprise Limited, Prince Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad and Fortis Health Ltd.
The global medical tourism market is expected to grow from $19.79 billion in 2020 to $21.93 billion in 2021 at a compound annual growth rate (CAGR) of 10.8%.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $40.03 billion in 2025 at a CAGR of 16%.
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 medical tourism market covered in this report is segmented by treatment type into cosmetic treatment; dental treatment; cardiovascular treatment; orthopaedics treatment; bariatric treatment; fertility treatment; ophthalmic treatment; others.
Patients travelling across countries for medical treatment are increasingly using electronic health records to store information related to health in digital format. 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 specialised tertiary hospitals in Kuala Lumpur. Prince Court Medical Centre, a private healthcare facility located in the heart of Kuala Lumpur, Malaysia.
Key Topics Covered:
1. Executive Summary
2. Medical Tourism Market Characteristics
3. Medical Tourism Market Trends and Strategies
4. Impact of COVID-19 on Medical Tourism
5. Medical Tourism Market Size and Growth 5.1. Global Medical Tourism Historic Market, 2015-2020, $ Billion 5.1.1. Drivers of the Market 5.1.2. Restraints on The Market 5.2. Global Medical Tourism Forecast Market, 2020-2025F, 2030F, $ Billion 5.2.1. Drivers of the Market 5.2.2. Restraints on the Market
6. Medical Tourism Market Segmentation 6.1. Global Medical Tourism Market, Segmentation By Treatment Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Medical Tourism Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Medical Tourism Market Regional and Country Analysis 7.1. Global Medical Tourism Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion 7.2. Global Medical Tourism Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion