New York, NY, June 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Medical Tourism Market by Treatment Type (Cancer Treatment, Orthopedic Treatment, Fertility Treatment, Cardiovascular Treatment, Neurological Treatment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global medical tourism market was valued at approximately USD 15.5 billion in 2017 and is expected to generate revenue of around USD 28.0 billion by the end of 2024, growing at a CAGR of around 8.8% between 2018 and 2024. 

Modern healthcare at affordable prices is offered to medical tourists in various countries at the different level of economic development. Western population travel to other countries for their medical treatment. Long waiting lists, increasing healthcare costs, and limitations on the availability of treatment options, coupled with the ease of travel, medical tourism is gaining popularity. Medical tourism offer growth opportunities for healthcare providers. The medical tourism industry is evolving quickly and also increasing awareness levels among individuals across the world. Emerging market economies with medical expertise and medical facilities at low cost, coupled with attractive tourism sites, are expected to drive medical tourism market over the forecast period. 

Browse through 20 Tables & 20 Figures spread over 110 Pages and in-depth TOC on "Global Medical Tourism Market Size & Share Report, 2017: Industry Trends, Segments Analysis, and Forecast, 2024”.

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Medical tourism is one of the significant sectors of the global economy. The number of medical tourists has increased substantially from 350,000 Westerners in 2003 to 750,000 Americans by 2007. In India, medical tourism increased between USD 50 billion and USD 69 billion. Medical tourism in Asia grew to USD 4.4 billion by 2012. The medical tourism industry is also dynamic and volatile due to various factors such as economic climate, travel restrictions, geopolitical shifts, domestic policy changes, political instability, advertising practices and innovative and new treatment options contribute towards a shift in the pattern of consumption and production of health services in a domestic and overseas market. 

The medical tourism market is segmented on the basis of treatment type into cancer treatment, orthopedic treatment, fertility treatment, cardiovascular treatment, neurological treatment, and others. Orthopedic and cardiovascular treatment segment is expected to grow at significant growth rate. Orthopedic is the medical condition associated with muscles and bones. It consists of a surgical procedure for the correction of the musculoskeletal system. Cardiovascular diseases are one of the leading causes of death across the world. The high cost associated with the treatment of these diseases may influence patients to seek treatments abroad. 

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The Asia Pacific dominated the medical tourism market in 2017 with significant revenue share. Public health care reforms are rapidly expanding private sector in the region which is expected to drive medical tourism market growth. Private hospitals generate major revenue from foreign patients. In most of the associations of Southeast Asian Nations, medical tourism represents one third or more revenue from a private hospital. In India, medical tourism accounts for 25% of revenue, and in the Taiwan, Philippines and South Korea, it accounts for approximately 10-15% of revenue. 

Europe contributed to significant revenue share in 2017. The growth is attributed due to increasing flow of patients, healthcare experts as well as advancement in medical technology in the region. The development of medical tourism is also observed in Poland. People in Germany, Great Britain, and the Scandinavian countries use the services provided in Polish medical institutions frequently. However, lack of implementation of the European Directive on the application of patient’s rights in cross-border healthcare may impede industry growth.

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In 2012, Passport2Health was the first health insurance plan launched in the UK based on medical tourism; it offers a private diagnosis for patients at home, private treatment overseas in Europe in the selected network hospitals, and follow-up care and rehabilitation in the UK. The policy was provided for small and medium-sized businesses and individuals

Latin America market is projected to experience lucrative growth during the forecast period. Market growth is particularly expected in Brazil and Mexico. Majority of people traveled to Mexico and other Latin American countries for the treatment. Various companies are engaged in building and operating hospitals in Mexico that meet American standards, mostly for American and Mexican patients. Prices in Mexico are around 40% less than the U.S. Cash-paying, uninsured Americans have benefits for treatment procedures in Mexico, including price quotes and package prices.    

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Some of the key players in medical tourism market include Fortis Healthcare, Bumrungrad Hospital Public Co. Ltd., Bangkok Dusit Medical Services, Asian Heart Institute, Prince Court General Hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Samitivej Sukhumvit, Spire Healthcare, Medanta, Min-Sheng General Hospital, IHH Healthcare Berhad, Raffles Medical Group, and others.  

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This report segments the global medical tourism market as follows:

Global Medical Tourism Market: Treatment Type Segment Analysis

  • Cancer Treatment
  • Orthopedic Treatment
  • Fertility Treatment
  • Cardiovascular Treatment
  • Neurological Treatment
  • Others 

Global Medical Tourism Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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