New York, NY, July 15, 2019 (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 a 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 the 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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The medical tourism industry is one of the rapidly growing industries across the world. People are adopting a treatment method to travel abroad and get medical treatment for their health issue. Medical-based migration is mostly due to low-quality healthcare infrastructure and services and high treatment expenditure. Moreover, growing awareness level among people regarding advanced medical facilities are the foremost factors expected to drive medical tourism market growth over the forecast period. Developing countries are increasingly focusing on technological advancement and quality services in the medical and healthcare sector. However, tourists are associated with a wide variety of health risks after they return. Medical conditions include deep vein thrombosis, TB, amoebic dysentery, paratyphoid, and many others; caused due to poor post-operative care and inadequate rest. Such factors are restraining the industry growth. Stringent documentation processes, visa approval issues, and inadequate insurance coverage are some of the factors which impede the growth of the medical tourism market.

Increasing investment in healthcare by various government and private sectors is anticipated to further upsurge industry growth. At present, more than 700 hospitals and medical departments across the globe are accredited by Joint Commission International (JCI) in the U.S. The number of accredited facilities is projected to increase by 20% almost every year. Accessibility and affordability for patients to good quality healthcare services with support from the tourism department and local government are expected to enhance the medical tourism market growth. Furthermore, the availability of the latest medical technologies in medical tourism, across the world is expected to drive business growth.

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Medical tourism decreases the cost of transport for the individual. Medical tourism offer benefits to businesses, government, and residents. The tourism industry is economically benefited as a result of medical tourism which includes more jobs in the tourism sector, additional money in the economy, and healthcare industry. Medical tourism has an impact due to a decline of cyclicality and seasonality diversification of tourism consumer base to attract other high revenue support industries.

Based on treatment type, the medical tourism market is segmented into cancer treatment, orthopedic treatment, fertility treatment, cardiovascular treatment, neurological treatment, and others.

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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 the 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 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 the 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, the 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 is around 40% less than the U.S. Cash-paying, uninsured Americans have benefits for treatment procedures in Mexico, including price quotes and package prices.

The report also includes detailed profiles of end players such as 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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