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 decline from USD 37.72 billion in
2019 to USD 19.8 billion in 2020 at a compound annual growth rate (CAGR) of
-47.53%. The decline is mainly due to the COVID-19 outbreak that has led to
restrictive containment measures involving social distancing, remote working,
restriction on cross-border travel and the closure of industries and other commercial
activities. The ban on cross-border travel reduces the number of international
patients, impacting the market. The market is then expected to recover and
reach USD 33.54 billion in 2023 at CAGR of 19.2%.
The medical tourism market includes revenues generated by healthcare service providers by diagnosing and treating the patients who travel across international borders to obtain medical treatment. Patients usually travel from countries lacking healthcare infrastructure or having high healthcare costs to major medical centers in developing countries.
Asia Pacific is the fastest growing
region in medical tourism market, in which Thailand holds the maximum share.
In November 2018, IHH Healthcare
acquired Fortis Healthcare for USD 1.1 billion. Fortis Healthcare was
established in 2001 and headquartered at Gurgaon, India. It is an integrated
healthcare service provider which works in verticals like hospitals,
diagnostics and day care specialty facilities. With this acquisition, IHH
Healthcare will get access to Fortis' network of 34 hospitals and enable it to
expand its presence in India.
The medical tourism market covered
in this report is segmented by treatment type into cosmetic treatment; dental
treatment; cardiovascular treatment; orthopedics treatment; bariatric
treatment; fertility treatment; ophthalmic treatment; others.
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 travelers from affected
countries, barred flights to certain countries, and changed the visa
requirements. The American Centers 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 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.
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 Centers for Disease Control and
Prevention in 2017, 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 USD 39,299 while the
same surgery in India, Costa Rica or other developing countries would cost
between USD 7000 and USD 15,000 including logistics.
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Related Reports:-
Global
Medical Tourism Market Report 2019, Competitive Landscape, Trends and
Opportunities
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Ankur Gupta, Head Marketing &
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