Medical tourism refers to travelling across international borders with the purpose of availing medical treatment of some form. This treatment may include a wide array of medical services, however, the most frequently availed medical treatments include cancer treatment, orthopedic treatment, neurological disease treatment, fertility treatment, and others. The surge in medical costs associated in developed countries, has forced individuals to look for affordable alternatives. The affordable alternatives embark patients on a worldwide journey, supplementing the medical tourism market. According to Patients Beyond Borders, currently, more than 30 countries on four continents cater to the international health travels, with more than eight million patients visiting hospitals and clinics each year in countries other than their own. Such escalating figures will undoubtedly drive the global medical tourism market to new heights in the near future.
The key factor driving the growth of global medical tourism market is the rising excellence inmedical services, provided internationally. The global medical tourism market is also fueled by the rising healthcare costs in the developed countries, and the assistance provided by the tourism department & local government authorities. As per the data revealed by Pateints Beyond Borders, medical tourists who travel to India for treatment can save up to 65%-90% on their medical costs, keeping US costs across a variety of specialties and procedures as a benchmark. Whereas, the difficulties faced by the patients while travelling, along with the issues related to VISA approval act as the major hurdles in the growth of the market. However, medical innovations and increasing number of healthcare centers are expected to create huge opportunities for the growth of market in the upcoming years.
The global medical tourism market is segmented on the basis of treatment type, and geography. By treatment type, the market is segmented into neurological treatment, cardiovascular treatment, orthopedic treatment, cancer treatment, fertility treatment, and others. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In terms of region, Asia-Pacific is the dominating market, owing to the increasing number of medical infrastructures, talented & experienced medical personnels. As per Ministry of Tourism, Government of India, there are nearly 1000 recognized nurses-training centers in India, mostly attached to teaching hospitals, which graduate nearly 10,000 nurses annually.
Some reputed players in the market are Fortis Healthcare Ltd., Samitivej Public Company Limited, Asian Heart Institute and Research Centre Private Limited, UZ Leuven (University Hospitals Leuven), KPJ Healthcare Berhad, Apollo Hospitals Enterprise Limited, NTT Medical Center Tokyo, Seoul National University Hospital, Aditya Birla Memorial Hospital, Barbados Fertility Centre, Prince Court Medical Centre, and Infectious Diseases Partners Pte. Ltd. In May 2017, NTT Medical Center Tokyo, received JMIP accreditation. It is now sufficiently equipped to accept foreign patients under its facility.
MEDICAL TOURISM MARKET SEGMENTATION
By Treatment Type
• Neurological treatment
• Cardiovascular treatment
• Orthopedic treatment
• Cancer treatment
• Fertility treatment
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Rest of the World
o Latin America
o Middle East
o South Africa
o Rest of RoW
KEY MARKET PLAYERS
• Fortis Healthcare Ltd.
• Samitivej Public Company Limited
• Asian Heart Institute and Research Centre Private Limited
• UZ Leuven (University Hospitals Leuven)
• KPJ Healthcare Berhad
• Apollo Hospitals Enterprise Limited
• NTT Medical Center Tokyo
• Seoul National University Hospital
• Aditya Birla Memorial Hospital
• Barbados Fertility Centre
• Prince Court Medical Centre
• Infectious Diseases Partners Pte. Ltd.