by The global medical tourism market is estimated to be valued at US$32,733.7 million in 2019 and is expected to exhibit a CAGR of 12.4% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The medical tourism market refers to a phenomenon where individuals travel to foreign countries for medical treatment, primarily due to affordability and the availability of higher quality care. This market offers a wide range of medical services such as cosmetic surgery, fertility treatments, dental care, and organ transplants, attracting patients from all over the world. The advantages of medical tourism include cost savings, shorter wait times, access to advanced medical technologies, and availability of specialized treatments. With the increasing healthcare costs in developed countries, the demand for medical tourism is expected to rise significantly in the coming years.
Market Key Trends:
One key trend in the medical tourism market is the rise of destination hospitals that offer specialized treatment and services. These hospitals focus on specific medical procedures and have a reputation for providing excellent care, attracting patients seeking these specialized services. This trend is driven by the need for expertise and advanced technologies in specific medical fields. Patients are willing to travel long distances for treatment that is not available or not affordable in their home countries. As a result, destination hospitals are becoming major players in the medical tourism market, driving growth and shaping the industry’s landscape.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the medical tourism market is moderate. While the industry requires significant financial investment and specialized infrastructure, there are relatively few barriers to entry. However, established medical tourism providers often have strong brand recognition and established relationships with hospitals, making it more difficult for new entrants to compete.
Bargaining power of buyers: The bargaining power of buyers in the medical tourism market is high. Patients have access to a wide range of options and can compare prices and services across different destinations. With the rise of online platforms and medical tourism facilitators, buyers are becoming more empowered and can negotiate for better prices and services.
Bargaining power of suppliers: The bargaining power of suppliers in the medical tourism market is moderate. While hospitals and medical service providers are crucial for the industry, there are often multiple options available for patients. However, specialized services and high-quality facilities can give suppliers an advantage in negotiations.
Threat of new substitutes: The threat of new substitutes in the medical tourism market is low. Medical tourism offers unique advantages such as cost savings, shorter waiting times, and access to advanced treatments that may not be available in the patients’ home countries. Alternative options, such as domestic healthcare or other forms of medical travel, are often more expensive or less accessible.
Competitive rivalry: The competitive rivalry in the medical tourism market is high. With the increasing popularity of medical tourism, numerous providers are vying for patients. Competition is driven by factors such as destination attractiveness, quality of healthcare services, pricing, and marketing efforts. This intensifies the need for innovation and differentiation among market players.
Key Takeaways:
The global Medical Tourism Market Share is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period of 2019-2027. This growth can be attributed to the increasing number of patients seeking cost-effective healthcare solutions, particularly in developing countries. Rising healthcare costs in developed nations, long waiting times, and limited access to advanced treatments are factors driving the demand for medical tourism.
In terms of regional analysis, Asia-Pacific is expected to be the fastest-growing and dominating region in the medical tourism market. This can be attributed to the presence of renowned medical tourism destinations such as Thailand, India, Singapore, and Malaysia. These countries offer high-quality medical services at significantly lower costs compared to Western countries.
Key players operating in the medical tourism market include Asian Heart Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre, and Wooridul Spine Hospital. These players have established themselves as leaders in providing medical tourism services, offering a wide range of treatments and services to patients from around the world.
In conclusion, the medical tourism market is poised for significant growth, driven by the increasing demand for cost-effective healthcare solutions and the presence of key players in the industry. The market’s attractiveness is bolstered by factors such as the rise of medical tourism destinations in Asia-Pacific and the increasing bargaining power of buyers. As the industry continues to evolve, competition among market players will intensify, leading to further innovation and advancements in the medical tourism sector.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
