Medical tourism Market Report by Technavio predicts USD 16.88 Bn growth — Driven by the availability of low-cost treatment options
NEW YORK, Sept. 5, 2022 /PRNewswire/ — The medical tourism market has grown substantially over the years. To estimate the size of the market, Technavio has tracked the recent trends and developments in the medical tourism market. The analysts at Technavio have considered various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. Download Sample PDF Report Here to get an idea of the overall scope of the full report.
The report on the medical tourism market by Technavio expects the market to register an incremental growth of USD 16.88 billion between 2020 and 2025. However, the growth forecast could be missed with the market growing slower than expected if the following factors come into play: lack of advanced infrastructure in developing nations and limited post-operative treatments.
According to Technavio, the growth of the market is primarily driven by the availability of low-cost treatment options.
“Rise in international accreditation and assistance by hospitals and the growing adoption of cosmetic surgery will further accelerate the growth of the market”, says an analyst at Technavio.
The global medical tourism market is fragmented due to high product penetration and brand building. The competition is expected to intensify further with an increase in product and service extensions, technological innovations, M&A, and joint ventures. The growth of different players in the market highly depends on market conditions and government support. The market witnessed major regulatory changes in Canada, China, Germany, France, India, Japan, Mexico, South Korea, New Zealand, Thailand, Turkey, the UK, and the US. Intense competition, rapid advances in technology, and frequent changes in consumer preferences are leading to higher consolidation of the market.
Vendors are increasingly directing their marketing efforts toward creating category and brand awareness. The introduction of e-commerce platforms has helped vendors to easily promote and market their products and services. This trend is likely to gain more traction during the forecast period. The market players compete in terms of service, quality, pricing, and product differentiation. The lack of a strong distribution network can limit the entry of new players. Therefore, vendors must expand geographically while reviving domestic demand to achieve sustained growth.
The report breaks down the market into the following segments:
- Treatment type: cardiovascular treatment, cosmetic treatment, fertility treatment, orthopedics treatment, and others
- Geography: North America, APAC, Europe, South America, and MEA
Based on the treatment type, the cardiovascular treatment segment is expected to create more revenue in the market. The segment is driven by the increasing incidence of cardiac diseases in both developed and developing countries.
In terms of region, North America will emerge as the dominant region, occupying 32% of the global market share. The regional market is mainly driven by the availability of high-quality healthcare facilities in Canada and the US. The growing awareness and affordability of medical services in Mexico are also contributing to the growth of the medical tourism market in North America.
The complete report on the global medical tourism market offers detailed insights into the potential business segments and regions to invest in over the forecast period. Before making the purchase, we recommend reading our Sample PDF Report.
The medical tourism market report answers questions such as:
- Is the market structure fragmented or concentrated?
- What was the market size in 2020 and the forecast for the medical tourism market through 2025?
- Which are the best product segment areas to invest in over the forecast period?
- What is the market share of dominant and strong vendors in the medical tourism market?
- What are the inhibiting factors and the impact of COVID-19 on the medical tourism market growth?
- What are the latest trends and regulatory frameworks in the medical tourism market?
Got more queries? Speak to our analyst now
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Medical Tourism Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of 16.04%
Market growth 2021-2025
USD 16.88 billion
YoY growth (%)
North America, APAC, Europe, MEA, and South America
Performing market contribution
North America at 32%
Key consumer countries
US, South Korea (Republic of Korea), Turkey, Thailand, and Germany
Leading companies, competitive strategies, consumer engagement scope
Anadolu Medical Center, Asian Heart Institute, Asklepios Kliniken GmbH and Co. KGaA, Bangkok Dusit Medical Services Public Co. Ltd., Bumrungrad Hospital Public Co. Ltd., Clemenceau Medical Center, Cleveland Clinic, Fortis Healthcare Ltd., Prince Court Medical Centre Sdn Bhd, and The Johns Hopkins Health System Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 – 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Treatment type
- Market segments
- Comparison by Treatment type
- Cardiovascular treatment – Market size and forecast 2020-2025
- Cosmetic treatment – Market size and forecast 2020-2025
- Fertility treatment – Market size and forecast 2020-2025
- Orthopedics treatment – Market size and forecast 2020-2025
- Others – Market size and forecast 2020-2025
- Market opportunity by Treatment type
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2020-2025
- APAC – Market size and forecast 2020-2025
- Europe – Market size and forecast 2020-2025
- MEA – Market size and forecast 2020-2025
- South America – Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Anadolu Medical Center
- Asian Heart Institute
- Asklepios Kliniken GmbH and Co. KGaA
- Bangkok Dusit Medical Services Public Co. Ltd.
- Bumrungrad Hospital Public Co. Ltd.
- Clemenceau Medical Center
- Cleveland Clinic
- Fortis Healthcare Ltd.
- Prince Court Medical Centre Sdn Bhd
- The Johns Hopkins Health System Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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