Health tourism is the practice of individuals leaving their own countries to receive medical treatment in other nations when they can do it more affordably and with higher-quality services. In this case, the person traveling for medical care may also be referred to as a health tourist. The health tourism market results from millions of individuals traveling annually to other nations to improve their health. Therefore, the global health tourism market is estimated to increase rapidly in the near future.
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Data Bridge Market Research analyses that the health tourism market is expected to grow at a CAGR of 39.9% in the forecast period of 2022 to 2029 and is expected to reach USD 1,216.63 billion by 2029.
Rise in globalization trend is expected to drive the market's growth rate
Medical tourism has been significantly fueled by globalization, which has enabled many patients to access the highest-caliber, most affordable medical care. For Americans and other citizens of industrialized nations, globalization 75% so it offers better medical care and contributes to cost savings of 25% to 75%. As a result, the trend toward globalization enables people to access high-quality, affordable healthcare across borders, which is what is predicted to drive the growth of the global health tourism market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Service (Transport, Accommodation, Hospitality and Others), Type of Treatment (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedic Treatment, Bariatric Treatment, Fertility Treatment, Cancer Treatment, Ophthalmic Treatment, Neurological Treatment and Others), Age Group (Senior Citizens, Minors and Adults), Service Provider (Private and Public)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Apollo Hospitals Enterprise Ltd. (Chennai), Fortis Healthcare (India), KPJ Healthcare Berhad (Malaysia), Nippon Telegraph and Telephone East Corporation (Japan), Seoul National University Hospital (South Korea), ADITYA BIRLA HEALTH SERVICES LTD. (India), Samitivej PCL (Thailand), BB Healthcare Solutions (U.K.), UZ LEUVEN (Belgium), Berkalp Co-Limited (Ireland), AMERICAN MEDICAL CARE (U.S.), MEDICINE PARK UNITED KINGDOM (U.K.), Hospital Galenia (Mexico), Centro Médico ABC (Mexico)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The global health tourism market is segmented into four notable segments which are based on the service, type of treatment, age group, and service providers.
- On the basis of service, the global health tourism market is segmented into transport, accommodation, hospitality, and others.
In 2022, the transport segment is expected to hold the maximum share in the market
The transport segment is expected to hold the maximum share in the market with 39.28% market share due to increase in the diagnostics and surgical treatments.
- On the basis of treatment, the global health tourism market has been segmented into cosmetic treatment, dental treatment, cardiovascular treatment, orthopedic treatment, bariatric treatment, fertility treatment, cancer treatment, ophthalmic treatment, neurological treatment, and others. In 2022, the cosmetic treatment segment is expected to have a 21.88% market share due to the rising huge price difference and better quality healthcare services.
- On the basis of age group, the global health tourism market has been segmented into senior citizens, minors, and adults.
In 2022, the senior citizens segment is expected to hold the highest market share
The senior citizens segment is expected to hold a market share of 46.92% due to health and retirement age improvements.
- On the basis of service providers, the global health tourism market has been segmented into private and public. In 2022, the private may hold the largest share in the market with 67.11% due to public health care facilities can't meet the needs of patients, the private sector will develop a plan to work alongside publicly funded organizations.
Major Players
Data Bridge Market Research recognizes the following companies as the major health tourism market players in health tourism market are Apollo Hospitals Enterprise Ltd. (Chennai), Fortis Healthcare (India), KPJ Healthcare Berhad (Malaysia), Nippon Telegraph and Telephone East Corporation (Japan), Seoul National University Hospital (South Korea), ADITYA BIRLA HEALTH SERVICES LTD. (India), Samitivej PCL (Thailand)
Market Development
- In March 2019, Apollo Hospitals Enterprise Ltd. announced winning Times Health Icons Awards 2019 in five categories. This award has helped the company to boost the growth of the market which resulted in the business expansion to various cities and countries, by attracting the new customers
- In December 2020, KPJ Healthcare Berhad was awarded Excellence and Best Sustainability Reporting Awards. For rising the brand value of the company, these awards have helped the company to improve the trust in the services offered
- In January 2020, using Tata's new Gloheal division technology, Omnia Health reported implementing a tele diagnostics and tele radiology programme. Patients and doctors from participating providers in various countries can request diagnoses and second opinions online, which reduces the costs of travel
- In March 2020, the Health Insurance Portability and Accountability Act (HIPAA) Security Requirement of the U.S. Department of Health declared the withdrawal of the penalties associated with compliance with HIPAA rules to allow the usage of tools such as FaceTime, Google Hangout, Zoom and many others to connect with patients
Regional Analysis
Geographically, the countries covered in the health tourism market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in health tourism market during the forecast period 2022 - 2029
In 2021, North America dominated the health tourism market due to different tourism departments and local governments.
Asia-Pacific is estimated to be the fastest growing region in health tourism market the forecast period 2022 - 2029
Asia-Pacific is expected to grow during the forecast period due to the rising huge price difference and better quality healthcare services.
COVID-19 Impact Analysis
The COVID-19 outbreak significantly influenced the health tourism market because practically all nations chose to shut down all production facilities save for those involved in making necessities. To stop the spread of COVID-19, the government implemented a number of severe measures, including halting the manufacturing and sale of non-essential items and obstructing international trade. Only the essential services permitted to open and conduct business were dealing with this pandemic crisis. The increase in travel restrictions across many nations, which has interrupted travel services, has an effect on the health tourism business. Additionally, the closure contributed to trade disputes exacerbated by the worsening economic situation in many developing nations.
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