Medical Tourism Market In-deep Analysis and Healthcare Experts Review Report Outlook – 2023 | Apollo Hospital Enterprise Limited, Prince Court Medical Center, Bumrungrad International Hospital

The latest market report on Medical Tourism Market 2019 offers an in-depth analysis of this business vertical involving key information concerning industry deliverables, predominantly market tendencies, market size, market share, present valuation, and profits estimations for the estimated period. The brief information regarding the industry also analyzes and elucidates the Medical Tourism Market growth rate in the forecast timeline, incited by certain catalysts.

The global Medical Tourism Market is expected to decline from $37.72 billion in 2019 to $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 $33.54 billion in 2023 at CAGR of 19.2%.

Medical Tourism Market: Overview

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 $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.

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.

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Major players in the Medical Tourism Market are Apollo Hospital Enterprise Limited, Prince Court Medical Center, Bumrungrad International Hospital, KPJ Healthcare Berhad, Fortis Health Ltd, and others.

Industry News:

Apollo Health City, Hyderabad adjudged as Best Medical Tourism Facility by Government of India for the sixth time

Date: 27 Sep 19

Apollo Health City, Hyderabad, has been conferred the coveted National Tourism Award for 'Best Medical Tourism Facility' for the year 2017-18. This is the third consecutive year and overall sixth time, Apollo Health City has been bestowed with the prestigious honour.

Shri Prahlad Singh Patel, Honorable Minister of State (Independent charge), for Tourism and Culture and Shri Zurab Poolikashvili, Secretary General, World Tourism Organisation (UNWTO) presented the award at a glittering ceremony held at Vigyan Bhawan, New Delhi. Shri V. Srinivas Goud, Honorable Tourism Minister of Telangana, received the award along with the delegation from Apollo Hospitals.

Speaking about the award, Dr Prathap C Reddy, Founder and Chairman, Apollo Hospitals Group said, "India has the potential to become the preferred global healthcare destination. Our clinical excellence, marked by quality processes, best patient safety practices, and ongoing commitment to innovation, has not only helped us make quality healthcare more accessible and affordable but has placed us on cutting edge of healthcare delivery, affording us several differentiators in various Centres of Excellence. Today, Apollo Hospitals welcomes patients from across the world, who come to experience world-class healthcare complemented by our rich heritage of healing and vibrant culture, all at a fraction of the cost as compared to the West!"

Geographic scope:
For a comprehensive understanding of market dynamics, the global Medical Tourism Market is analyzed across key geographies namely: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.

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The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Medical Tourism market and compares it with other markets.

- The market characteristics section of the report defines and explains the market.

- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID 19 virus, and forecasting its recovery.

- Market segmentations break down the market into submarkets.

- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID 19 for all regions, key developed countries, and major emerging markets.

- The competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals that have shaped the market in recent years are identified.

- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

- The Medical Tourism market section of the report gives context. It compares the Medical Tourism market with other segments of the support activities for the mining market by size and growth, historic, and forecast. It analyses GDP proportion, expenditure per capita, and Medical Tourism indicators comparison.

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