Cardiovascular Medical Tourism Market
Number of pages: 100 | Report Format: PDF | Published date: February 16, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 3.9 billion |
|
Revenue Forecast in 2030 |
US$ 7.0 billion |
|
CAGR |
7.6% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Treatment Type, Service Provider, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiovascular medical tourism market was valued at US$ 3.9 billion in 2021 and is expected to register a revenue CAGR of 7.6% to reach US$ 7.0 billion by 2030.
Cardiovascular Medical Tourism Market Fundamentals
Medical tourism can be broadly characterized as the delivery of cost-effective private medical care in partnership with any country’s travel and tourism sector for patients needing specialized surgical and other medical care. Cardiovascular medical tourism is an emerging trend in which citizens of developed countries avoid cardiovascular treatments available in their own countries and travel to less developed countries to receive medical care.
There are several reasons a patient may choose cardiovascular medical tourism. For instance, the patient may not want to wait for treatment in their home country, where waiting lists are lengthy, or the severity of the disease needs rapid treatment. The patient may travel to receive treatment when it is unavailable in the native country. In 2019, according to several surveys by different cardiac associations, cardiac rehabilitation was available in only 54.7% of countries globally. The patient may travel to a desired vacation destination to undergo surgery in state-of-the-art accommodations with better healthcare services. They may also travel when the healthcare cost in their own country is unaffordable.
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Cardiovascular Medical Tourism Market Dynamics
The global cardiovascular medical tourism market is driven by the rapid increase in cardiovascular diseases in the global population. The cases of cardiovascular disease are predicted to rise significantly with the growth in the global population together with older people. Traditional risk factors, such as diets heavy in saturated fats, raised serum cholesterol and blood pressure (BP), diabetes, and smoking, are primarily responsible for cardiovascular disease in people worldwide.
Most nations have undergone significant changes in their social structures, economies, politics, educational systems, and domestic settings over the 20th century. These social and economic revolutions have brought major changes in population demographics, industrial structure, income levels, spending habits, education levels, family structures, eating habits, and physical activity. Cardiovascular disease risk factors and rates have significantly grown due to these developments. The increased load of cardiovascular patients in the healthcare sector is fueling revenue growth in the cardiovascular medical tourism market. Heart diseases and stroke pose the most prevalent and expensive health issues in several countries. Therefore, the high cost of cardiovascular disease treatment influences the patient perusing medical tourism to other countries, where the treatment cost is relatively low.
The healthcare sector is currently burdened with intense competition. Every nation strives to strengthen its healthcare system to meet domestic healthcare requirements and attract foreign patients. The global market for cardiovascular medical tourism is anticipated to grow significantly in the coming years with the launch of new devices and drugs for cardiovascular diseases. Many nations have developed specialized medical tourism websites to assist with information on medical treatments, immigration, and visa requirements. Moreover, several countries provide an extended stay policy and the choice to permit blood relations to obtain medical attendant visas. The laws protecting the privacy and confidentiality of patient information are also changing in the host nations.
However, disease treatment and monitoring follow-up from long distance is the most important factor hindering the cardiovascular medical tourism market revenue growth. The patients must remain in the hospital for a long time in case of post-surgery issues after the procedure is successfully performed. If this is not feasible, the requirement that pat;ients return to the intended country for immediate treatment is likely to become a significant barrier to the revenue growth of the medical tourism industry. The language barrier is also a key impediment to the cardiovascular medical tourism market.
Cardiovascular Medical Tourism Market Ecosystem
The global cardiovascular medical tourism market is analyzed from three perspectives: treatment type, service provider, and region.
Cardiovascular Medical Tourism Market by Treatment Type
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Based on the treatment type, the global cardiovascular medical tourism market is segmented into coronary artery bypass, cardiac valve replacement or reconstruction, and percutaneous coronary angioplasty and stenting.
The coronary artery bypass segment accounts for the largest revenue share of the global cardiovascular medical tourism market. This can be ascribed to the rise in prevalence of coronary artery disease. According to the Centers for Disease Control and Prevention (CDC), coronary artery disease is the most prevalent kind of heart disease that was projected to kill 382,820 individuals in 2020. Around 7.2%, or 20.1 million, people aged 20 and over have coronary artery diseases. In 2020, people under 65 were expected to account for nearly 2 in 10 deaths due to coronary artery diseases. The price of such a surgery varies greatly around the world. Further, the huge difference in the cost of coronary artery bypass surgery in different nations creates a large patient pool for attempting cardiovascular medical tourism. For instance, in 2019, the cost of cardiac bypass surgery was the highest in the United States, which was around $1,23,000. India has the lowest heart bypass price compared to other nations, at under US$ 8,000. Coronary artery bypass surgery costs nearly eight times cheaper in developing countries, such as Singapore, than in the United States.
Cardiovascular Medical Tourism Market by Service Provider
Based on the service provider, the global cardiovascular medical tourism market is segmented into public and private providers.
The private segment owns the major revenue share of the global cardiovascular medical tourism market. Patients have been drawn in by the rising number of private providers offering top-notch medical treatments abroad. Due to the dominance of private providers in the market, advanced medical infrastructure, digital systems, and value-based treatment are accessible at lower costs. Conversely, the slow development of public providers is projected due to certain nations’ insufficient funding for medical care. Canadians, for instance, favor private healthcare providers as most medical services are unavailable or underfunded in public institutions.
Cardiovascular Medical Tourism Market by Region
Based on the region, the global cardiovascular medical tourism market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the largest revenue share of the global cardiovascular medical tourism market. The market in North America is characterized by a higher percentage of tourists traveling to the United States for cardiovascular treatments, which increases provider business opportunities. For instance, the United States reported spending around US$ 3,930 million on inbound medical tourism in the World Travel & Tourism Council (WTTC) report. Despite having a strong reputation for international travel, the country is also a top choice for medical care due to its upgraded hospital infrastructure and skilled staff.
Europe accounted for the top spot in the industry. This can be ascribed to the expanding medical infrastructure and facilities for medical tourists in nations such as Spain, the United Kingdom, and France. The market in Asia Pacific is predicted to register growth at a higher revenue CAGR during the forecast period due to the availability of less expensive healthcare services in several emerging countries in the region.
Cardiovascular Medical Tourism Market Competitive Landscape
The key companies operating in the global cardiovascular medical tourism market are:
Cardiovascular Medical Tourism Market Strategic Developments
Cardiovascular medical tourism can be generally described as the provision of cost-effective private medical care in partnership with the travel and tourism sector for people needing specialized cardiovascular surgeries and other medical care.
The rising burden of diseases among the global population and the growing availability of advanced medical technologies for the treatment of various cardiovascular disorders are propelling the demand for medical tourism globally.
Aditya Birla Memorial Hospital, Apollo Hospitals Enterprise, Asian Heart Institute, Barbados Fertility Center, and KPJ Healthcare Berhad are among the top market players.
The problem in remote treatment follow-ups and linguistic barriers are two major restraining factors for the global cardiovascular medical tourism market.
The global cardiovascular medical tourism market is expected to grow at a revenue CAGR of 7.6% during the forecast period from 2020-2030.
*Insights on financial performance are subject to the availability of information in the public domain