Orthopedic Medical Tourism Market
Number of pages: 100 | Report Format: PDF | Published date: March 02, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 11 billion |
|
Revenue Forecast in 2030 |
US$ 21.08 billion |
|
CAGR |
7.5% |
|
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, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic medical tourism market was valued at US$ 11 billion in 2021 and is expected to register a revenue CAGR of 7.5% to reach US$ 21.08 billion by 2030.
Orthopedic Medical Tourism Market Fundamentals
The orthopedic medical tourism market is a growing industry that offers various services to meet the needs of patients seeking specialized care. Medical tourism can provide patients access to high-quality care at a much lower cost than in their home country. Additionally, some countries specialize in certain types of orthopedic care, providing unique services to patients. Countries such as India, Brazil, and Thailand have become popular destinations for orthopedic medical tourism due to their relatively low cost of care and quality of services. Additionally, many countries offer various orthopedic treatments and procedures that may not be available in other countries. This has resulted in a surge of patients seeking treatment abroad, leading to significant revenue growth in the orthopedic medical tourism market. Some of the most common orthopedic procedures are knee replacement, hip replacement, and spine surgeries.
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Orthopedic Medical Tourism Market Dynamics
The orthopedic medical tourism market has observed steady growth in recent years, as more patients are turning to medical tourism to receive specialized care. One of the primary factors affecting the revenue growth of the global orthopedic medical tourism market is the prevalence of orthopedic diseases and the rise in cases of knee and hip replacements. The market is expected to grow as more countries offer specialized services and more people become aware of the benefits of medical tourism. Additionally, communication technology has made it easier for patients to research medical tourism options, allowing them to make informed decisions about their health.
The major restraining factors for the orthopedic medical tourism market are the need for proper medical infrastructure and limited insurance coverage for foreign patients. Additionally, a lack of standardization in the medical industry, leading to a shortage of quality assurance, is restricting market revenue growth. Furthermore, language barriers and cultural differences can contribute to a lack of trust in the medical system, leading to a need for more confidence in the providers.
Orthopedic Medical Tourism Market Ecosystem
The global orthopedic medical tourism market has been analyzed from three perspectives: treatment type, service provider, and region.
Orthopedic Medical Tourism Market by Treatment Type
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Based on the treatment type, the global orthopedic medical tourism market has been segmented into hip replacement, knee replacement, spinal surgery, dental orthopedics, and others.
Orthopedic medical tourism is becoming increasingly popular for knee replacement surgery. It provides a cost-effective and efficient solution for patients looking for orthopedic surgeons in foreign countries. The medical tourism industry is growing, and many countries are taking advantage of these opportunities. In addition to cost savings, there are many other benefits to consider when researching orthopedic medical tourism for knee replacement surgery. These include access to top-notch medical facilities, highly qualified surgeons, and shorter procedure wait times. Additionally, traveling abroad for medical procedures can offer a unique cultural experience. Orthopedic medical tourism can be an excellent option for those exploring a new country while undergoing treatment—for instance, India’s knee replacement surgery costs between INR 162,000 to INR 511,000. The price of knee replacement surgery is relatively costly overseas. It typically runs from 26 to 37 L INR in the United States, 14 to 19 L in the United Kingdom, and 7 to 10 L in Singapore. This difference is due to the higher number of private hospitals and competition in the Indian market. It leads to the hospitals providing quality services at lower prices.
Orthopedic Medical Tourism Market by Service Provider
Based on the service provider, the global orthopedic medical tourism market has been segmented into public and private.
The private segment accounts for the largest revenue share in the global orthopedic medical tourism market. The growing number of private service providers offering world-class medical care abroad has attracted patients. Modern medical technology, computerized systems, and value-based treatments are more affordable since private providers dominate the market. On the other hand, the slow growth of the public segment is anticipated due to inadequate medical budgets in some countries. Since most medical treatments are unavailable or underfunded in public institutions, Canadians, for instance, prefer private healthcare providers.
Orthopedic Medical Tourism Market by Region
Based on region, the global orthopedic medical tourism market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
The availability of less expensive facilities in various Asia Pacific nations is forecasted to result in a higher revenue CAGR of the region during the forecast period. For instance, patients worldwide have access to a wide range of affordable medical options, thanks to India’s advancing medical industry. It boasts top-notch facilities and highly skilled surgeons who deliver successful orthopedic surgery. ACL reconstruction, hip replacement, ankle replacement, knee replacement, shoulder replacement/rotator cut-off repair, and various spinal disorders are just a few of the orthopedic conditions that can be treated with high efficiency in India’s healthcare sector.
Recent years have seen a rise in orthopedic medical tourism to Canada. Many individuals are opting to visit Canada for their medical requirements given the country’s highly developed healthcare system, easy access to skilled orthopedic doctors, and generally reduced costs of procedures compared to other nations. Canada’s orthopedic medical tourism offers lower prices and shorter wait times than other nations. This is especially true for complicated treatments and surgeries, wherein visiting Canada can greatly minimize waiting periods. Also, many hospitals and clinics in Canada have cutting-edge equipment and technologies, ensuring that patients get the best care available. In terms of cost, orthopedic medical tourism in Canada can be significantly cheaper than in other countries. For instance, a US$ 10,000 orthopedic treatment in the United States might only cost US$ 3,000 in Canada. As a result, patients seeking inexpensive orthopedic care may find Canada to be an appealing option. Finally, access to high-quality healthcare is provided by Canadian orthopedic medical travel. Many of the hospitals and clinics in Canada offer extremely specialized services and treatments, and they are well known for the high caliber of care they provide. As a result, patients can easily find the care they require without worrying about the standard of treatment they will get. Overall, orthopedic medical tourism is rapidly gaining popularity in Canada.
Europe also retains a significant place in the orthopedic medical tourism market due to the growing medical infrastructure and facilities for medical tourists in countries like Spain, the United Kingdom, France, etc.
Orthopedic Medical Tourism Market Competitive Landscape
The prominent players operating in the global orthopedic medical tourism market are:
Orthopedic Medical Tourism Market Strategic Developments
The global orthopedic medical tourism market is expected to grow at a CAGR of 7.5% in the forecast period.
Gleneagles Hospitals, Hospital Clínica Bíblica, Jehova Rafa Dental Center, Clínica Cosmética Dental CosDent, Hospital CMQ, and Star Medica Hospital are a few key players in the global orthopedic medical tourism market.
The private service provider segment dominates the global orthopedic medical tourism market.
Asia Pacific region is expected to witness the highest global orthopedic medical tourism market growth in the forecast period.
The global orthopedic medical tourism market was valued US$ 21.08 million in 2021.
*Insights on financial performance are subject to the availability of information in the public domain