Medical Tourism Market Size, Share & Trends Analysis Report By Treatment Type (Cosmetic Treatment, Bariatric Treatment), By Service Provider (Private, Public), By Country, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the medical tourism market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for medical tourism market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of medical tourism market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Medical Tourism Market Categorization:

The medical tourism market was categorized into three segments, namely treatment type (Cardiovascular Treatment, Orthopedic Treatment, Cosmetic Treatment, Bariatric Treatment, Dental Treatment, Ophthalmology Treatment, Infertility Treatment, Alternative Medicine), service provider (Public, Private), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The medical tourism market was segmented into treatment type, service provider, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The medical tourism market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, Thailand; India; Costa Rica; Mexico; Malaysia; Singapore; Brazil; Colombia; Turkey; Taiwan; South Korea; Spain; Czech Republic; China; Australia; Indonesia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Medical tourism market companies & financials:

The medical tourism market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Hilton is a Virginia, U.S.-based multinational provider of hospitality services and owns, rents, manages, creates, and franchises hotels and resorts. It works in the management & franchise and ownership areas. The business manages and runs hotels under various brands. The corporation conducts businesses in Asia Pacific, Europe, the Middle East, and South & Central America, including several Caribbean countries. The corporation had over 6,800 establishments with 1 million rooms as of February 16, 2022, spread across 122 nations and territories.

• Accor, headquartered in Issy-Les-Moulineaux, France, operates and franchises upmarket, midscale, and budget hotels. It runs hotels under several different brand names, including Sofitel, Raffles, Swissotel, MGallery, Fairmont, Grand Mercure, Novotel, Novotel Suites, Pullman, Adagio Access, ibis, ibis Budget, and hotelF1, among others. The group also engages in asset portfolio management, remodeling, building, hotel designing, and maintenance activities. Its operations are spread across Europe, the Middle East & Africa, the Caribbean, the Americas, and Asia Pacific.

• Hyatt Corporation, headquartered in Chicago, U.S., is a multinational hospitality company. The company operates hotels, resorts, and residential properties and administers them as well as franchises them. Hyatt operates under several different brands, including Thompson Hotels, Joie de Vivre, Park Hyatt, Caption by Hyatt, UrCove, Grand Hyatt, Hyatt House, Destination by Hyatt, Hyatt Ziva, Hyatt Place, Hyatt Regency, and Hyatt Centric. The hotel chain's properties are typically found in densely populated areas such as metropolitan, airport, suburban, conference, and resort districts. It conducts businesses in Asia, Europe, and North America.

• Rancho La Puerta Inc. is a U.S.-based wellness facility and spa service. It offers exercise programs, body treatments, facials, cooking workshops, yoga, and housing. In addition, Rancho La Puerta provides acupuncture, hydrotherapy, aromatherapy, and sauna services.

• Marriott International, Inc. is an American multinational corporation that manages, franchises, and grants licenses for accommodation properties, including hotels, homes, and timeshares. Bethesda, Maryland, serves as its headquarters. According to the number of rooms offered, Marriott is the world's largest hotel chain. It comprises 30 brands and over 8,000 properties, with 1,423,044 rooms spread across 131 nations and territories. Around 5,493 of these 8,000 hotels are run by third parties under franchise agreements, while 2,149 are run by Marriott. The business also runs 20 hotel reservation offices. The company operates in North America, Europe, Africa, the Middle East, Asia Pacific, the Caribbean, and Latin America.

• Rosewood Hotel Group is a leading global leisure and hotel management group in the world. It comprises brands such as the lifestyle concept KHOS by Rosewood, the luxury New World Hotels & Resorts, the ultra-luxury Rosewood Hotels & Resorts, the cutting-edge private members club Carlyle & Co, and the integrated well-being concept Asaya. Over 42 of its properties across 20 countries are currently under construction, making up its total hotel portfolio.

• Niraamaya Retreats, a Jupiter Capital project, is based in India. Its boutique of properties provide a distinctive fusion of wellness and hospitality services. The retreats specialize in creating unique experiences and transforming guest experiences, which renew mind, body, and soul and offer isolation & tranquility in breathtaking settings. All Niraamaya hotels feature the award-winning “Niraamaya Spa,” which offers international treatments, conventional Ayurvedic yoga, and therapies.

• InterContinental Hotels Group operates 888,000 rooms under 17 brands that serve the midscale to premium segments. The main brand is made up of Holiday Inn and Holiday Inn Express, with Hotel Indigo, Even, Kimpton, and Voco being more recent lifestyle brands. 99% of all its rooms are managed or franchised. The Americas accounted for 57% of all rooms as of December 31, 2021, while greater China accounted for 18% of all rooms and 25% was across Europe, Asia, and the Middle East & Africa.

• Radisson Hotel Group, headquartered in the U.S., includes Radisson Blu, Radisson Hotels, Radisson Collection, Radisson RED, Radisson, Park Plaza, Radisson Individuals, Country Inn & Suites by Radisson, Park Inn by Radisson, and prizeotel, as part of its commercial brands.

• Four Seasons Hotels and Resorts, headquartered in Canada, are committed to enhancing travel experiences. In reader polls, traveler reviews, and industry awards, Four Seasons is always rated among the top hotels globally. It currently operates 127 resorts & hotels, and its major resorts are present in 47 countries. It also owns 51 residential properties and has 50 further projects under development.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Medical Tourism Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Medical Tourism Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.