Barbados Healthcare & Medical Tourism Market Size, Share & Trends Analysis Report By Specialty Type (General Surgery, Orthopedics, Cardiology, Fertility & Gynecology, Cosmetics), And Segment Forecasts, 2023 - 2030
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Barbados Healthcare & Medical Tourism Market Growth & Trends
The barbados healthcare & medical tourism market size is expected to reach USD 649.7 million by 2030, exhibiting a CAGR of 6.0% during the forecast period, according to a new report by Grand View Research, Inc. Barbados is recognized in the Eastern Caribbean for its superior medical facilities, which include facilities for decompression chambers, open heart surgery, and dialysis centers. It is a highly popular tourist destination with a large English-speaking resident population and is rapidly gaining popularity as a medical tourism destination. Since 2002, the JCI-accredited Barbados Fertility Center has attracted international fertility patients. As patients from the U.S., U.K., and Canada seek treatment from physicians in Barbados, its medical tourism sector is expected to expand rapidly.
The country invests more in public and private healthcare than any other country in the Caribbean and Central America. Every citizen is entitled to universal health coverage. Approximately 65% of healthcare institutions are administered by the public sector. The remaining 35% of the healthcare facilities are private. Successive governments have prioritized healthcare expenditures to the extent that Barbados is one of the region's highest spenders per capita.
The government has also led numerous attempts to promote medical tourism in the country. The Barbados Fertility Centre benefited from the extension of the Tourism Development Act, which permits the duty-free importation of medical equipment. In addition, the government enabled the clinic to use Barbados in its facility name, a marketing advantage generally reserved for publicly held corporations.
The COVID-19 pandemic negatively impacted the medical tourism industry of the country. Long-stay and cruise ship arrivals decreased by 71% and 66%, respectively, as a result of COVID-19 restrictions in major international source markets. Further, an increase in domestic and foreign COVID-19 cases, as well as the emergence of new, more contagious variations, worsened the outlook for the tourism industry in the first half of 2021, forcing additional lockdowns or limitations to prevent the virus's spread. As a result, the tourism industry experienced a decline of 78.6% from 2019 to 2020.
Barbados Healthcare & Medical Tourism Market Report Highlights
Barbados Healthcare & Medical Tourism Market Growth & Trends
The barbados healthcare & medical tourism market size is expected to reach USD 649.7 million by 2030, exhibiting a CAGR of 6.0% during the forecast period, according to a new report by Grand View Research, Inc. Barbados is recognized in the Eastern Caribbean for its superior medical facilities, which include facilities for decompression chambers, open heart surgery, and dialysis centers. It is a highly popular tourist destination with a large English-speaking resident population and is rapidly gaining popularity as a medical tourism destination. Since 2002, the JCI-accredited Barbados Fertility Center has attracted international fertility patients. As patients from the U.S., U.K., and Canada seek treatment from physicians in Barbados, its medical tourism sector is expected to expand rapidly.
The country invests more in public and private healthcare than any other country in the Caribbean and Central America. Every citizen is entitled to universal health coverage. Approximately 65% of healthcare institutions are administered by the public sector. The remaining 35% of the healthcare facilities are private. Successive governments have prioritized healthcare expenditures to the extent that Barbados is one of the region's highest spenders per capita.
The government has also led numerous attempts to promote medical tourism in the country. The Barbados Fertility Centre benefited from the extension of the Tourism Development Act, which permits the duty-free importation of medical equipment. In addition, the government enabled the clinic to use Barbados in its facility name, a marketing advantage generally reserved for publicly held corporations.
The COVID-19 pandemic negatively impacted the medical tourism industry of the country. Long-stay and cruise ship arrivals decreased by 71% and 66%, respectively, as a result of COVID-19 restrictions in major international source markets. Further, an increase in domestic and foreign COVID-19 cases, as well as the emergence of new, more contagious variations, worsened the outlook for the tourism industry in the first half of 2021, forcing additional lockdowns or limitations to prevent the virus's spread. As a result, the tourism industry experienced a decline of 78.6% from 2019 to 2020.
Barbados Healthcare & Medical Tourism Market Report Highlights
- General surgery accounted for the largest revenue share in 2022 owing to the increased prevalence of chronic disorders. The cardiology segment is expected to have a significant growth rate during the forecast period owing to the rising burden of CVDs
- Proximity to the U.S. and Canada and lower cost of surgical procedures compared to developed countries are driving the Barbados medical tourism market growth
- In February 2020, SickKids and the Government of Barbados entered into a partnership to establish the Center for Pediatric Excellence over seven years. The list of partners includes The Queen Elizabeth Hospital, the Barbados Ministry of Health, the Chronic Disease Research Centre, and the University of the West Indies
- In September 2022, QEH received USD 40,000 worth of supplies in donations from The Barbados Hotel and Tourism Association under its Charitable Assistance Programme
CHAPTER 1 METHODOLOGY AND SCOPE
1.1 Market Segmentation & Scope
1.1.1 Estimates and Forecast Timeline
1.2 Objectives
1.2.1 Objective -
1.2.2 Objective -
1.2.3 Objective -
CHAPTER 2 RESEARCH METHODOLOGY
2.1 Information Procurement
2.1.1 Purchased database:
2.1.2 GVR’s Internal Database
2.1.3 Secondary sources
2.1.4 Primary research
2.2 Information or Data Analysis
2.3 Market Formulation & Validation
2.4 Model Details
2.4.1 Volume price analysis
2.5 List of Secondary Sources
2.6 List of Abbreviations
CHAPTER 3 EXECUTIVE SUMMARY
3.1 Segment Outlook
3.1.1 Specialty Type
3.2 Competitive Insights
3.3 Market Snapshot
3.4 Competitive Landscape
CHAPTER 4 MARKET VARIABLES, TRENDS & SCOPE
4.1 Market Lineage Outlook
4.1.1 Parent market outlook
4.1.1.1 U.S. healthcare market
4.1.1.2 U.S. medical tourism market
4.2 Penetration & Growth Prospect Mapping
4.3 Market Dynamics
4.3.1 Market driver analysis
4.3.1.1 Proximity to key source markets
4.3.1.2 High quality of care
4.3.1.3 Lower cost of medical procedures compared to developed countries
4.3.2 Market restraint analysis
4.3.2.1 Shortage of local workforce
4.3.2.2 Medical risks associated with medical tourism
4.4 Qualitative Analysis: Impact of COVID-19 on Barbados Healthcare & Medical Tourism Market
4.5 Medical tourism - Comparative analysis between Barbados and Latin America
4.6 Cost of Key Surgical Procedures
CHAPTER 5 BARBADOS HEALTHCARE MARKET: SPECIALTY TYPE ANALYSIS
5.1 Barbados Healthcare Specialty Type Market Share Analysis, 2022 & 2030
5.2 Barbados Healthcare Specialty Type Market: Segment Dashboard
5.3 Market Size & Forecasts and Trend Analyses, Specialty Type Segment, 2017 to 2030
5.3.1 Orthopedics
5.3.1.1 Orthopedics market, 2017 - 2030 (USD Million)
5.3.2 Cardiology
5.3.2.1 Cardiology market, 2017 - 2030 (USD Million)
5.3.3 Cosmetics
5.3.3.1 Cosmetics market, 2017 - 2030 (USD Million)
5.3.4 General Surgery
5.3.4.1 General Surgery market, 2017 - 2030 (USD Million)
5.3.5 Fertility and Gynecology
5.3.5.1 Fertility and Gynecology market, 2017 - 2030 (USD Million)
5.3.6 Others
5.3.6.1 Others market, 2017 - 2030 (USD Million)
CHAPTER 6 BARBADOS MEDICAL TOURISM MARKET
6.1 Market Size & Forecasts and Trend Analyses, 2017 to 2030
6.1.1 Barbados medical tourism market, 2017 - 2030 (USD Million)
CHAPTER 7 COMPETITIVE ANALYSIS
7.1 Recent Developments & Impact Analysis, by Key Market Participants
7.2 Participant Categorization
7.3 Company Market Position Analysis
7.4 Company Profiles
7.4.1 The Sparman Clinic
7.4.1.1 Company overview
7.4.1.2 Service benchmarking
7.4.2 FMH EMERGENCY MEDICAL
7.4.2.1 Company overview
7.4.2.2 Service benchmarking
7.4.3 Sandy Crest Medical Centre
7.4.3.1 Company overview
7.4.3.2 Service benchmarking
7.4.4 Barbados Fertility Centre
7.4.4.1 Company overview
7.4.4.2 Service benchmarking
7.4.5 PREMIERE SURGICAL CENTRE
7.4.5.1 Company overview
7.4.5.2 Service benchmarking
7.4.5.3 Strategic initiatives
7.4.6 THE QUEEN ELIZABETH Hospital
7.4.6.1 Company overview
7.4.6.2 Service benchmarking
7.4.6.3 Strategic initiatives
7.4.7 Bayview Hospital
7.4.7.1 Company overview
7.4.7.2 Service benchmarking
1.1 Market Segmentation & Scope
1.1.1 Estimates and Forecast Timeline
1.2 Objectives
1.2.1 Objective -
1.2.2 Objective -
1.2.3 Objective -
CHAPTER 2 RESEARCH METHODOLOGY
2.1 Information Procurement
2.1.1 Purchased database:
2.1.2 GVR’s Internal Database
2.1.3 Secondary sources
2.1.4 Primary research
2.2 Information or Data Analysis
2.3 Market Formulation & Validation
2.4 Model Details
2.4.1 Volume price analysis
2.5 List of Secondary Sources
2.6 List of Abbreviations
CHAPTER 3 EXECUTIVE SUMMARY
3.1 Segment Outlook
3.1.1 Specialty Type
3.2 Competitive Insights
3.3 Market Snapshot
3.4 Competitive Landscape
CHAPTER 4 MARKET VARIABLES, TRENDS & SCOPE
4.1 Market Lineage Outlook
4.1.1 Parent market outlook
4.1.1.1 U.S. healthcare market
4.1.1.2 U.S. medical tourism market
4.2 Penetration & Growth Prospect Mapping
4.3 Market Dynamics
4.3.1 Market driver analysis
4.3.1.1 Proximity to key source markets
4.3.1.2 High quality of care
4.3.1.3 Lower cost of medical procedures compared to developed countries
4.3.2 Market restraint analysis
4.3.2.1 Shortage of local workforce
4.3.2.2 Medical risks associated with medical tourism
4.4 Qualitative Analysis: Impact of COVID-19 on Barbados Healthcare & Medical Tourism Market
4.5 Medical tourism - Comparative analysis between Barbados and Latin America
4.6 Cost of Key Surgical Procedures
CHAPTER 5 BARBADOS HEALTHCARE MARKET: SPECIALTY TYPE ANALYSIS
5.1 Barbados Healthcare Specialty Type Market Share Analysis, 2022 & 2030
5.2 Barbados Healthcare Specialty Type Market: Segment Dashboard
5.3 Market Size & Forecasts and Trend Analyses, Specialty Type Segment, 2017 to 2030
5.3.1 Orthopedics
5.3.1.1 Orthopedics market, 2017 - 2030 (USD Million)
5.3.2 Cardiology
5.3.2.1 Cardiology market, 2017 - 2030 (USD Million)
5.3.3 Cosmetics
5.3.3.1 Cosmetics market, 2017 - 2030 (USD Million)
5.3.4 General Surgery
5.3.4.1 General Surgery market, 2017 - 2030 (USD Million)
5.3.5 Fertility and Gynecology
5.3.5.1 Fertility and Gynecology market, 2017 - 2030 (USD Million)
5.3.6 Others
5.3.6.1 Others market, 2017 - 2030 (USD Million)
CHAPTER 6 BARBADOS MEDICAL TOURISM MARKET
6.1 Market Size & Forecasts and Trend Analyses, 2017 to 2030
6.1.1 Barbados medical tourism market, 2017 - 2030 (USD Million)
CHAPTER 7 COMPETITIVE ANALYSIS
7.1 Recent Developments & Impact Analysis, by Key Market Participants
7.2 Participant Categorization
7.3 Company Market Position Analysis
7.4 Company Profiles
7.4.1 The Sparman Clinic
7.4.1.1 Company overview
7.4.1.2 Service benchmarking
7.4.2 FMH EMERGENCY MEDICAL
7.4.2.1 Company overview
7.4.2.2 Service benchmarking
7.4.3 Sandy Crest Medical Centre
7.4.3.1 Company overview
7.4.3.2 Service benchmarking
7.4.4 Barbados Fertility Centre
7.4.4.1 Company overview
7.4.4.2 Service benchmarking
7.4.5 PREMIERE SURGICAL CENTRE
7.4.5.1 Company overview
7.4.5.2 Service benchmarking
7.4.5.3 Strategic initiatives
7.4.6 THE QUEEN ELIZABETH Hospital
7.4.6.1 Company overview
7.4.6.2 Service benchmarking
7.4.6.3 Strategic initiatives
7.4.7 Bayview Hospital
7.4.7.1 Company overview
7.4.7.2 Service benchmarking
LIST OF TABLES
TABLE 1 List of secondary sources
TABLE 2 List of abbreviations
TABLE 3 Cost of key surgical procedures in Barbados
TABLE 4 Barbados healthcare & medical tourism market, by specialty type, 2017 - 2030 (USD Million)
TABLE 1 List of secondary sources
TABLE 2 List of abbreviations
TABLE 3 Cost of key surgical procedures in Barbados
TABLE 4 Barbados healthcare & medical tourism market, by specialty type, 2017 - 2030 (USD Million)
LIST OF FIGURES
FIG. 1 Barbados healthcare market segmentation
FIG. 2 Market research process
FIG. 3 Information procurement
FIG. 4 Primary research pattern
FIG. 5 Market research approaches
FIG. 6 Value chain-based sizing & forecasting
FIG. 7 QFD modeling for market share assessment
FIG. 8 Market formulation & validation
FIG. 9 Barbados healthcare and medical tourism market snapshot
FIG. 10 Competitive landscape
FIG. 11 Barbados healthcare market lineage outlook
FIG. 12 Barbados medical tourism market lineage outlook
FIG. 13 Penetration & growth prospect mapping
FIG. 14 Market trends & outlook
FIG. 15 Market driver relevance analysis (Current & future impact)
FIG. 16 Market restraint relevance analysis (Current & future impact)
FIG. 17 Comparative analysis
FIG. 18 Barbados healthcare specialty type market share analysis, USD Million
FIG. 19 Barbados healthcare specialty type market: Segment dashboard
FIG. 20 Orthopedics market, 2017 - 2030 (USD Million)
FIG. 21 Cardiology market, 2017 - 2030 (USD Million)
FIG. 22 Cosmetics market, 2017 - 2030 (USD Million)
FIG. 23 General surgery market, 2017 - 2030 (USD Million)
FIG. 24 Fertility and gynecology market, 2017 - 2030 (USD Million)
FIG. 25 Others market, 2017 - 2030 (USD Million)
FIG. 26 Barbados medical tourism market, 2017 - 2030 (USD Million)
FIG. 27 Recent developments & impact analysis by key market participants
FIG. 28 Competition categorization
FIG. 29 Company market position analysis
FIG. 1 Barbados healthcare market segmentation
FIG. 2 Market research process
FIG. 3 Information procurement
FIG. 4 Primary research pattern
FIG. 5 Market research approaches
FIG. 6 Value chain-based sizing & forecasting
FIG. 7 QFD modeling for market share assessment
FIG. 8 Market formulation & validation
FIG. 9 Barbados healthcare and medical tourism market snapshot
FIG. 10 Competitive landscape
FIG. 11 Barbados healthcare market lineage outlook
FIG. 12 Barbados medical tourism market lineage outlook
FIG. 13 Penetration & growth prospect mapping
FIG. 14 Market trends & outlook
FIG. 15 Market driver relevance analysis (Current & future impact)
FIG. 16 Market restraint relevance analysis (Current & future impact)
FIG. 17 Comparative analysis
FIG. 18 Barbados healthcare specialty type market share analysis, USD Million
FIG. 19 Barbados healthcare specialty type market: Segment dashboard
FIG. 20 Orthopedics market, 2017 - 2030 (USD Million)
FIG. 21 Cardiology market, 2017 - 2030 (USD Million)
FIG. 22 Cosmetics market, 2017 - 2030 (USD Million)
FIG. 23 General surgery market, 2017 - 2030 (USD Million)
FIG. 24 Fertility and gynecology market, 2017 - 2030 (USD Million)
FIG. 25 Others market, 2017 - 2030 (USD Million)
FIG. 26 Barbados medical tourism market, 2017 - 2030 (USD Million)
FIG. 27 Recent developments & impact analysis by key market participants
FIG. 28 Competition categorization
FIG. 29 Company market position analysis
