Barbados Healthcare And Medical Tourism Market Growth & Trends
The Barbados healthcare and medical tourism market size is anticipated to reach USD 748.58 million by 2030, growing at a CAGR of 5.64% from 2024 to 2030. Barbados has a well-developed healthcare system with several private hospitals and clinics offering many medical services. The country is known for its highly trained medical professionals, many of whom studied in the U.S., Canada, or the UK. Key specialties in Barbados include cosmetic surgery, dental care, and fertility treatments. The Barbados Fertility Center, accredited by the Joint Commission International (JCI), attracts international patients seeking fertility treatments. As more patients from the U.S., the UK, and Canada come to Barbados for treatment, its medical tourism sector is expected to grow.
In addition, Barbados is recognized as a leading destination for In Vitro Fertilization (IVF) treatments. The Barbados Fertility Centre, benefiting from the Tourism Development Act, imports medical equipment duty-free and uses the Barbados name for marketing advantages. In addition, private medical facilities, such as FMH Emergency Medical Clinic and Sandy Crest, offer high-standard services, attracting international patients.
The average cost of a single IVF cycle in the U.S. ranges from USD 12,000 to USD 17,000, excluding medications & additional services, according to the American Society for Reproductive Medicine. In contrast, the cost of an IVF cycle in Barbados is between USD 5,500 and USD 7,500. This significant cost difference makes Barbados an attractive option for infertility treatments, which are highly sought after by medical tourists.
However, the COVID-19 pandemic had a negative impact on medical tourism in Barbados. Longer stays and cruise ship visits dropped significantly due to restrictions in major countries. The increase in COVID-19 cases and new variants worsened the situation in early 2021, leading to more lockdowns and restrictions. As a result, the tourism industry saw a major decline of 78.6% from 2019 to 2020.
Barbados Healthcare And Medical Tourism Market Report Highlights
- General surgery accounted for the largest revenue share in 2023 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, Queen Elizabeth Hospital received USD 40,000 worth of supplies in donations from The Barbados Hotel and Tourism Association under its Charitable Assistance Programme.
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, & Scope
Chapter 4. Specialty Type Business Analysis
Chapter 5. Barbados Medical Tourism Market
Chapter 6. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- The Sparman Clinic
- FMH Emergency Medical
- Sandy Crest Medical Centre
- Barbados Fertility Centre
- Premiere Surgical Centre
- The Queen Elizabeth Hospital BARBADOS
- Bayview Hospital
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 509.33 Million |
| Forecasted Market Value ( USD | $ 748.58 Million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Barbados |
| No. of Companies Mentioned | 7 |
