The Barbados healthcare & medical tourism market size was valued at USD 397.1 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030. Growth of the market can be attributed to the well-designed healthcare infrastructure, high quality of care at affordable prices, and favorable public health coverage. Furthermore, the rising prevalence of non-communicable diseases and increasing government spending are anticipated to favor the growth of the industry.
The rising prevalence of non-communicable diseases is anticipated to boost market growth. For instance, in 2017, around 467 heart attacks and cardiac deaths were recorded in the country, with 54% of the patients being male and 46% being female. Increasing government efforts to decrease the mortality rate of stroke and the rising prevalence of cardiovascular diseases are expected to drive the growth of the Barbados healthcare market over the forecast period. Furthermore, the rising number of surgeries and increasing access to public healthcare are favoring the market growth. According to the Barbados Ministry of Health and Wellness, a total of 3,579 surgeries were performed in 2018.
Barbados draws medical tourists from all over the world, most commonly from the Caribbean Islands, the U.K., and Canada. IVF treatment is the most sought-after procedure among medical tourists. For instance, an IVF process in the U.S. costs between USD 12,000 and USD 14,000 compared to USD 6,500 and USD 7,500 in Barbados. People from the U.S. and Europe travel to Barbados for medical care, saving between 55% and 70% on treatment costs. Barbados Fertility Clinic is a JCI-accredited hospital and attracts a significant number of tourists every year.
In addition, a large portion of foreigners seeks surgeries such as facial esthetics procedures, breast implants, dental implants, liposuction, and facelifts in Barbados. Improvement in healthcare infrastructure and high-quality medical services at affordable prices compared to developed countries will propel market growth for medical tourism.
Barbados was severely affected by the onset of the COVID-19 pandemic in 2020, similar to most other economies in the Caribbean. It is anticipated that economic activity decreased by 17.6% throughout the year as per the Economic Commission for Latin America and the Caribbean (ECLAC). This was the third consecutive year of economic decline. As per the ECLAC, the tourism sector, which directly and indirectly accounts for nearly half of the GDP, decreased by 65% in 2020 as compared to 2019.
Based on specialty type, the healthcare market is segmented into orthopedics, cardiology, cosmetics, general surgery, fertility and gynecology, and others. The general surgery segment accounted for the maximum share of 29.0% in 2022. This growth can be attributed to the rising prevalence of gastrointestinal diseases and the demand for laparoscopic procedures. As per the Barbados Ministry of Health and Wellness, a total of 1,052 general surgeries were reported in 2018.
The cardiology segment is expected to grow at the fastest rate during the forecast period. Cardiovascular diseases are the main cause of death in the country. As per the 2019 report on cardiovascular disease by Barbados National Registry (BNR), the country continues to see an increase in the prevalence of heart attack and stroke. For instance, in 2019, 547 people suffered from myocardial infarction. The increasing burden of CVDs and the opening of dedicated walk-in chest clinics are likely to drive segment growth. For instance, the Stroke Care and Cardiac Unit was recently established at Queen Elizabeth Hospital.
Orthopedic treatment is one of the most availed procedures in Barbados. The increasing prevalence of arthritis conditions, such as osteoarthritis, rheumatoid arthritis, and osteoporosis, is expected to drive the segment’s growth. For instance, according to data published by WHO in 2020, the age-adjusted death rate due to rheumatoid arthritis reached 0.73 per 100,000 population in Barbados, ranking the country 19th in the world. As per the Barbados Ministry of Health and Wellness, a total of 809 cosmetic surgeries were registered in 2018.
Factors such as the rising awareness about cosmetic procedures and the influence of social media are propelling the growth of the cosmetic segment. The others segment is anticipated to grow owing to the high prevalence of cancer and the growing geriatric population. According to the WHO, the number of new cancer cases in Barbados is expected to reach 133,000 in 2030. Further, neurology procedures are anticipated to witness moderate growth across the country owing to the availability of affordable surgeries and treatments performed by highly skilled surgeons.
One of the most lucrative industries in Barbados is medical tourism. Proximity to North and South America has proven to be beneficial for its medical tourism industry, as the majority of its visitors come from these continents. As per Norstat’s 2017 Destination Happiness Index (DSI), the country is ranked as the top travel destination in the world based on traveler satisfaction. This achievement affirmed the country's popularity. The country is also an attractive destination for medical tourism owing to its well-established infrastructure, international accessibility, and high medical standards.
To accommodate medical tourists, AWC made a substantial investment in constructing a 70-bed hospital. In addition, Barbados serves as a regional transportation hub, with numerous international flights landing at Grantley Adams International Airport daily, including various flights from New York, London, Toronto, and Miami.
Moreover, the grade of healthcare in the country is exceptionally high, and all inhabitants have easy access to services. For instance, the Queen Elizabeth Hospital is the most important government hospital with 600 beds. This hospital provides a variety of specialized medical services, including pediatrics, plastic surgery, obstetrics, and radiology. Barbados also has eight government polyclinics that give free care for a variety of minor ailments.
The overall market is moderately fragmented with the presence of medium-sized organizations. Some of the strategies undertaken by key companies to strengthen their market presence include mergers & acquisitions, collaborations, facility expansions, and adoption of the latest healthcare technologies. For instance, in May 2019, Queen Elizabeth Hospital started providing round-the-clock services at its Clinical Risk Management Unit (CRMU) to better serve patients. Some prominent players in the Barbados healthcare & medical tourism market include:
The Queen Elizabeth Hospital
Bayview Hospital
Barbados Fertility Centre
Premiere Surgical Centre
The Sparman Clinic
FMH Emergency Medical
Sandy Crest Medical Centre
Report Attribute |
Details |
The revenue forecast in 2030 |
USD 649.7 million |
Growth rate |
CAGR of 6.0% from 2023 to 2030 |
The base year for estimation |
2022 |
Historical data |
2017 - 2020 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD Million and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Specialty type |
Country scope |
Barbados |
Key companies profiled |
The Queen Elizabeth Hospital; Bayview Hospital; Barbados Fertility Centre; Premiere Surgical Centre; The Sparman Clinic; FMH Emergency Medical; Sandy Crest Medical Centre |
Customization scope |
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the Barbados healthcare & medical tourism market report based on specialty type:
Specialty Type Outlook (Revenue, USD Million, 2017 - 2030)
General Surgery
Orthopedics
Cardiology
Fertility & Gynecology
Cosmetics
Others
b. The Barbados healthcare & medical tourism market size was estimated at USD 397.1 million in 2022 and is expected to reach USD 431.4 million in 2023.
b. The Barbados healthcare & medical tourism market is expected to grow at a compound annual growth rate of 6.0% from 2023 to 2030 to reach USD 649.7 million by 2030.
b. General surgery dominated the Barbados healthcare market with a share of 29.0% in 2022. This is attributable to rising prevalence for chronic diseases and increasing number of gastrointestinal procedures.
b. Some key players operating in the Barbados healthcare & medical tourism market include The Queen Elizabeth Hospital; Bayview Hospital ;Barbados Fertility Centre ;Premiere Surgical Centre; The Sparman Clinic ;FMH Emergency Medical; Sandy Crest Medical Centre
b. Key factors that are driving the market growth include well-designed healthcare infrastructure, high quality of care at affordable prices, and favorable public health coverage.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
ISO Certified
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."
We value your investment and offer free customization with every report to fulfil your exact research needs.