The Global Medical Tourism Market is growing at a steady pace and it is expected to grow at a CAGR of 21.4% during the forecasted period 2017-2023.
Medical tourism or health tourism refers to traveling abroad to a foreign nation for the purpose of seeking healthcare services. The activities are not restricted to only surgical intervention and may involve medical check-ups, and other practices that require skilled medical interventions. According to OECD estimates, nearly 50 million medical tourists travelled to the emerging nations in 2016.
Market dynamics of the Global Medical Tourism Market
The Medical tourism market is been driven by factors such as rising geriatric population, high cost of treatment in developed countries, availability of cost-effective and quality treatments in developing countries, development of effective travel especially air travel, assistance from tourism departments and local governments, availability and spread of latest medical technologies throughout the world, high penetration of health insurance, development of communication technology, and others.
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The rise of in-vitro fertilization, surrogacy, retro-production has also stimulated the market. International accreditation is a key factor boosting international medical tourism. Currently, over 600 health facilities in the world are accredited by the U.S. Joint Commission International (JCI), which is growing by 20% each year.
The market restraints are limited coverage and insufficient reimbursement offered by insurance companies, difficulties associated with cross border travel, such as cultural barriers, connectivity issues, documentation, and VISA approval issues, and others.
Key Players in the Global Medical Tourism Market
Some of the key players in this market are Asklepios Kliniken Verwaltungs gesellschaft mbH (Germany), Fortis Healthcare (India), Gleneagles Global Hospitals Group. (India), Prince Court Medical Centre (Malaysia), Samitivej PCL (Thailand), Christus Muguerza (Mexico), Anadolu Medical Center (Turkey), and others.
Mergers, acquisitions, affiliations, and joint ventures for delivering enhanced medical care, is an attractive strategy that is being pursued by many players. These mergers result in increased buying power for the players leading to economies of scale. The cost saving due to the economies of scale help to sustain the intense competition resulting in higher returns on investment. It also strengthens the market positions. Examples of collaborations include Bumrungrad International Hospital (Bangkok) and IBM Watson for better cancer care, and the collaboration of Anadolu Medical Centre (Turkey) with Johns Hopkins Medicine (U.S.).
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Medical tourism market has been segmented on the basis of treatment types, which comprises of orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, fertility/IVF treatments, and others.
- Report Prologue
2.2 Scope of the Study
2.2.1 Research Objective
2.3 Market Structure
2.4. Market Segmentation
3. Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4. Market Dynamics
4.4 Mega Trends
4.5 Macroeconomic Indicators
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