MarketResearchFuture.com (MRFR) in its recently Announced study report asserts that the “Global Medical Tourism Market” growing further will reach USD 226,762.7 Mn. by 2023, registering 21.4% CAGR Along with Top Companies and Mega Trends.
Medical Tourism Market – Summary
Traveling far for medical purposes is something not unheard of. But tourism out of it inevitably creates much interest. The healthcare infrastructure akin to home and a gamut of qualified doctors to assist in recovery can come at a cheaper cost than the usual. That is what some developing countries such as India are offering and the buzz generated has a lot of takers.
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Flying on the success of such initiatives, the global medical tourism market is now eyeing a quadruple growth during the forecast period (2017-2023); from a decent USD 70,836.9 million to a staggering USD 226,762.7 million.
Angioplasty in the U.S. costs around a whopping USD 57,000 whereas, in India, the charge is just USD 3,300. The difference is quite astonishing, that too, without compromising much on the healthcare infrastructure. This has led to an exodus of patients from North American countries and Western Europe to developing countries with an almost similar medical set-up.
Medical Tourism Market – Report Overview:
The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts can make highly astute projections. MRFR’s report includes a thorough analysis of the global medical tourism market segmented by treatment type and region.
Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
According to the reports of the World Health Organization (WHO), Hungary is evolving as a medical tourism hub for the European nations by drawing in almost 1.8 million tourists annually. Most of these tourists travel for dental treatments or seek a wellness break.
Among many top medical service providers globally, major players are Asklepios Kliniken Verwaltungsgesellschaft 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), Bangkok Hospital (Bangkok), Bumrungrad International Hospital (Bangkok), Clemenceau Medical Center (Lebanon), Schoen-Kliniken (Germany), Shouldice Hospital (Canada), and others.
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Medical Tourism Market – Segment Overview
By treatment type, the medical tourism market is segmented into orthopedic/spine treatments, fertility/IVF treatments, dentistry treatments, oncology/cancer treatments, neurology/neurosurgery treatment, cardiovascular/cardiology treatments, and cosmetic treatments. All of these procedures are deemed to alleviate or offer relief to patients with minimal to extreme pain.
The segments covered in the report are analyzed with respect to four major regions – Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA), with respective country-level market sizing. The definition and advantages of “medical tourism” is outlined in the report for a comprehensive understanding of the market. The report discusses the various players involved in the value chain and their contributions to evaluate future opportunities within the market.
Medical Tourism Market – Regional Outlook:
On the basis of region, the global medical tourism market is segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East and Africa.
Among all regions, Asia Pacific managed to capture the largest market share in 2016 of 43.7% and is projected to lead the global medical tourism market during the review period. This phenomenal market growth can be attributed to heavy investments in infrastructure development, growing economy, technology advancement, among other factors. Asia Pacific had stood at USD 25,498.0 million in 2016 and the market is set to reach USD 102,496.8 million by 2023.
The medical tourism market in the Americas is growing at a fast pace owing to well-developed healthcare infrastructure, increasing number of well-trained medical professionals coupled with a wide number of hospitals under insurance coverage. The fact that the region observes high economic growth with well-developed industries helps the case for development of medical tourism industry.
The medical tourism market in Europe (EU) has grown exponentially over the past years on account of the 2014 European Directive on Cross-Border healthcare that allows EU citizens free access to healthcare in all member states of the region. Further, countries in Eastern and Central Europe such as Poland, Turkey, Hungary, Latvia, and Romania have become ideal tourism destinations for Western Europeans. Moreover, some countries in the region collaborate to provide certain healthcare services to other countries under some conditions. For instance, Ardennes cross-border collaboration at the border of France and Belgium is the partnership between both countries that allows French women seek obstetric care in Belgium. This care includes prenatal care as well as delivery.
The Middle East and Africa region encompass an array of developing nations with evolving technology and innovation that fuels the medical tourism market in the region. Also, with rising healthcare costs in developing countries such as United States (U.S) and United Kingdom (U.K), people are finding themselves willing to travel to this part of the world for quality and affordable healthcare services. These factors are highly instrumental in the market growth of medical tourism in the region.
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