According to a new report by market Research Future (MRFR), Global Medical Tourism Market is projected to showcase a significant growth rate 21.4% of CAGR over the forecast period 2018-2023.
Medical Tourism Market – Scenario
Medical tourism market is gaining precedence as it can provide an inexpensive treatment opportunity in contrast to that available in the developed countries. A few countries, across the globe, are now offering world-class treatments at a cost-effective price. Getting thrust from it, the global medical tourism market is expected to burgeon with an impressive CAGR of 21.4% during the forecast period (2017-2023), reveals Market Research Future (MRFR). The report also includes other drivers such as affordable treatment options, quality service, and minimal waiting periods and a detailed segmental analysis for a predictive understanding of the medical tourism market in the coming years. Furthermore, the rise of the middle class with a substantial amount of disposable income is impacting the market prospect.
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However, communication is a barrier that, at times, can defer the profits. In addition, travel expenses can impact the decision to travel abroad for treatment which can bring down the medical tourism market growth significantly.
Regional Analysis:
Geographic analysis of the medical tourism market includes regions namely the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC market is currently holding he premier spot. The region has several emerging economies in a cluster form who are offering treatment at a much-reduced cost. At present, almost 43.7% of the entire market is under its dominion. Emerging economies have revamped their medical infrastructure and improved their technological facilities to ensure patient influx. South Korea is one such instance which has made a name for itself as a cosmetic procedure destination. It is also expecting growth by 22% during the forecast period. Among the nations here, Thailand and India are showing huge market prospect and are expected to contribute more during the same period. The Indian government is taking initiatives to launch medical visas to facilitate easy interaction.
Europe is also doing well with Eastern Europe providing significant business opportunity and treatment facilities to people from the western part. Turkey, Poland, the Czech Republic, Latvia, Hungary, and Romania are now much-preferred destinations for patients from all across Europe.
In Latin America, Costa Rica is proving its mettle by providing the best dental care facilities. The regional market is thriving with the arrival of patients from North America. Furthermore, the region has an excellent rehabilitation program which is assisting the regional market in earning more from the citizens of North America.
Competitive Insights:
The competitive medical tourism market is getting all the thrust from merger, acquisition, new concept launch, collaboration, and other methods. These strategies, implemented by companies, are definite signs of market expansion.
Malaysia’s IHH Healthcare is planning now to contest for controlling the interest of Fortis Healthcare which would boost the market portfolio of both the organizations.
In 2018, Malaysia’s Khazanah Nasional Bhd bought the Prince Court Medical Centre from Petroleum Nasional Bhd, and IHH Healthcare is expected to be roped in for further assistance. The agreement is expected to boost the medical tourism sector of Malaysia.
Key players in the medical tourism market include Bumrungrad International Hospital (Thailand), CHRISTUS MUGUERZA (Mexico), Samitivej PCL (Thailand), Schön-Kliniken (Germany), Gleneagles Global Hospitals Group (India), Prince Court Medical Centre (Malaysia), Anadolu Medical Center (Turkey), Shouldice Hospital (Canada), Bangkok Hospital (Thailand), Fortis Healthcare (India), Clemenceau Medical Center (Lebanon), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), and others.
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Segmentation:
The global medical tourism market can be segmented by treatment type which includes sub-segments such as Orthopedic/Spine Treatments, Oncology/Cancer Treatments, Cosmetic Treatments, Cardiovascular/Cardiology Treatments, Dentistry Treatments, Neurology/Neurosurgery Treatment, and Fertility/IVF Treatments. Cosmetic treatments are currently dominating the medical tourism market by with the maximum market share. Face rejuvenation and breast reconstruction treatments are quite popular and are fetching in substantial revenue to help the market grow.
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