The global medical tourism market is flourishing and looks promising with players trying to offer better facilities and treatment. They are seen focusing on offering a range of treatments for various maladies and are investing large amounts to that end. They are also seen buying latest, sophisticated medical equipment. Some of the key names operating in the global medical tourism market are Asklepios Kliniken GmbH, Mount Elizabeth Hospital, Bumrungrad International Hospital, KPJ Healthcare Berhad, and Apollo Hospitals Enterprise Limited.
As per a report by Transparency Market Research, the global medical tourism market is predicted to rise at a robust 14.9% CAGR over the course of the forecast duration which begins in 2017 and ends in 2025. Rising at this pace, the market which was valued at US$46.46 bn in 2016 is likely to become worth US$160.8 bn by the end of 2025.
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The different types of medical treatments in the global medical tourism market are dentistry, cosmetic surgery, orthopedic surgery, cardiology, oncology, neurology, and others. Currently, the orthopedic treatment segment is generating most of the revenue for the market. This is mainly because of the increasing sporting events and the rising instances of sports injury all over the world. In fact, hundreds of thousands of orthopedic surgeries are carried out by expert medical professionals in various countries in the global medical tourism market. From a geographical standpoint, Asia Pacific spells maximum potential in the global medical tourism market. Owing to the low cost of treatment, medical tourists are seen flocking to the region.
High Cost of Treatment in Advanced Nations Stokes Global Medical Tourism Market
Mainly fuelling the global medical tourism market is the rising cost of treatment in the advanced western nations. Though they boast of state-of-the-art facilities, the high cost is often a deterrent for patients, especially for ailments not covered by insurance. This has often egged patients to seek treatment in low cost nations. Another factor providing a solid boost to the global medical tourism market is the absence of skilled medical professionals in many nations. This forces them to travel to other nations, especially in Latin America and Asian nations such as Mexico, Cosat Rica, Japan, India, Singapore, Thailand, and Japan. Realizing the opportunity, these nations are also pulling out all stops to provide skilled professional and modern facilities at relatively affordable prices.
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Government Efforts to Boost Healthcare Infrastructure in Developing Nations Boosts Market
Government support to the healthcare industry in developing nations is also serving to boost the medical tourism industry. Adds the lead analyst of our report, “Governments in developing countries are keen on revamping the medical facilities in order in order to reap a windfall from the surging popularity of medical tourism.” So much so, many patients are now travelling for the sake of regular checkups.
While orthopedic treatments are generating most of the demand in the global medical tourism market at present, the segment of dentistry is also showing a lot of promise.