Medical Tourism Market Highlights
Medical tourism involves the advertisement of affordable patient care solutions in healthcare institutes worldwide. The global medical tourism market report by Market Research Future (MRFR) contains useful insights on policy changes, changing demands of patients, expectations of the healthcare industry, and other pertinent factors for sustaining during the period of 2017 to 2023 (forecast period). The impact of the COVID-19 virus and its impact have been thoroughly assessed in the report.
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Medical Tourism Market Scope
The global medical tourism market is expected to exhibit a CAGR of 21.4% CAGR during the forecast period. Outbreak of various chronic diseases and expensive nature of treatment methods are likely to drive market growth. Medical tourism has highlighted the availability of surgeries and other procedures to be conducted at economical prices in selective countries. Acceptance of certain insurance schemes and emergence of affordable treatment methods with low waiting period can drive the market growth.
Employment of healthcare staff in emerging economies due to a flurry of foreign personnel is expected to drive the global medical tourism market. The large geriatric populace and the increased spending power of the middle class can propel market growth. These factors can drive the market valuation to USD 226,762.7 million by 2023. Upgradation of medical infrastructure and adherence to international guidelines are expected to assist the market to sustain throughout the forecast period. Focus on patient care and change in business models to attract foreign dignitaries for treatment can augur favorably for the market.
But communication barriers and travel expenses can create a bottleneck for the market.
Medical Tourism Market Segmentation
The global medical tourism market has been segmented on the basis of treatment type.
By treatment type, the medical tourism is segmented into oncology/cancer treatments, orthopedic/spine treatments, neurology/neurosurgery treatment, fertility/IVF treatments, dentistry treatments, cardiovascular/cardiology treatments, and cosmetic treatments.
Cosmetic treatments are projected to generate the maximum revenue for the market. Procedures such as facial rejuvenation, breast augmentation, and others are likely to bode well for the market. On the other hand, cardiovascular/cardiology treatments are predicted to bring in revenue for the market till 2023.
Medical Tourism Market Regional Analysis
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).
APAC is expected to lead the global medical tourism market with 43.7% market share in 2016. Growing economies, technological advances in treatment and surgery, and state-of-the-art equipment are factors expected to drive regional market growth. Investments to accelerate the improvements to transport infrastructure and medical infrastructure can accelerate market demand. Thailand, China, India, Myanmar, Laos, and Vietnam are countries which can contribute to market growth.
The MEA region is expected to invest in construction of hospitals which can attract tourists and gain revenue as a result. Dubai is touted to be a prime destination for medical tourism due to efforts taken by governments. The integration of hospital management for recruitment of right staff and focus on patient care can fuel regional market growth.
Medical Tourism Market Competition Outlook
Fortis Healthcare, Bumrungrad International Hospital, Clemenceau Medical Center, Shouldice Hospital, Prince Court Medical Centre, Bangkok Hospital, Anadolu Medical Center, CHRISTUS MUGUERZA, Gleneagles Global Hospitals Group, Samitivej PCL, Schön-Kliniken, and Asklepios Kliniken Verwaltungsgesellschaft GmbH are key players of the global medical tourism market.
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