Market Research Future published a research report on “Medical Tourism Market Research Report- Global forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Synopsis of the Global Medical Tourism Market:
Travelling abroad for medical treatment is not a recent trend, it has been gaining more momentum and media interest in the last decades. According to a report by Oxford Economics and Visa, around 11-14 million people travel abroad for healthcare services.
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. Availability of cost-effective treatments, quality service & less waiting period, and rising geriatric & middle class population drives the growth of the market. However, communication barriers and need for travelling may hamper the market growth.
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Key Players in the Global Medical Tourism Market
Some of the key players in this market are Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Fortis Healthcare (India), Gleneagles Global Hospitals Group. (Singapore), Prince Court Medical Centre (Malaysia), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), Anadolu Medical Center (Turkey), and others.
- The global medical tourism market is expected to reach USD 226,762.7 million by 2023.
- Asia Pacific holds the largest share of 43.7% of the global market.
- Orthopedic/spine by type holds the largest market share of 14.9% of the global medical tourism market and is expected to reach USD 27,902.8 million by the end of the forecast period.
- Globally, Oncology/Cancer is the fastest growing segment and expected to grow at a rate of CAGR 21.9% during the forecast period owing to continuously increasing prevalence of different types of cancers.
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.
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Regional Analysis of Global Medical Tourism Market:
The Asia Pacific region accounted for the largest share of the global medical tourism market, which had a lion share of 43.7% in 2016. This growth was attributed to heavy investment in infrastructure development, rising economy, technology up gradation, low cost and quality medical services, and government initiative to promote medical tourism in this region.
America holds the second position in the medical tourism, which is followed by Europe. Central and South American countries such as Mexico, Costa Rica, and Brazil are some of the most popular destinations for Americans and Canadians.
The American medical tourism market is expected to grow till USD 102,496.8 million at a CAGR of 22% by end of the 2023.
Europe is the growing market for the medical tourism. Since people from Western Europe are traveling to America to seek cost-effective treatments, which has relaxed the growth of the market.
The report on the global medical tourism market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight to the market and industry performance. The report gives a clear picture of the current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions
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