The global medical tourism market is projected to expand at a CAGR of 12.55% during the forecast period (from 2017 to 2021). Rising occurrences of fatal diseases is expected to be one of the key growth driving factors for the global market. Medical tourism has been a recent trend wherein patients travel to foreign countries for medical treatment at affordable costs. Patients can avail a wide range of surgical or medical treatments such as cardiovascular treatment, dental implants, and cosmetic surgeries.
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The medical tourism market is driven by rising affordability and accessibility of advanced healthcare services in developing countries, coupled with assistance from local governments and tourism departments. Furthermore, easy availability of the latest technologies in various medical tourism hubs across the globe is anticipated to augment the market over the next few years. Due to soaring healthcare costs in various developed regions, people are looking for affordable alternatives. This is expected to spur market growth.
On the other hand, factors such as visa approval issues, language barriers, and issues related to travel may have a negative effect on market growth. However, rise in marketing and advertising efforts by medical facilities in order to promote medical tourism is expected to fuel the growth of this market. Rising health insurance portability is also likely to benefit the market.
The market is predicted to experience moderate growth over the estimated period as a result of high adoption rates of medical tourism due to increased customer disposable income. In addition, a wide network of hospitals under insurance coverage for cashless transactions is likely to contribute toward market growth during the next four years.
The healthcare industry has witnessed several technological advancements in recent times, such as Electronic Health Record (EHR). EHR systems are cloud-based and allow doctors to access patient records anywhere in real-time. The adoption of these systems is anticipated to boost the capabilities of medical facilities in developing regions, which will further attract more patients from developed regions.
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The global medical tourism market is categorized as per treatment type and region. Based on treatment type, the market is categorized into dental treatment, cardiovascular treatment, fertility treatment, orthopedics treatment, and cosmetic treatment. Based on geography, the market is divided into Europe, Middle East and Africa (EMEA), Asia Pacific (APAC), and the Americas.
Asia Pacific medical tourism market will be a major revenue generator over the forecast years on account of rapid economic development. Furthermore, factors such as easy availability of cost-effective and advanced medical facilities in the region are predicted to augment the regional market. The region has also witnessed rapid growth in infrastructure development, which is likely to contribute toward its growth. A rise in investments for R&D, along with increasing healthcare expenditure, is also projected to augment the growth of this region. In APAC, India is famous for specialist cardiac surgeries while Singapore is renowned for expertise in complicated surgical treatments. Malaysia offers advanced medical infrastructure and treatments by experts. All these factors are also likely to fuel the regional market development over the coming years.
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Some of the leading vendors in the worldwide medical tourism market are Asklepios Kliniken GmbH; Fortis Healthcare Ltd.; Apollo Hospitals Enterprise Ltd.; Bumrungrad International Hospital; and Bangkok Hospital.
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