Medical Tourism Market:
The expensive nature of treatments of rare or chronic diseases has dug a deep hole for many patients. But medical tourism has solved the problem with selective countries offering solutions at cost-effective prices. All of the treatments covered under medical tourism is designed to treat and enhance the overall health of individuals. The global medical tourism market is touted to exhibit an impressive 21.4% CAGR during the assessment period (2017-2023), as per an in-depth market report by Market Research Future (MRFR).
Medical tourism involves traveling to another country for medical care, with several factors influencing the decision to seek medical care overseas. These factors are a combination of cost-saving, good quality of service, and less waiting period. There are certain disadvantages to living in developed nations, such as insurance policies that hardly cover the basic costs of medical treatments. On the other hand, developing countries like India and Thailand offer the same services at a reduced cost along with appealing healthcare facilities and world class treatments at very low costs.
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Global Medical Tourism Market – Segmental Analysis
The global market for medical tourism is segmented on the basis of treatment type.
The global tourism market, by treatment type, is segmented on the basis of orthopedic/spine treatments, oncology/cancer treatments, cosmetic treatments, cardiovascular/cardiology treatments, dental treatments, neurology/neurosurgery treatments, and fertility/IVF treatments.
Although there are many treatment types for which people travel overseas, cosmetic treatment is the key reason for medical tourists to do so. Some major factors responsible for the growth of this segment such as growing number of cosmetic surgeries, availability of low-cost treatments in the host country, and new products and increasing adoption of advanced technologies. Cosmetic treatments can be bifurcated into facial rejuvenation procedures and breast reconstruction, which are among the most popular cosmetic treatments. The cosmetic treatment segment was valued at USD 8,721.5 in 2016 and is predicted to reach the valuation of USD 47,864.5 by 2023.
Global Medical Tourism Market – Competitive Dashboard
Some major players in the market are Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Fortis Healthcare (India), Gleneagles Global Hospitals Group. (India), Prince Court Medical Centre (Malaysia), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), Anadolu Medical Center (Turkey), Bangkok Hospital (Bangkok), Bumrungrad International Hospital (Bangkok), Clemenceau Medical Center (Lebanon), Schoen-Kliniken (Germany), Shouldice Hospital (Canada), and others.
Regional Outlook – APAC Valuation to Touch $102,496.8 Mn by 2023
On the basis of region, the Global Medical Tourism Market is segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East and Africa.
Among all regions, Asia Pacific managed to capture the largest market share in 2016 of 43.7% and is projected to lead the global medical tourism market during the review period. This phenomenal market growth can be attributed to heavy investments in infrastructure development, growing economy, technology advancement, among other factors. Asia Pacific had stood at USD 25,498.0 million in 2016 and the market is set to reach USD 102,496.8 million by 2023.
The medical tourism market in the Americas is growing at a fast pace owing to well-developed healthcare infrastructure, increasing number of well-trained medical professionals coupled with a wide number of hospitals under insurance coverage. The fact that the region observes high economic growth with well-developed industries helps the case for development of medical tourism industry.
The medical tourism market in Europe (EU) has grown exponentially over the past years on account of the 2014 European Directive on Cross-Border healthcare that allows EU citizens free access to healthcare in all member states of the region. Further, countries in Eastern and Central Europe such as Poland, Turkey, Hungary, Latvia, and Romania have become ideal tourism destinations for Western Europeans. Moreover, some countries in the region collaborate to provide certain healthcare services to other countries under some conditions. For instance, Ardennes cross-border collaboration at the border of France and Belgium is the partnership between both countries that allows French women seek obstetric care in Belgium. This care includes prenatal care as well as delivery.
The Middle East and Africa region encompass an array of developing nations with evolving technology and innovation that fuels the medical tourism market in the region. Also, with rising healthcare costs in developing countries such as United States (U.S) and United Kingdom (U.K), people are finding themselves willing to travel to this part of the world for quality and affordable healthcare services. These factors are highly instrumental in the market growth of medical tourism in the region.
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