Global Medical Tourism Industry Market Research Report
When a person travels across the international border with the purpose of availing some sort of specialized medical treatment, this activity can be termed as medical tourism. There are possibilities that a special kind of treatment for some disease is not available in a particular country. In that case, people have to move to other countries to get treated. Such treatment can include different medical services; however, the most often availed services include orthopedic treatments, cancer treatment, a neurological disorder treatment, fertility treatment, elective surgeries, and many more.
Complex procedures like cancer treatment is a costly and lengthy treatment, hence reduced cost of treatment in different countries facilitates the growth of the medical tourism market. Likewise, due to the lack of availability of advanced medication in some countries, patients choose to travel to other countries with developed healthcare facilities.
Market growth analysis
The revenue of the global medical tourism market was expected to be around US$ XX.XX Million in the year 2014. The revenue grew to US$ XX.XX million in the year 2018. And it is believed that it will reach around US$ XX.XX million by the year 2024 with a CAGR of X.X% from 2019 to 2025.
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Let’s look at some factors that are responsible for the growth of global medical tourism market:
- Increased affordability and accessibility of good health care services has boosted the market growth.
- Medical assistance from tourism departments and the government has made people more aware of how they can get proper and affordable treatment even in foreign countries.
- Increased availability of advanced medical technologies in the medical tourism sectors throughout the world is responsible for the global medical tourism market growth.
Conversely, the extended partial reimbursement by payers and the problems associated with traveling like language barrier and visa approval issues can restrict the market growth during the forecast period.
Study of the global medical tourism market also includes analysis of participants operating in the value chain. It offers an overview on the competitive landscape of the market. This section of the repost covered key developments in the industry, and profiling of key market players along with their recent industry activity and product innovation.
Pantai Holdings Berhad
KPJ Healthcare Berhad
Prince Court Medical Centre
IJN Health Institute
Mahkota Medical Centre
Sunway Medical Centre
LohGuanLye Specialists Centre
Tropicana Medical Centre
Regions that play a vital role in the growth and development of medical tourism markets are North America, Europe, China, India, Japan, South America, the Middle East, and Africa.
It is believed that Asian countries possess a high market potential that ensures the growth of the medical tourism market.
India, South Korea, Malaysia, and Singapore are the most popular medical tourism destinations in the Asia Pacific.
If we try to segment the global medical tourism market by the treatment types, the most important treatment types will be dental treatment, cardiovascular treatment, orthopedic treatment, cosmetic treatment, Neurological treatment, and cancer treatment.
The global medical tourism market is helping not just the customers who choose to find high-quality medical treatment at low costs by crossing national borders, but also, the hospitals which are improving more than ever, insurers who are finding new markets and medical professionals who are finding promising opportunities. It is a leading sector across the world. Apart from the financial benefit, patients get the best possible treatments for their medical conditions.
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