Medical Tourism Market Overview
Market Research Future (MRFR) published its current report on the medical tourism market. The report details dynamics of the medical tourism market and the influence of key players on its expansion. MRFR findings suggest that the global medical tourism market is expected to surge at 21.4% CAGR from 2017 to 2023. Medical expense is increasing owing to factors, such as lifestyle changes and laborious work life of people. The need to cut down on medical assessment price is observed to encourage medical tourism. This is expected to boost the medical tourism market growth. Prolong medical procedures consuming ample time is intolerable in case of a medical emergency. This is noted to provide an impetus to the expansion of the medical tourism market. The affordability and feasibility of international travel is another factor that can tweak the medical tourism market progression. However, extensive regulatory procedures can inhibit the expansion of the medical tourism market.
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Medical Tourism Market Segmental Outline
The market of medical tourism is studied by type of treatment. The market segments are; orthopedic or spine treatments, dentistry treatments, fertility or IVF treatments, neurology or neurosurgery treatment, oncology or cancer treatments, cosmetic treatments, and cardiovascular or cardiology treatments. Surgeries are primary intentions for compelling medical tourism. Psychiatric guidance, dental care, alternative medicine, and fertility solutions are other purposes to take a medical tour. The cosmetic tourism segment is a lucrative segment. Inclination of people towards aesthetic enhancements, such as breast reconstruction and facial rejuvenation, is likely to impel the global medical tourism market.
Medical Tourism Market Regional Analysis
MRFR study observed that the medical tourism market in Asia Pacific is expected to boom in the years to come. The development of medical infrastructure and cost-effectiveness of medical aids are expected to contribute significantly to the expansion of the APAC medical tourism market. Governments, across the globe, are increasing their healthcare budget, supporting medical tourism market dynamics. China boasting of advanced effective medical facilities is noted as a lucrative regional segment of the medical tourism market. Japan owing to their advanced technology is observed to construct intelligent medical infrastructure. South Korea is observed to attract large population of medical tourist for cosmetic surgery. Thus, APAC medical tourism market is likely to experience robust health across the assessment period.
CHRISTUS MUGUERZA (Mexico), Bumrungrad International Hospital (Thailand), Schön-Kliniken (Germany), Samitivej PCL (Thailand), Gleneagles Global Hospitals Group (India), Anadolu Medical Center (Turkey), Prince Court Medical Centre (Malaysia), Bangkok Hospital (Thailand), Shouldice Hospital (Canada), Fortis Healthcare (India), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), and Clemenceau Medical Center (Lebanon) are some reputed companies in the medical tourism market. Companies are focusing on deploying advanced technologies to modify the existing medical tourism system. They are developing software and are lining new products that can make medical tourism an economical and make involvement for patients and their families seamless.
Medical Tourism Market Trend
Ayurveda is observed to attract a large pool of medical tourists in APAC, especially India. Other eastern countries, such as China, Vietnam, South Korea, and Japan practicing Ayurveda are noted to captivate medical tourists. In Jan 2020, the CEO of eExpedise Healthcare, a medical tourism startup in India supposed the competitive edge provided by Ayurveda to the APAC medical tourism market for international people are wanting to pursue wellness. The active deployment of disruptive technologies to ensure transparency in the process can increase traction for the medical tourism market growth in the assessment period.
An insurance company in Mexico unfurled medical tourism coverage that will provide affordable treatment to Americans in the south of border.
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