Medical Tourism Market Growing at a CAGR 12.9% to Reach $143,461 Million by 2025 Says Allied Market Research

Medical Tourism Market Growing at a CAGR 12.9% to Reach $143,461 Million by 2025 Says Allied Market Research

“Medical Tourism Market”
Quality care availability and affordability, information accessibility, and support and support from government agencies and organizations support the growth of the global medical tourism market. In addition, a wide range of insurance networks covered by overseas sales promotion offices and insurance offer new opportunities for market growth. The cosmetic treatment segment will dominate the market by 2025. The North American market will maintain its leadership position during the forecast period

According to a report released by Allied Market Research, the Global Medical Tourism Market is expected to reach $ 14.346 billion by 2025 from $ 53.36 billion in 2017, with a 12.9% CAGR by 2018-2025.

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The report provides an in-depth analysis of the global medical tourism market, covering aspects such as current market size & estimations, market segmentation, changing dynamics, competitive landscape, and market forecast. The information in the report is a result of an extensive primary and secondary research.

The drivers, restraints, and opportunities are broadly analyzed in the market report. Availability and affordability of quality care, accessibility to information, and assistance & support from government agencies and organizations are the factors that propel the market growth. Nonetheless, limited coverage and lengthy reimbursements procedures of insurance players and difficulties associated with travel, language barriers, documentation, and VISA approval act as impediments for the market growth. On the other hand, overseas promotional offices and wide insurance network under insurance coverage offer new opportunities for the growth of the market.

Among types, the cosmetic treatment segment was the largest in 2017, holding over two-fifths of the total market shar. The same is expected to continue its dominance throughout the forecast period. This is due to inclination toward cost-effective procedures that compels people to travel to places where inexpensive procedures are performed. However, cancer treatment would grow at the highest CAGR of 15.7% from 2018 to 2025, owing to rise in prevalence of cancer around the world and less cost of advanced treatment options in various countries. The report also discusses dental treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, fertility treatment, and others.

North America grabbed nearly one-third of the market share in 2017 and is expected to maintain its dominance throughout the forecast period. This is because of availability of advanced specialized treatments for neurological, cancer, and cardiovascular ailments along with recent joint commission international (JCI) accreditations in the region, which is considered as the gold standard in the global health care given to hospitals. However, the market in Asia-Pacific would witness the fastest CAGR of 8.1% from 2018 to 2025, owing to inexpensive treatment, tourism friendly nature of the countries, and less stringent regulations associated with cosmetic procedures. The report also considers countries such as Europe and Latin America, Middle East, and Africa (LAMEA) for the study.

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Key Market Players

Leading market players discussed in the research include Apollo Hospitals Enterprise Limited, Asian Heart Institute, Fortis Healthcare Limited, NTT Medical Center Tokyo, KPJ Healthcare Berhad, UZ Leuven, Seoul National UniversityHospital, Aditya Birla Memorial Hospital, Wooridul Spine Hospital, Prince Court Medical Centre, Barbados Fertility Center, and Samitivej PCL.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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