Medical Tourism Market Highlight
The worldwide medical tourism market is anticipated to touch USD 226,762.7 million at a 21.4% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Medical tourism, which is also popularly known as global healthcare, health tourism, or medical travel is a term that is used for describing the rapidly expanding practice to travel across international borders for seeking healthcare services. This industry has ample prospective and is likely to be driven chiefly by improving medical infrastructure and tourism, low healthcare costs, especially in developing countries, and growing accessibility of best quality healthcare services. Several factors, including high private investments, government support, and low cost, have contributed remarkably towards the medical tourism market growth in developing countries.
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This treatment may comprise an array of medical services, but of these, the services that are most frequently availed include fertility treatment, neurological disease treatment, elective surgery treatment, orthopedic treatment, cancer treatment, and others. Medical tourism has gained immense popularity owing to a couple of reasons, including potential savings, shorter waits, various medical options, good quality healthcare, insurance incentives, and many more.
Various factors are propelling the medical tourism market growth. Some of these factors according to the Market Research Future (MRFR) report, include accessibility and affordability of super quality healthcare services, assistance from local governments and tourism departments, availability of modern medical technologies, and inadequate insurance benefits. Additional factors pushing market growth include personalized care, better hospitability, latest technologies, innovative medicines, and modern devices.
On the contrary, VISA approval issues, availability of documentation, language barriers, difficulties related to travel, and lengthy partial reimbursement by payers are factors that may impede the medical tourism market growth over the forecast period.
Medical Tourism Market Segmentation
The MRFR report provides a complete segmental analysis of the medical tourism market on the basis of type.
By type, the global medical tourism market is segmented into dental treatments, cancer/oncology treatments, cardiology/cardiovascular treatments, cosmetic treatments, fertility/IVF treatments, orthopedic/spine treatments, and neurology/neurosurgery treatments. Of these, the cosmetic treatment segment will have the largest share in the market during the forecast period. This is on account of the burgeoning demand for breast reconstruction treatments and facial rejuvenation. The cost-effective price for cosmetic procedures at medical tourism destinations are pushing the market growth.
Medical Tourism Market Regional Analysis
By region, the medical tourism market report covers the latest trends and growth opportunities across the Asia Pacific (APAC), Europe, the Americas, and the Middle East and Africa (MEA). Of these, the Asia Pacific region will stay at the forefront over the forecast period. This is owing to the availability of state-of-the-art medical machinery, huge investments in technological advancements, lesser strict regulations related to cosmetic procedures, tourism-friendly nature, and considerable difference in price in treatments. Malaysia, Singapore, South Korea, Thailand, and India are the key contributors in this region. This is owing to the fact that these countries are generally at par with developed regions with regards to the quality offered at lower treatment price.
Medical Tourism Market Analyzed by Key Players
Leading players profiled in the medical tourism market report include Schoen-Kliniken, Gleneagles Global Hospitals Group, Fortis Healthcare, Prince Court Medical Centre, Anadolu Medical Center, Clemenceau Medical Center, CHRISTUS MUGUERZA, Samitivej PCL, Bumrungrad International Hospital, Bangkok Hospital, Shouldice Hospital, and Asklepios Kliniken Verwaltungsgesellschaft mbH. Leading players are adopting several strategies such as mergers and acquisitions, affiliations, and joint ventures for creating a niche in the market as well as offer enhanced medical care.
August 2019: MediXall Group Inc. is entering the Global Medical Tourism Space with the launch of MediXall Global Solutions (MGS). Through this, the company is all set to create a system which will cater to the ideal needs of external partners, healthcare providers, and healthcare consumers for developing a medical tourism service that is truly personalized. With the help of MGS, people can easily manage their healthcare as well as wellness travel activities along with relationships with various MediXall providers through a unified account, multiple stored cards, and a single login.
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