New York, USA, Dec. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global medical tourism market is expected to garner a revenue of $149.34 billion by 2026 and grow at a healthy CAGR of 12.4% over the analysis period from 2019-2026. The extensive report provides a brief blueprint of the medical tourism market’s present situation including key aspects of the market such as growth factors, challenges, restraints and various opportunities during the estimated timeframe of 2019-2026. The report also provides all the market figures to help new participants understand the market easily.
Dynamics of The Market
Drivers: Increasing levels of premium medical services at affordable prices are directly boosting the economic growth. In addition, the emergence of several hospitals in developing nations has promoted health treatments at lower costs, attracting many patients across the world that will also favor tourism. Moreover, improving medical techniques and well-qualified doctors also lure patients to opt for medical tourism programs. These factors are estimated to drive the medical tourism market’s growth during the forecast period.
Opportunities: Surging demand for affordable treatments and other healthcare services in developing nations is expected to provide abundant opportunities for the growth of the medical tourism market during the forecast timeframe from 2019-2026.
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Restraints: Private hospitals charge sky-high fees for treatments and surgeries, discouraging many patients worldwide to opt for medical tourism programs. This factor expected to hinder the growth of the medical tourism market during the forecast period.
Segments of the Market
The report has divided the medical tourism market into a couple of segments based on service type and regional analysis.
Service Type: Cancer Treatment Sub-segment to be Most Beneficial
By service type, the cancer treatment sub-segment is estimated to be the most beneficial, growing at a healthy CAGR of 14.2% during the forecast timeframe. The rising number of cancer patients is directly improving the overseas travels for better treatments. Moreover, since cancer treatment is a long-time procedure, many patients are choosing countries that offer better medical services at affordable costs. These factors are expected to bolster the growth of the medical tourism market’s sub-segment by 2026.
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Region: Asia-Pacific Region to Witness Tremendous Growth Opportunities
By regional analysis, the Asia-Pacific region is expected to hold the highest market share and is predicted to grow at a CAGR of 12.2% during the analysis period. Increase in advanced machineries and healthcare facilities is estimated to drive the growth of medical tourism market in the Asia-Pacific region. In addition, affordable medical treatments and lesser government policies towards tourism is expected to further strengthen the medical tourism market’s development in the region during the forecast period.
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Key Market Players
The key players of the medical tourism market include
- Prince Court Medical Center
- Aditya Birla Memorial Hospital
- Asian Heart Institute
- UZ Leuven
- Asklepios Kliniken GmbH
- NTT Medical Center
- Apollo Hospitals Enterprise Ltd.
- Bumrungrad International Hospital
- Fortis Healthcare
- KPJ Healthcare Berhad, and many more.
These key participants of the market are developing strategies for product development, merger and acquisition, partnerships and collaborations to support the market growth.
For instance, in December 2021, Abdirahman Abdillahi Ismail, the Vice President of Somaliland, collaborated with the Chennai-based Deepam Hospitals by signing the MoU to assist the global citizens travelling to India for medical treatments.
The comprehensive report also summarizes many vital aspects including financial performance of the key players of the medical tourism market, SWOT analysis, product portfolio, and the latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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