New York, USA, Dec. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global medical tourism market is estimated to gather a revenue of $149.34 billion and rise at a CAGR of 12.4% over the forecast period from 2019-2026. The extensive report provides a brief outlook of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market:
Drivers: Growing research and technological developments in the healthcare sector along with substandard prices of premium medical services are the main factors predicted to drive the growth of medical tourism market by 2026. In addition, emergence of several hospitals in the developing nations and highly qualified doctors across the world is expected to further boost the market enhancement during the forecast years.
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Opportunities: Rising healthcare facilities in both developed and developing countries with an increase in several medical advancements in the industry are the factors expected to offer more growth opportunities for the medical tourism market during the analysis timeframe.
Restraints: Sky-rocketing treatment fees charged by private hospitals put patients with no insurance cover at difficult situations. Furthermore, language barrier also contributes to the difficulties faced by foreign patients. These are the key factors estimated to impede the market growth during the forecast years.
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 Dominant
By service type, the cancer treatment sub-segment is predicted to have the fastest growth rate with a CAGR of 14.2% during the analysis period. The sub-segment valued for $2,638.0 million in 2018 and is expected to boom tremendously due to the rising number of cancer patients. These patients are actively opting for cancer treatments overseas because of substandard fees, better medical facilities, and skilled medical staff. These factors are expected to drive the medical tourism market sub-segment’s growth by 2026.
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Region: Asia-Pacific Region to Witness Enormous Growth Opportunities
By regional analysis, the Asia-Pacific region is estimated to hold the largest market share and grow at a stable CAGR of 12.2% by 2026. The growth is attributed to affordable and advanced level of medical treatments and machinery in countries like India and China. Furthermore, lesser government policies regarding tourism in such countries is also anticipated to offer enormous growth opportunities for the medical tourism market in the Asia-Pacific region.
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Major Market Players:
Some major medical tourism market players are
- Prince Court Medical Centre
- Asian Heart Institute
- Bumrungrad International Hospital
- Apollo Hospitals Enterprise Ltd.
- Fortis Healthcare
- Aditya Birla Memorial hospital
- UZ Leuven
- KPJ Healthcare Berhad
- NTT Medical Centre
- Asklepios Kliniken GmbH, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in December 2021, CureIndia, one of the renowned startups in dental and medical tourism industry of India, announced its decision to expand its service base across the world and treat more patients than the inflow of medical tourists amid the pre-pandemic phase. The Delhi-based startup had also signed several MOUs with some biggest hospital groups like Medanta, Apollo, Artemis, etc. to ramp up the India medical tourism sector.
The report also summarizes many important facets including financial performance of the key players of the medical tourism market, SWOT analysis, product portfolio, and the latest strategic developments.
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