Pune, India, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global medical tourism market size is anticipated to gain impetus from the advancement of medical treatment at minimal cost and availability of better medical experience. Also known as surgical tourism or health tourism, medical travel receives complete support from governments so as to promote the exceptional healthcare services offered. In the past few years, this sector has gained immense recognition.
As per the Global Healthcare Resources, an average of 11 million people travel to different corners of the world for medical assistance every year and this counts to an estimated 3-4% of the global population. A recent report by Fortune Business Insights™, titled, “Medical Tourism Market Size, Share and Global Trend By Type (Domestic, International), By Treatment (Cosmetology, Dentistry, Cardiology, Orthopedic Surgery, Neurology, Oncology, Other), and Geography Forecast till 2026,” offers insights into the market and its prime growth trajectories.
Most businesses today are at a halt, facing huge losses due to the current outbreak of the COVID-19 pandemic. However, every cloud has a silver lining. With the help of government support, it is possible to fight the contagious disease and we all hope to come out of this situation at the earliest possible. We are offering impact analysis on various markets that have been affected by the coronavirus infection and the necessary measures adopted by the companies to draw out revenues.
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Fortune Business Insights™ lists out the names of all the prominent companies present in the market. They are as follows:
- Apollo Hospitals Enterprise Limited
- Bangkok Chain Hospital
- Asklepios Kliniken GmbH
- Bumrungrad International Hospital
- Asian Heart Institute
- KPJ Healthcare Berhad
- Fortis Healthcare Limited
- Mount Elizabeth Hospital
- Other players
Report Scope & Segmentation
| Segments covered | Healthcare services, Service Providers, Geograhy |
| By Type | Domestic, International |
| By Treatment | Dentistry, Cardiology, Orthopedic surgery, Neurology, Oncology |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Drivers & Restraints-
Increasing Demand for Better Healthcare Services at Efficient Prices to Aid Growth
The increasing number of complicated chronic diseases and the availability of advanced treatment at minimal cost are the two key factors boosting the medical tourism market growth. In addition to this, the governments of various nations are promoting the growth of exceptional healthcare services, thereby contributing to the rapid growth of the market. On the contrary, poor quality outcomes, lack of transport and network infrastructure, and slow response time may cause major hindrance to the market in the coming years.
Nevertheless, the growing demand for the latest medical technologies at affordable rates is likely to create lucrative growth opportunities for the market in the coming years.
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Segment-
Cosmetology Segment Covered Major Shares Owing to Rising Popularity of Cosmetic Surgeries
Based on segmentation by treatment, the cosmetology segment held the largest medical tourism market share in 2018. This is attributable to the increasing beauty standards worldwide, the popularity and success rates of Botox, and other surgeries followed by the rising popularity of cosmetic surgeries, especially by players located in Brazil and the U.S.
Regional Analysis-
North America Covered Highest Share on Account of Better Quality Treatment Offers
Based on regional segmentation, North America earned the highest revenue in 2018 on account of the increasing emphasis on better quality treatment at efficient prices. Besides this, the rise in geriatric population and the increasing inclination of the masses towards aesthetic surgeries are also adding a boost to the regional market. On the other side, the markets in the Middle East and Africa and Asia Pacific are expected to show progressive growth in the coming years on account of the improving healthcare infrastructure with better therapeutic experience for the patient and minimal treatment cost. The World Health Organization estimates 1.5 million people travel to Thailand as medical tourists.
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Competitive Landscape-
The players are engaged in private-public partnerships and are investing massively for providing better accommodation facilities to tourists coming for treatment purposes. This will help attract more revenue in the market. Besides this, they are also engaging in the construction of new clinics that can accommodate more visiting physicians and specialists, namely, gynecologists, gastroenterologists, obstetricians, and others. Such strategies are likely to help them to gain a significant position in the market competition.
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Key Industry Developments of the Medical Tourism Market include:
2015 – A report by Medical Tourism states that India holds the highest quality of medical tourism destinations at the lowest cost. This is possible due to the public-private partnerships strategy to ensure quality diagnosis and comfort, simultaneously. This strategy is likely to help India emerge as one of the major hubs of medical tourism.
June 2019 – The construction of a 1500-square foot clinic located in Causeway Bay, China was declared by Clearbridge Health to ail both medical tourists and domestic patients. This newly constructed clinic will hold the accommodation for numerous vising specialists and physicians, such as gastroenterologists, gynecologists, obstetricians, and others.
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