New York, USA, July 11, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global medical tourism market is anticipated to generate a revenue of $149.34 billion and grow at a CAGR of 12.4% over the estimated period from 2019 to 2026.
As per our analysts, with the emergence of several hospitals in developing nations to provide treatment at lower costs, the medical tourism market is predicted to experience a remarkable growth during the analysis period. Moreover, the increasing availability of quality medical care facilities such as treatment with advanced medical techniques, highly qualified doctors, etc. at a reasonable price across the globe is expected to amplify the growth of the market over the forecast period. However, the lengthy process of reimbursement of insurance and difficulties associated with the accessories and visa may hamper the growth of the market throughout the forecast period.
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Segments of the Medical Tourism Market
The report has divided the market into segments based on service type and region.
Service type: Cancer Treatment Sub-Segment to be Most Profitable
The cancer treatment sub-segment accounted for $2,638.0 million in 2018 and is projected to grow at a healthy CAGR of 14.2% during the analysis period. This is mainly due to the increasing number of cancer cases among individuals all across the globe. The increasing initiatives by developed economies to provide better medical facilities with lower costs as cancer patients take a longer time to get cured is expected to propel the growth of the market sub-segment during the forecast period.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the medical tourism market is predicted to generate a revenue of $21,690.2 million in 2018 and grow at a CAGR of 12.2% throughout the forecast period. The increasing availability of affordable and advanced levels of treatment and machinery in this region is projected to drive the regional growth of the market during the analysis timeframe.
Key Players of the Medical Tourism Market
The major players of the medical tourism market include
- NTT Medical Centre
- Asklepios Kliniken GmbH
- Asian Heart Institute
- KPJ Healthcare Berhad
- UZ Leuven
- Apollo Hospitals Enterprise Ltd
- Aditya Birla Memorial hospital
- Fortis Healthcare
- Prince Court Medical Centre
- Bumrungrad International Hospital
These players are broadly working on the development of new business strategies and tactics to obtain a leading position in the global industry. Inquire here before buying the full report.
For instance, in October 2021, KPJ Healthcare Berhad, a leading provider of private healthcare services in Malaysia, announced its collaboration with Rotary International District 3300, the largest global network of leaders, problem-solvers, and friends who takes initiatives to bring beneficial changes across the globe. With this collaboration, KPJ Healthcare Berhad aimed to drive awareness of eye care and eye health and provide effective solutions to individuals suffering from vision problems due to Cataracts.
In addition, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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