Covina, Sept. 03, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global medical tourism market size and share are poised to expand from US$34.6 billion in 2024 to US$207.5 billion by 2034, marking a compound annual growth rate (CAGR) of 6.1% over the next decade.
Medical Tourism Market Report Overview
Medical Tourism refers to traveling to another country to obtain medical treatment, including surgeries, therapies, and wellness services. Patients seek medical care abroad for a variety of reasons, such as lower costs, access to specialized treatments, shorter wait times, and high-quality healthcare services.
Countries known for their medical tourism often offer state-of-the-art facilities, highly skilled healthcare professionals, and an array of medical procedures at more affordable prices compared to the patient’s home country.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Medical Tourism Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Medretreat
- Healthbase
- Apollo Hospitals
- KPJ Healthcare Behard
- Klinikum Medical Link
- Euromedical Tours
- BB Health Solutions
- Cosmetic Travel.
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Analyst View:
As healthcare systems in various countries become more interconnected patients are increasingly looking beyond their national borders for medical care that offers both cost savings and high standards of treatment and further, this major factor will boost the target market growth in coming years.
Market Dynamics:
Drivers:
Rising Healthcare Costs in Developed Countries
- The rising expense of healthcare in industrialized countries is one of the main factors driving the target market. Patients who cannot afford medical operations due to high costs, long wait periods and inadequate insurance coverage are more likely to look for less expensive solutions elsewhere.
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Market Trends:
Advancements in Medical Technology and Facilities
- Important developments in medical tourism include the ongoing development of medical technology and the opening of top-notch medical facilities in developing nations.
Segmentation:
Medical Tourism Market is segmented based on Treatment Type, and Region.
Treatment Type Insights
- Cosmetic treatment is anticipated to boost the growth for target market as many patients travel to countries where cosmetic procedures are offered at a fraction of the cost compared to their home countries without compromising on quality. This cost-effectiveness combined with high-quality care and modern facilities in destinations like Thailand, Mexico and Turkey, makes cosmetic treatment a leading choice for medical tourists.
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Recent Development:
- In January 2024, Ferns N Petals, India's leading gifting brand, announced the launch of "MediJourney," an innovative global medical tourism vertical. Personalized well-being for people worldwide is a top priority for MediJourney, which is committed to setting new standards in healthcare facilitation. Currently based in Delhi, MediJourney is expanding its global competence with a presence in Bangladesh and Dubai. The company's goal is to become the go-to treatment partner in India for foreign nationals and embassy staff. The goal is to position India as the top choice for medical care, providing strong assistance to its citizens who wish to receive medical care there.
Regional Insights
- North America: Travellers seeking medical treatment from nations with less developed healthcare systems or where access to specialised therapies is limited sometimes travel to the United States.
- Asia Pacific: Access to necessary medical operations and treatments is increased by the excellent medical tourism choices available in this region, which range in cost and specialty.
Browse Detail Report on "Medical Tourism Market Size, Share, By Treatment Type (Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics, Bariatric Surgery, Fertility Treatment, Ophthalmic Treatment, Other Treatments), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Medical-Tourism-Market-By-3800
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