Pune, India, April 03, 2019 (GLOBE NEWSWIRE) -- Medical Tourism Market is poised to touch USD 226,762.7 million by 2023 at an impressive 21.4% CAGR during the forecast period (2017-2023), reveals the latest report by Market Research Future (MRFR).
Market Analysis
Medical tourism, also known as medical travel, surgical tourism or health tourism, is promoted by governments to promote exceptional healthcare services in their country. The medical tourism market is amid the fastest growing and also the most lucrative in the healthcare sector. This would benefit patients from developed countries, as the medical procedures they are on the lookout for can be performed sans the inconvenience and delay of being on the waiting list and above all availing the treatment at a comparatively low cost. Medical tourism can provide people faster access to medical care. Accessibility coupled with affordability of healthcare services that medical tourism offer has spiked the growth of the market. Medical tourism includes a wide medical service portfolio yet not limited to fertility treatment, elective surgery, cosmetic surgery, neurological disease treatment, orthopedic treatment, cancer treatment, and others. It has paved the way for novel opportunities and a plethora of benefits to those seeking medical treatment abroad. The availability of benefits namely personalized care, better hospitability, modern devices, innovative medicines, latest technologies, and better healthcare will propel the growth of the medical tourism market.
Inflated Cost of Healthcare in Developed Countries Encourage Medical Tourism
Lengthy waiting times and high treatment costs are two factors that has boosted the medical tourism market. International accreditation along with medical excellence are key factors fueling the maximum international patient flow, thereby eventually enhancing medical tourism. Growing healthcare investments made by private sectors and government are transforming the medical tourism industry. Developing countries with their demonstrable achievements and ever-evolving innovation in medical research is projected to fast-track the impending medical tourist flow during the forecast period. Besides, other factors influencing the growth of this market include accessibility of latest medical technologies, superior quality service, marketing and advertising of medical tourism, increasing compliance on international quality standards, inadequate insurance benefits, and increasing need for procedures which are not covered under insurance namely cosmetic surgery, dental reconstruction, fertility treatment, and gender reassignment surgeries.
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On the contrary, there are some deterrents that may impede the growth of the medical tourism market during the forecast period. These include travel expenses, communication barriers, stringent documentation processes, limited insurance coverage, and issues associated to approval of visa.
Key Players: Head to Head Competition
The medical tourism market is fragmented and moderately competitive with the existence of numerous leading players. A handful of leading players with regards to market share presently dominate the market. In order to strengthen their position, they are undergoing joint ventures, affiliations, acquisitions, and mergers to deliver enhanced medical care. With provision for quality service and technological advancement, the mid-sized and smaller players are also creating a niche in the market. Leading players operating in this market include Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), Clemenceau Medical Center (Lebanon), Fortis Healthcare (India), Bangkok Hospital (Thailand), Shouldice Hospital (Canada), Anadolu Medical Center (Turkey), Prince Court Medical Centre (Malaysia), Gleneagles Global Hospitals Group (India), Schön-Kliniken (Germany), Samitivej PCL (Thailand), CHRISTUS MUGUERZA (Mexico), Bumrungrad International Hospital (Thailand), and others.
December 2018 - India announced further relaxation of its existing visa norms. It intends to extend its e-visa facility to medical attendants travelling to India as well as to other attendees. The move is targeted at Chinese nationals who account for a sizeable number of the total medical tourists visiting the country. This will not only help to strengthen ties with China but would also provide a boost to the Indian medical tourism industry.
Market Segmentation
The MRFR report provides an inclusive analysis of the medical tourism market based on type.
Based on type, the global Medical Tourism Market is segmented into dental treatments, oncology/cancer treatments, cardiovascular/cardiology treatments, cosmetic treatments, fertility/IVF treatments, orthopedic/spine treatments, and neurology/neurosurgery treatments. Of these, the cosmetic treatment market will be the most lucrative during the forecast period. The factors attributed for this growth include burgeoning demand for breast reconstruction treatments and facial rejuvenation. The affordable costs for cosmetic procedures in the various medical tourism destinations will spur the growth of this segment.
Browse the market data and information spread across 90 pages with 49 data tables and 18 figures of the report “Medical Tourism Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/medical-tourism-market-1975
Asia Pacific to Stay at the Forefront
By region, the medical tourism market covers growth opportunities and latest trends across Americas, Europe, Asia Pacific, and the Middle East & Africa. Of these, the APAC region will stay at the forefront in the market during the forecast period. There are numerous factors that has fueled the growth of the market in this region such as developing economies having about 43.7% share in the medical tourism market, presence of state-of-the-art medical machinery and investments made in various technological advancements. South Korea is a key contributor here as it is an immensely popular destination especially for cosmetic procedures. The market in the APAC region is anticipated to expand at a promising 22% CAGR over the forecast period. Central and Eastern Europe too represent a vital regional segment that is expanding by leaps and bounds and prognosticated to hold its position and establish itself during the forecast period.
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