Worldwide Latest Market Research Report on “Global Medical Tourism Market – Segmented by Treatment Type and Geography – Growth, Trends, and Forecast (2019 – 2023) 2019-2023”
The Global Medical Tourism market with CAGR of 8.5% 2019-2023. The report begins from overview of Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Medical Tourism by product, region, and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Cosmedic Travel
- BB Health Solutions
- Euromedical Tours
- Klinikum Medical Link
- Apollo Hsopitals
- KPJ Healthcare Behard
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Overview of Medical Tourism Market:
The global medical tourism market was valued at USD 15.43 billion in 2017, and is expected to register a CAGR of 8.5% during the forecast period of 2019-2023. Asia-Pacific accounted for the largest share of around 40% of the global market, whereas, North America was estimated to register the fastest CAGR over the forecast period.
Medical tourism refers to traveling to another country for obtaining medical treatment. It is a high-growth industry, driven by globalization and rising healthcare costs in developed countries. A study shows that in the United States, about 750,000 residents travel abroad for care, each year. A range of governments across the globe have taken up various initiatives, to stimulate and improve medical tourism in their respective countries, to improve patient quality care and boost the market. Many countries recorded significant economic development potential in the emergent field of medical tourism. Cosmetic surgery, dental care, elective surgery, fertility treatments, cardiovascular surgery, and genetic disorder treatments are the most preferred forms in this sector.
High Cost of Undergoing Medical Treatment
The cost of undergoing medical treatment in a developed country is very high. It is estimated that, although the treatments are of reliable quality, the procedures tend to be on the expensive side. In addition, the major healthcare products are also quite extravagantly priced. Countries in Asia-Pacific, Middle East, and South America provide high-quality medical services at a much lower rate, compared to the developed economies. There are companies that cater to all the medical and non-medical needs of tourists, during their travel.
In addition, the availability of the latest medical technologies and a growing compliance on international quality standards drive this market. The use of English as the main working language, solves the problem of communication and patient satisfaction, and adds to the growth of this market. Health insurance portability, advertising, and marketing are other factors that augment the fast-paced growth of the medical tourism industry.
Issues with Patient Follow up and Post-procedure Complications
Medical procedures, such as heart surgeries and joint replacements, sometimes require patients to follow up for longer periods of time. These follow ups can last for three to six months. However, in the case of medical tourists, they leave for their home country as soon as they are deemed fit for travel. Therefore, follow up mostly happens through online consulting. Online consulting is not always as effective as in-person consulting and can lead to unintentional skipping of important points.
Some ethical concerns regarding medical tourism, like differentiating between the standards of treatment for foreigners and the locals, can hamper the market. In addition, the people from developed countries or other places are prone to diseases/infections in the host country. All these factors are anticipated to restrict the market’s growth.
Asia-Pacific to dominate the market
The global medical tourism industry has been segmented based on treatment type (cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, ophthalmic treatment, and other treatments) and geography. By geography, it has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific has the highest share in the market and accounted for around 40% of the global market, in 2017. Owing to increase in accessibility and availability of healthcare facilities and rise in healthcare and research expenditure, Asia-Pacific has a high market potential for the growth of the medical tourism market. This region is anticipated to experience rapid market expansion, due to economic development.
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Reasons to Purchase this Report
The Global demand for Medical Tourism Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2019 and 2025 compared to a few years ago, signifying the rapid pace of change.
Global Medical Tourism Market highlights the following key factors:
- A complete informative analysis of Medical Tourism industry, which includes a valuation of the parental market.
- Emerging trends by sections and regional markets.
- Major developments in market dynamics & market overview.
- Medical Tourism Market shares and methods of key players in the Medical Tourism market.
- Current and predictable size of Medical Tourism market from the outlook of both value and volume.
- Reporting and estimation of recent industry developments.
- References to companies for establishment their position in the Medical Tourism market.
Medical Tourism Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Medical Tourism Market players in detail. Medical Tourism Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Key Features of the Medical Tourism Market Report:
- Medical Tourism Market insights and finger analysis will help take knowledgeable decision in the changing competitive dynamics.
- To build up a far-reaching, verifiable, every year refreshed and financially perceptive data dependent on execution, capacities, objectives, and systems of the world is driving organizations.
- To help current providers reasonably evaluate their money related, advertising and innovative capacities opposite driving contenders.
- To supplement associations internal competing data gathering endeavors by giving vital investigation, information understanding, and knowledge.
- Five-year forecast measure would give a clear understanding of future growth.
- Investigation of upcoming and past market information will help in organizing an outline of current business strategies.
- Comprehensive information of market players will help understand consumer demands and market scope.
- Development opportunities and forecast buyer requests will evoke the collection of revenue.
- A comprehensive analysis of the changing competitive dynamics will keep you ahead of the competitors.
- The fresh proficient elements such as industry production study, revise product-launching events, growth and risk factors will help in the forecast feasibility analysis.
- To distinguish the slightest focused market specialties with huge development potential.
The growth of this market worldwide is subjected to various factors; including consumer world-class Medical Tourism Market of many Medical Tourism Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
In conclusion, Medical Tourism Market report presents the descriptive analysis of the parent market based on elite players, present, past and futuristic data that will serve as a profitable guide for all the Medical Tourism Market competitors.
Mr. Ajay More
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