Quality care availability and affordability, access to
information, and support and support from government agencies and organizations
are driving the growth of the global medical tourism market. In addition,
overseas sales offices and a broad insurance network covered by insurance
provide new opportunities for market growth. The cosmetic treatment segment
will dominate the market until 2025. The North American market will maintain
its leadership position during the forecast period.
Medical Tourism Market is expected
to reach $143.46 billion by 2025, registering a CAGR of 12.9% from 2018 to
2025.
The report provides a detailed
analysis of the global medical tourism market, covering aspects such as current
market size and estimates, market segmentation, changing dynamics, competitive
landscapes, and market forecasts. The information in the report is the result
of extensive primary and secondary studies.
The report also includes an
analysis of the leading players operating in the medical tourism market. They
include Apollo Hospitals Enterprise Limited, Asian Heart Institute, Fortis
Healthcare Limited, NTT Medical Center Tokyo, KPJ Healthcare Berhad, UZ Leuven,
Seoul National University Hospital, Aditya Birla Memorial Hospital, Wooridul
Spine Hospital, Prince Court Medical Centre, Barbados Fertility Center, and
Samitivej PCL.
The drivers, restraints, and
opportunities are broadly analyzed in the market report. Availability and
affordability of quality care, accessibility to information, and assistance
& support from government agencies and organizations are the factors that
propel the market growth. Nonetheless, limited coverage and lengthy reimbursements
procedures of insurance players and difficulties associated with travel,
language barriers, documentation, and VISA approval act as impediments for the
market growth. On the other hand, overseas promotional offices and wide
insurance network under insurance coverage offer new opportunities for the
growth of the market.
Among types, the cosmetic treatment
segment was the largest in 2017, holding over two-fifths of the total market
shar. The same is expected to continue its dominance throughout the forecast
period. This is due to inclination toward cost-effective procedures that
compels people to travel to places where inexpensive procedures are performed.
However, cancer treatment would grow at the highest CAGR of 15.7% from 2018 to
2025, owing to rise in prevalence of cancer around the world and less cost of
advanced treatment options in various countries. The report also discusses
dental treatment, cardiovascular treatment, orthopedic treatment, neurological
treatment, fertility treatment, and others.
North America grabbed nearly
one-third of the market share in 2017 and is expected to maintain its dominance
throughout the forecast period. This is because of availability of advanced
specialized treatments for neurological, cancer, and cardiovascular ailments
along with recent joint commission international (JCI) accreditations in the
region, which is considered as the gold standard in the global health care
given to hospitals. However, the market in Asia-Pacific would witness the
fastest CAGR of 8.1% from 2018 to 2025, owing to inexpensive treatment, tourism
friendly nature of the countries, and less stringent regulations associated
with cosmetic procedures. The report also considers countries such as Europe
and Latin America, Middle East, and Africa (LAMEA) for the study.
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