Medical Tourism Market – Overview

Medical Tourism Market was found to be valued at USD 70,836.9 Mn at the start of the forecast period and is likely to grow to reach an impressive USD 226,762.7 Mn by the end of 2023. In the US, an angioplasty treatment would cost well over USD 55,000. However, in India, the cost is a fraction of the price as USD 3,300. The drastic difference in costs has led patients in developed countries with high healthcare costs to seek treatment in countries which are emerging rapidly and have a similar medical infrastructure. The reduces waiting time for treatment in these countries is also a significant factor driving growth for the global market. Timely treatment is the key to speedy recovery.

Global Medical Tourism Market which reveals an expected and promising CAGR of 21.4% during the forecast period from 2017 to 2023. Increasing costs of treatments for chronic diseases and other kinds of treatment have been highly encouraging of medical tourism. It has been a common practice in an effort to procure good treatment at lower costs. Developing economies around the world offer high-quality medical treatments which attract patients from other parts of the world.

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However, the prevalence of chronic diseases in some developed countries has resulted in waiting lists for treatments. These waiting lists can easily be shipped via medical tourism. Developing countries are positioning themselves as medical tourism hubs with plenty of support from local governments, thus increasing market growth. Investments in healthcare sectors of these countries have ensured high-quality treatments at comparatively low prices. Language barriers and long travel times are expected to work against market growth and challenge the global medical tourism market.

Latest Industry News:

Abu Dhabi's Department of Culture and Tourism has just signed an MOU with the Medical Tourism Association to partner in its efforts to establish itself as a high-quality medical tourism destination
Cancun, Mexico, has begun development of "Health City" with the help of third-party The location of the project is situated 10 minutes from the airport and aims to increase medical tourism activities.
Segmentation:

The global medical tourism market is segmented on the basis of type. This is divided into neurology/neurosurgery treatments, orthopedic/spine treatments, fertility/IVF treatments, cosmetic treatments, cardiovascular/cardiology treatments, oncology/cancer treatments, and dental treatments. Among these, the cosmetic treatments market is the most lucrative segment with a high demand for facial rejuvenation and breast reconstruction treatments. The cost-efficient prices at medical tourism destinations for cosmetic procedures drive the segment's growth.

Top Players:

Noted market players that are included in the report are Asklepios Kliniken Verwaltungsgesellschaft mbH, Shouldice Hospital, Bangkok Hospital, Bumrungrad International Hospital, Samitivej PCL, CHRISTUS MUGUERZA, Clemenceau Medical Center, Anadolu Medical Center, Prince Court Medical Centre, Fortis Healthcare, Gleneagles Global Hospitals Group, and Schoen-Kliniken. These market players are extensively profiled in MRFR's competitive analysis.

Regional Analysis:

The Asia Pacific, due to a high concentration of developing economies has a 43.7% share of the market making it the market leader by regional assessment. Investments in technological advancements and state of the art medical machinery are augmenting market growth. Moreover, the region includes South Korea which is a highly popular destination for cosmetic procedures. The APAC is expected to grow at a highly promising CAGR of 22% during the forecast period. Eastern and Central Europe also represent an important regional segment which is growing rapidly and is expected to establish itself as a medical tourism destination over the forecast period.

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Major TOC of Medical Tourism Market Research Report -Forecast till 2023:

1 Report Prologue

2 Introduction

3 Research Methodology

4 Market Dynamics

5 Market Factor Analysis

6 Global Medical Tourism Market, By Treatment Type

7 Global Medical Tourism Market, By Region

8 Competitive Landscape

9 List of Tables

10 List of Figures

Key Questions Answered In This Report:

What will the market size and what will the growth rate be?

What are the key market trends?

What is driving this market?

What are the challenges to market growth?

Who are the key vendors in this market space?

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

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