Global Medical Tourism Market (2020-2026): By Treatment Type (Cardiovascular Treatment, Cancer Treatment, Dental Care, Neurological Treatment, Orthopedic Treatment, Cosmetic Surgery, Fertility Treatment, and Others), End-User, Regions and Competitive Landscape
The medical tourism market is anticipated to grow at a rapid rate over the forecast period. Factors propelling the market growth include inadequate insurance benefits and no healthcare insurance in local markets, as well as increasing demand for procedures that aren’t covered by insurance, like gender reassignment surgeries, fertility treatment, cosmetic surgery, and dental reconstruction.
According to Pheonix Research, the Global Medical Tourism Market was evaluated at $45.9 Billion in 2019 and is anticipated to burgeon at a CAGR of 19.3% during 2020-26. Medical Tourism is defined as traveling abroad to avail specialty medical treatment facilities in exceptional cases, which can or might not be available within the tourist home/resident country. This sort of treatment may include a wide range of medical services; however, the foremost frequently availed services include cancer treatment, orthopedic treatment, elective surgery, upset treatment, fertility treatment, and other treatments.
Based on Treatment Type, Cardiovascular Specialty Treatment and Cancer Cure segments are predicted to capture the lion’s share of the overall market during the forecast period. Additionally, Modern technological advancement and lower procedural charges within the industry of healthcare services belong to developing and non-developed nations. However, the very best rate of growth is predicted to be exhibited by the tending specialty segment during the forecast period due to the surging adoption of Medical Tourism services among healthcare professionals and patients because of their high connectivity and relatively lower cost. Additionally, the wide availability of advanced Medical Tourism services and treatment and rising demand for accurate but cheap treatment are likely to push the expansion of the Medical Tourism market within the forecast years.
Asia-Pacific Medical Tourism Market Overview
Asia-Pacific possesses a high market potential for the expansion of the medical tourism market, because of the considerable price difference in treatments, the tourism-friendly nature of the countries, and lesser stringent regulations related to cosmetic procedures. The Asia-Pacific medical tourism market growth is anticipated to experience considerable development, because of the provision of fine quality care at a price but 75% of the worth of services in North America.
Singapore, South Korea, Thailand, India, and Malaysia, are the popular medical tourism destinations in Asia-Pacific because the medical services offered in these countries are usually at par with the developed countries in terms of quality treatment provided at extensively cost-effective. Medical personnel from Asia have gained recognition as experts within the global healthcare provider community, which helps create confidence in the services provided within the region among medical tourists from across the globe. it’s estimated that the Thailand market is the very best contributor to the Asia-Pacific medical tourism market and is predicted to grow at a CAGR of 17.3% during the forecast period (2020-2026)
Players operating in the global Medical Tourism market include Apollo Hospitals, Prince Court Medical Center, Euro Medical Tours, BB Health Solutions, Raffles Media Group, KPJ Healthcare Behard, Health Base, Medretreat, Cosmedic Travel, and others.
The research study on “Global Medical Tourism Market (2020-2026): By Treatment Type (Cardiovascular Treatment, Cancer Treatment, Dental Care, Neurological Treatment, Orthopedic Treatment, Cosmetic Surgery, Fertility Treatment, and Others), End-User, & Region”, provides detailed insights on the medical tourism market entailing analysis on its abstract market verticals. Market dynamics with drivers, restraints, and opportunities with their impact are provided within the report. Data about Porter’s five forces analysis is also covered under the report scope. The report provides a vision of the Global medical tourism market and major geographic regions. The report includes fundamental advancement policies and conditions of technological growth processes. Secondly, the report covers the global medical tourism market size and volume, and segment markets by type, application, and geography along with the information on companies operating within the market. The medical treatment marketing research is provided for major regional markets including North America, Europe, Asia Pacific, and the Middle East and Africa followed by major countries. For each region, the market size and volume for various segments have been covered under the scope of the report. In 2018, Asia-Pacific is dominating the market for medical tourism and is perhaps visiting to sustain its foothold in upcoming years. Increase in market share within the forecast period due to the increasing preference for medical tourism across the developing nations of the region. Furthermore, China holds the largest market share within the Asia-Pacific region; this may be due to better healthcare services and so the lower cost of treatment in China.
• This report entails a comprehensive quantitative medical tourism marketing research and current medical tourism market trends from 2017 to 2025 to identify the prevailing opportunities along with a strategic assessment of the worldwide medical tourism market.
• Medical tourism market size and estimations are supported by a comprehensive analysis of key developments within the medical tourism market industry.
• A qualitative analysis supported by innovative products facilitates strategic business planning. The development strategies adopted by the key market players are enlisted to know the competitive scenario of the worldwide medical tourism market.
By Treatment Type
• Cardiovascular Treatment
• Cancer Treatment
• Dental Care
• Neurological Treatment
• Orthopedic Treatment
• Cosmetic Surgery
• Fertility Treatment
▫ South Korea
▫ Rest of APAC
• North America
▫ Rest of Europe
• Middle East and Africa
▫ Saudi Arabia
▫ United Arab Emirates
• Southeast Asia
• ROW (Rest of the World)
• Research Laboratories
• Point Of Care Testing