 |
| medical tourism market |
The global medical tourism market is estimated to be valued at US$ 32,733.7 million in 2019 and is expected to exhibit a CAGR of 12.4% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The medical tourism market refers to the travel undertaken by individuals to
foreign countries for the purpose of obtaining medical treatment at affordable
costs. The market is driven by increasing healthcare costs in developed
countries, long waiting times for treatment, and the availability of
high-quality healthcare facilities in emerging economies. Medical tourism
offers numerous advantages such as cost savings, access to advanced medical
technologies, shorter waiting periods, and personalized care. The need for
medical tourism is primarily associated with individuals seeking healthcare
solutions such as organ transplantation, cosmetic surgery, fertility treatments,
orthopedic surgeries, and cancer treatments.
Market Key Trends:
One key trend in the medical tourism market is the growing popularity of
cosmetic surgery tourism. Increasing awareness about cosmetic procedures,
advancements in surgical techniques, and the availability of affordable
cosmetic surgery services in emerging countries are driving the demand for
cosmetic surgery tourism. Many individuals are traveling overseas to undergo
procedures such as breast augmentation, liposuction, facelifts, and rhinoplasty,
as these treatments are often cheaper in foreign countries and provide an
opportunity for a vacation as well. This trend is expected to continue over the
forecast period, boosting the growth of the medical tourism market.
Segment Analysis:
The medical tourism market can be segmented based on the type of treatment,
end-user, and region. Based on the type of treatment, the market can be further
divided into cosmetic surgery, dental treatment, cardiovascular treatment,
orthopedic treatment, fertility treatment, and others. Among these segments,
the cosmetic surgery segment is expected to dominate the market during the
forecast period. This can be attributed to the increasing demand for aesthetic
procedures, advancements in cosmetic surgery techniques, and the availability
of cost-effective treatment options in popular medical tourism destinations.
Key Takeaways:
The global Medical
Tourism Market Share is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period
of 2019-2027. This growth can be attributed to several factors. Firstly, the
rising healthcare costs in developed countries are leading patients to seek
affordable treatment options abroad. This is particularly true for elective or
non-emergency procedures such as cosmetic surgery and dental treatments.
Additionally, advancements in medical technology and the availability of highly
skilled healthcare professionals in popular medical tourism destinations are
further driving the growth of the market.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the medical tourism market. This can
be attributed to several factors such as the presence of cost-effective and
high-quality healthcare facilities in countries like India, Thailand, and
Malaysia. Furthermore, the availability of skilled medical professionals,
favorable government initiatives, and increasing investments in healthcare
infrastructure are also contributing to the growth of the medical tourism
market in this region.
Key players operating in the medical tourism market include Asian Heart
Association, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre,
Gleneagles Hospitals, Min-Sheng General Hospital, Raffles Medical Group,
Bangkok Hospital, Fortis Healthcare Ltd., Anadolu Medical Centre, and Wooridul
Spine Hospital. These key players are actively involved in strategic
initiatives such as mergers, acquisitions, partnerships, and collaborations to
expand their market presence and gain a competitive edge. Additionally, they
are focusing on providing high-quality healthcare services at affordable prices
to attract more medical tourists and strengthen their position in the market.
Read More,
https://www.marketwebjournal.com/medical-tourism-market-size-share-analysis-growth/
0 Comments