Global Medical Tourism Market 2021 is expected to register a CAGR of 8.5%, during forecast period with Impact of Covid 19 Analysis

Medical

Global “Medical Tourism Market” Report 2021 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Medical Tourism in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Medical Tourism Market report categorizes the market based on manufacturers, regions, type, and application. Medical Tourism Market reports offer a detailed assessment of the Medical Tourism including enabling technologies, current market situation, market assumptions, restraining factors.

The Global Medical Tourism market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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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 2018-2023. 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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The global Medical Tourism market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

Medical Tourism Market Report covers the Top Key-players in 2021:-

  • Cosmedic Travel
  • BB Health Solutions
  • Euromedical Tours
  • Klinikum Medical Link
  • Apollo Hsopitals
  • Healthbase
  • Medretreat
  • KPJ Healthcare Behard

Highlighted points of Medical Tourism Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

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This Medical Tourism Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for Medical Tourism? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Medical Tourism Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of Medical Tourism Market? What Was Capacity, Production Value, Cost and PROFIT of Medical Tourism Market?
  • What Is Current Market Status of Medical Tourism Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Medical Tourism Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global Medical Tourism Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is Medical Tourism Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Medical Tourism Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Medical Tourism Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Medical Tourism Industry?

Key Developments in the Medical Tourism Market: are –

  • January 2018 – The Saudi Commission for Tourism and National Heritage (SCTH) has been promoting medical tourism to boost the local tourism sector. As a part of its plan to pave the way for investment in touristic sites, the SCTH established public facilities around the geothermal waters of Al-Dobdobah well. The sulfuric hot spring waters are known for their medicinal properties and attract a lot of medical tourists.
  • October 2017: The Indian ministry of finance, in association with the ministries of tourism and health, launched a portal, www.indiahealthcaretourism.com, for helping medical travelers with a comprehensive information base. The portal offers information in Arabic, Russian, and French.

    Reasons to Purchase this Report

  • The present status and outlook of the medical tourism market, in developed and emerging economies.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • The treatment type that is expected to dominate the market.
  • Regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares, and strategies employed by the major market players.
  • 3 months analyst support along with the Market Estimate sheet (in excel).

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    Finally, the report Global Medical Tourism Market 2021 describes the Medical Tourism industry expansion game plan, the Medical Tourism industry knowledge supply, appendix, analysis findings, and the conclusion.

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