Jan 16, 2020 12:58 AM ET
Medical Tourism Market Size is Forecast to reach $27.38 Billion by 2024
iCrowd Newswire -
Jan 16, 2020
The Medical Tourism Market size is forecast to reach $27.38 billion by 2024, growing at a CAGR of 8.17% during 2019-2024. The medical tourism market growth is characterized by the advancement of medical technology in foreign nations. There is a rise in awareness of people regarding the price difference between their nation and other foreign nations. These factors can grow the overall medical tourism market considerably. Some of the most common procedures that is done by people that travel for treatments are: dental tourism for dental treatment and dental reconstruction, fertility tourism for fertility treatment, plastic surgery tourism for cosmetic surgery, gender reassignment surgeries, cancer treatment, orthopedic treatment, neurological disease treatment and elective surgery.
- The Asia-Pacific Region currently dominates the medical tourism market since there is a considerable treatment price difference from other countries. More regions are profiled in the report. The medical tourism market scope for different regions is also given in the final report.
- Cheaper options for treating various diseases is the major driver for the market. Other significant market drivers also mentioned in report. Medical tourism market trends are also provided.
- Increase in the travel difficulties is considered as a significant market challenge. Other market challenges mentioned in final report.
Treatment Type – Segment Analysis
The cancer treatment segment is estimated to have the highest growth rates during the forecast years. This segment is projected to grow at a CAGR of 9.4% during the forecast period. This is owing to the rising incidences of cancer and the significant treatment price differences between the countries. The reduced cost of cancer treatment in certain countries will create a boost in the market for medical health tourism for cancer treatment.
Geography – Segment Analysis
Currently, APAC Countries dominate the medical tourism market share with a region share of 42% since there is a considerable price difference for various treatments in the region without compromising on the quality. Moreover, there is always a considerable development for medical infrastructure in these countries further boosting the medical tourism market demand in the region. Some of the popular countries in the APAC region for medical and wellness tourism are: India, Thailand, South Korea, Singapore and Malaysia. These countries are popular as medical destinations since the medical services offered by them are typically on par with developed nations in terms of quality with a significantly lower price range.
Drivers – Medical Tourism Market
- Cheaper Treatment Options
This market is mainly driven by the significant differences in prices between the different countries. Countries in the APAC region have much cheaper treatment options as compared to the treatment prices of certain countries in the developed world. This encourages people from these countries to travel to these countries in order to complete their treatment for a much cheaper price than what they would have to pay for in their country.
- Availability of Better Technology and Professionals
There has been a rapid change in the development of medical technology for developing nations and there has also been a rise in the skilled professionals in the medical field resulting in a market boost. In some instances, the medical technology as well as the skills of the professional is considered as more advanced as compared to certain developed nations.
Challenges – Medical Tourism Market
- Difficulties Associated with Travel
The difficulties associated with travel such as language barriers, documentation and VISA approval issues can be considered as a significant challenge faced by the market. Such difficulties may discourage people from seeking medical attention from a foreign nation. Also, difficulties in insurance reimbursement from foreign hospitals can also act as a challenge for the growth of this market.
Medical Tourism Market outlook
Service launches and Agreements are some of the key strategies adopted by the players in the medical tourism market. Key players in the Medical Tourism Market such as Galenia Hospital, Hospital San Jos, Mdica Sur, Star Mdica, Bumrungrad International Hospital, Apollo Hospitals Enterprise Ltd., Asian Heart Institute, Seoul National University Hospital, Barbados Fertility Center and Aditya Birla Memorial Hospital, among others are considered for medical tourism market industry analysis.
- On June 2019, Nirali Memorial Medical Trust set up a multi-specialty hospital in Gujarat and have signed an agreement with Apollo Hospitals Group to manage and operate it.
- On October 2017, The San Jose Hospital introduced its new operating rooms equipped with modern facilities for offering comfortable and modern spaces for both patients and visitors.
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