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- 9 January 2020 20:49
Medical Tourism Market Revenue Garner 13%
The global medical tourism market is expected to reach the market value of around $162 billion by 2026 and is expected to grow at a CAGR of nearly 13% in terms of revenue during the period 2018 to 2026.
Medical tourism generates direct foreign exchange income and contributes to the overall development of any economy. It also provides employment and business opportunities for residents. Moreover, it aids the growth of associated businesses such as pharmaceuticals, medical devices, and tourism. Government support to maintain the general reputation and political stability of the host country is a key factor driving the medical tourism market.
Government authorities are willing to invest in local enterprises to capitalize on the growth of medical tourism. Such government bodies have been authorizing projects that help in the overall development of infrastructure in a country, such as public transport system and water supply facilities, to attract high-end medical travelers.
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Medical tourism has led to a rise in state-of-the-art medical facilities in developing countries to attract foreign nationals, resulting in fast growth of healthcare infrastructure in such countries. Moreover, healthcare providers now offer comprehensive medical tourism packages that include services ranging from ticket booking to hotel stay and medical insurance.
Availability of benefits such as better healthcare, latest technologies, innovative medicines, modern devices, better hospitality, and personalized care are some of the factors driving the market.
The market is expected to grow at a rapid rate over the forecast period. Factors propelling market growth include inadequate insurance benefits and no healthcare insurance in local markets, coupled with increasing demand for procedures that are not covered by insurance, such as gender reassignment surgeries, fertility treatment, dental reconstruction, and cosmetic surgery.
Most cosmetic surgery procedures are considered elective and are therefore not covered under medical insurance. As cosmetic surgeries are not covered by most medical aid plans and are paid for out of pocket, lower costs in other countries increase the appeal for foreign patients. They save costs by travelling to destinations that perform these procedures at cheaper rates while engaging in leisure activities at the destination country.
Availability of cheaper treatment options along with better quality of care is the primary factor driving preference for offshore medical tourism. Patients can save between 30% and 80% of the total treatment costs in these destinations. Easier availability of skilled professional at a lower price is the main reason behind cheaper treatment costs in medical tourism destinations.
Orthopedic Surgery Is Projected To Enhance The Market Share For Medical Tourism
As per segmentation, a larger percentage of revenue is likely to build up through the orthopedics segment, which held a noteworthy share of the market in 2017. Increase in patients, as well as cost, may be a challenge for orthopedic practices; hence, there is a lot of anticipation expected in the coming period. In addition, most the orthopedic professionals have already seen the clinical archiving system and electronic health record which makes diagnostic images handier than they used to be, as well as it has improved communication with radiology. During the forecast period, new innovations and health information technology are developed to make surgery minimally invasive, easier and faster for both surgeons and patients. For instance, nowadays treating broken bones is a lot easier with advanced intramedullary rods, and X-ray imaging. Furthermore, less invasive surgeries will be rising in the future as new technologies continue to emerge. Increase in a number of outpatient cases due to arthroscopy and related procedures. However, getting people in and out with minimum recovery to follow can lead to better patient satisfaction.
Asia-Pacific Has A Major Share For Medical Tourism By Offering Lower Cost
The region that could dominate the market in Asia-Pacific is estimated to expand market during the upcoming period. As developing countries have growing technological advancements and quality administrations in the medical and healthcare sector, hence the Asia-Pacific medical tourism market is foreseen to witness powerful development during the forecast period. Recently, a wide flow of patients is towards Asia, Particularly Thailand, India, South Korea, Malaysia, and India. Furthermore, most of the patients are from the U.S and Europe, they are searching for good quality and affordable price, this factor is considered as the major driver for the Asia-Pacific region. Moreover, Asia-Pacific is estimated to be the fastest developing regional section and will continue to hold its position over the forecast period prior from upgrading medicinal services foundation and presence of proper government activities favoring development.
Many players are attracted by increasing medical tourism market and essential existing demand, and are expanding their business through advanced development in products. Some of the key players operating in the global medical tourism market, profiled in the report include Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group, Bangkok Hospital Medical Center, and among others.
Market Segmentation Market By Medical Treatment
- Orthopedic Surgery
- North America
- Southeast Asia
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The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2014-2018) and forecast (2019-2026);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.