15 October 2019
Visiongain has launched a new pharma report ‘’Medical Tourism Market Report 2020-2030’’ by Treatment Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment, Others), and Geography.
The global medical tourism market is anticipated to grow on account of growing healthcare costs across developed regions. The global Medical Tourism market is anticipated to grow at a lucrative CAGR of 19.1% and anticipated to surpass USD 200 Billion by 2030.
Medical tourism is defined as traveling across global boundaries to take advantage of some type of medical therapy that may or may not be accessible in the home nation of the traveler. This therapy may include a broad range of medical facilities; however, cancer treatment, orthopedic therapy, therapy for neurological diseases, elective surgery, fertility therapy, and others are the most frequently used services.
The world population is growing and wealthier at rates that exceed the availability of quality healthcare resources. Furthermore, out-of-pocket medical expenses of critical and elective procedures continue to increase, while countries providing universal care are facing ever-increasing burden of resources. These drivers are forcing patients to pursue cross-border healthcare alternatives to save money and prevent long waiting time for therapy.
Some of the most common medical tourism destinations are India, Thailand, Mexico, Costa Rica, Malaysia, Taiwan, Singapore, Brazil, Turkey, Colombia, Czech Republic, South Korea, and Spain among others. In terms of revenue, Thailand dominated the market in 2018 due to the country's low-cost and quality medical facilities as compared to other regions. Global medical tourism market growth is attributed primarily to the status of Thailand as one of Asia's most popular medical tourism destinations. The growth of inbound medical tourism in Thailand is also responsible for its growing number of hospitals, advancements in the overall healthcare infrastructure, and cheap treatment costs. Thailand has over 450 private clinics, and in the coming years, this number is anticipated to grow over the forecast period.
Asia-Pacific region presently dominates the market for medical tourism and its stronghold is anticipated to continue over the forecast period. Because of the increased preference for medical tourism across this region's developing countries, this region is anticipated to boost its market share in the future. China maintains the bulk of the Asia-Pacific market. This is due to China's reduced therapy costs and improved healthcare facilities.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global medical tourism market. Companies are also increasing their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the market.
The comprehensive market report features companies such as Aditya Birla Memorial Hospital, Anadolu Medical Centre, Apollo Hospitals Enterprise Ltd., Artemis Hospitals, Asian Heart Institute, Asklepios Klinik Barmbek, Bangkok Hospital, Barbados Fertility Center, Bumrungrad International Hospital, Clemenceau Medical Centre, Fortis Hospital, Gleneagles Hospital, Healthbase, Hospital San José, Klinikum Medical Link, KPJ Healthcare Berhad, MEDRETREAT, Mexicali Bariatric Center, NTT Medical Center Tokyo, Min-Sheng General Hospital, Raffles Medical Group, Prince Court Medical Centre, SEOUL NATIONAL UNIVERSITY HOSPITAL, Samitivej PCL, Sunway Medical Centre, TMC Fertility, UZ Leuven, Wooridul Spine Hospital, and Yanhee International Hospital among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020–2030 for global markets such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Benelux, Russia, Poland, India, Japan, China, Australia, ASEAN, GCC, South Africa and North Africa.
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