Medical Tourism Market
Global Medical Tourism Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
[92 pages report] This market research report includes a detailed segmentation of the global medical tourism market by therapeutic area (Dentistry, Cosmetic, Cardiovascular, Orthopedic, In-vitro Fertilization, Neurological, Oncology, and Others), by region (North America (US and Canada), Europe (UK, Turkey, Italy, and Germany), Asia Pacific (India, Thailand, South Korea, Singapore, and Malaysia), and Rest of the World (LATAM (Brazil and Mexico), and MEA (Middle East and Africa))).
Overview of the Global Medical Tourism Market
Infoholic’s market research report predicts that the “Global Medical Tourism Market” will grow at a CAGR of 16.1% during the forecast period 2019–2025. The global medical tourism market witnessed a flat growth in the past few years but sustained due to high cost of medical treatment in developed countries such as US and UK in fact, most of the outbound medical tourists are from North America and Europe.
The industry specific parameters that are driving the global medical tourism market are primarily the increasing healthcare related costs in the patient’s country of origin, lack of insurance and healthcare coverages, lower cost of medical treatment in destination countries, availability of highly trained, skilled, and qualified specialists in the countries providing services, and increasing costs of long-term care in developed countries.
With respect to mega trends or macro factors fueling the growth of the global medical tourism market are the population growth, urbanization, and easy access to popular medical tourism destinations.
The certified and accredited infrastructure to provide the products and services related to the medical tourism industry is increasing rapidly in the regions (such as LATAM and Asia Pacific) providing services to the medical tourists.
Though more support from government agencies and organizations and strategic marketing initiatives are needed to grow medical tourism in the developing countries. Industry partnerships with the global medical travel agents, logistic suppliers, hotels, and hospitals have facilitated in offering packaged facilities. For example, Apollo has collaborated with American International Medical University (AIMU) for emerging medical tourism plans in the regions like Bahamas and St Lucia.
While looking for a favorable medical destination most of the medical tourists virtually visit several JCI-accredited hospitals providing amenities and exceptional atmosphere for treatment and healing period after a lengthy period of enduring surgical procedures. The growth of the elderly population is also one of the major factors driving the medical tourism market because of the need of high-quality long-term care. The growing lifestyle-related disorders and incidence of cancers are increasing rapidly globally, with high treatment costs cancer treatment is also driving the growth of medical tourism globally.
Telemedicine is also increasingly used in facilitating medical tourism. As the various technology barricades have wrecked down, patients and medical staff can discuss data and apprehensions previously and subsequently after surgery.
By Therapeutic Class:
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