Medical Tourism Market Size 2021 | Industry statistics, global trends, segmentations, regional analysis
Overview of the medical tourism market
According to Market Research Future (MRFR) medical tourism market size is expected to provide significant market value while increasing at a CAGR of 21.4% during the forecast period of 2017 to 2023.
The growing awareness of medical tourism among patients is expected to boost the global medical tourism market. Initiatives taken by developing countries to promote medical tourism are expected to provide lucrative opportunities to the market in times to come. The growing number of patients aware of the effectiveness of medical procedures in foreign countries may increase the demand for medical tourism. The availability of inexpensive medical services in developing countries can be recognized as an important factor contributing to the expansion of the market. In addition to this, favorable government policies aimed at facilitating medical travel and making international travel more affordable are expected to contribute crucially to increasing the size of the global market during the duration of the assessment. On the contrary, issues related to patient follow-up and post-operative complications may hamper market expansion during the course of the assessment.
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The COVID-19 outbreak has negatively impacted the growth of the market. In response to the pandemic, countries around the world have closed their borders, hampering the market rise. Restrictions on air services and travel have also inhibited market growth during the COVID-19 era.
The segmental study of the global medical tourism market is carried out by type of treatment.
Segments based on type of treatment of global medical tourism market are fertility / IVF treatments, orthopedic / spinal treatments, dental treatments, neurology / neurosurgery treatments, oncology / cancer treatments, cardiovascular treatments / cardiology, cosmetic treatments and oncology / cancer treatments. Among all, the cosmetic treatment market is expected to be the most lucrative segment during the analysis period. The expansion of the segment can be attributed to the increasing demand for facial rejuvenation and breast reconstruction treatments. In addition, the profitable price of medical tourism destinations for cosmetic procedures is also likely to play an important role in the growth of the market.
According to the assessment carried out by the MRFR, the global medical tourism market is expected to be dominated by APAC due to the presence of developing economies making constant efforts to expand their medical facilities. The establishment of new hospitals in growth-oriented countries can also significantly contribute to increasing the size of the market. For example, Aster DM Healthcare, an integrated health services network, announced the launch of “Women and Children Care Hospital” in Whitefield, Bengaluru. In addition, foreign investment in technologies from developing countries can also play an important role in driving the regional market. For example, Israel donated three new medical technologies and equipment to Primus Super Specialty Hospital in New Delhi. In addition to this, the growing government investment in medical schools can also be recognized as a critical factor that can help strengthen the Indian medical tourism market. In recent news, Bihar, Indian Chief Minister Nitish Kumar laid the foundation stone for the 5,540 crore redevelopment of Patna Medical College and Hospital, which will make it the largest and second largest hospital in the country. Such initiatives should support the market in the region. Besides, China is expected to be another crucial cause that can boost the region’s market during the forecast period. For example, the introduction of robotics in the medical field for science and technology is expected to play a notable role in the development of medical tourism in APAC.
Europe is expected to secure a significant market share during the forecast period due to the presence of advanced processing procedures. Another major cause that can grow the market in the region during the forecast period is the availability of favorable international refund policies. Countries such as; the United Kingdom should make a significant contribution to strengthening the regional market.
Some of the renowned players in the global medical tourism market are CHRISTUS MUGUERZA (Mexico), Samitivej PCL (Thailand), Schön-Kliniken (Germany), Gleneagles Global Hospitals Group (India), Prince Court Medical Center (Malaysia), Anadolu Medical Center ( Turkey), Bangkok Hospital (Thailand), Fortis Healthcare (India), Clemenceau Medical Center (Lebanon), Shouldice Hospital (Canada), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany) and others.
February 2021- Phable, a healthcare tech start-up that treats chronically ill patients in India, has raised $ 12 million in a new round of funding. Manipal Hospitals, one of the largest healthcare providers in India, led Series A to Phable.
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