Global Medical Tourism Market Outlook to 2020-25: A Double Digit Billion Opportunity – IMARC Group
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled "Medical Tourism Market:
Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025"
the global medical tourism market value is currently experiencing strong
growth. Medical tourism refers to the global phenomenon wherein individuals
travel outside their country of residence for the purpose of receiving medical
care. The patient mobility can be based on a quantitative as well as a
qualitative shift in pattern across the globe. While a certain section of individuals
travels from developed to developing economies to access health treatments at affordable
costs, others prefer to visit developed countries for receiving medical
treatment of improved quality, facilitated by advanced healthcare
infrastructure. Additionally, several patients move overseas to seek medical
care of certain rare treatments, including stem-cell transplants and
gender-reassignment operations, that are not available in their home country.
Some of the most common procedures that patients pursue during medical tourism
include dental care, cosmetic surgery, fertility treatment and elective surgery.
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Market Trends:
The global market is driven by high medical costs associated with the
treatment of chronic diseases in developed nations. Along with this, a significant
rise in the state-of-art medical facilities across the emerging economies has resulted
in the willful expedition of numerous patients to developing countries to
access better quality healthcare services at affordable prices. This is further
being facilitated by the availability of inexpensive flights and the easy
availability of information regarding the medical services on the internet. Moreover,
numerous healthcare providers are now extending their services by offering
medical tourism packages that may include services, such as ticket booking, hotel
accommodations and medical insurance. This, along with inadequate insurance
benefits available in various countries and the rising demand for surgeries
that are not covered by medical insurance, is providing a thrust to the market
growth. Furthermore, multiple benefits, including personalized care, modern
devices, innovative medicines and latest technologies, offered by the
healthcare sector of certain countries, in confluence with significant growth
in the medical infrastructure supported by favorable government initiatives, are
creating a positive outlook for the market. On account of the aforementioned
factors, the market is anticipated to exhibit a CAGR of around 8% during
2020-2025.
Market Breakup by Treatment Type:
·
Cosmetic Treatment,
·
Dental Treatment
·
Cardiovascular
Treatment
·
Orthopedic Treatment
·
Bariatric Surgery
·
Fertility Treatment
·
Ophthalmic Treatment
Market Breakup by Type:
·
Bifurcated
·
Domestic
·
International
Market Breakup by End-Use:
·
Diagnostics
·
Research
Laboratories
·
Point of Care
Testing
Market Summary:
On the
geographical front, the market has been segregated into North America (the
United States and Canada), Europe (Germany, France, the United Kingdom, Italy,
Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea,
Australia, Indonesia and others), Latin America (Brazil, Mexico and others),
and Middle East and Africa.
The
competitive landscape of the market has been examined with the detailed
profiles of some of the key players operating in the market. Some of these
players:
·
Aditya Birla
Health Services Ltd.
·
Apollo
Hospitals Enterprise Ltd.
·
Asian Heart
Institute
·
Barbados
Fertility Center
·
BB Healthcare
Solutions
·
Fortis
Healthcare Limited
·
Healthbase
·
KPJ Healthcare
Berhad
·
Prince Court
Medical Centre Sdn Bhd
·
SAMITIVEJ
HOSPITAL GROUP
·
SEOUL NATIONAL
UNIVERSITY HOSPITAL
·
UZ Leuven
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As the novel coronavirus (COVID-19) crisis takes
over the world, we are continuously tracking the changes in the markets, as
well as the purchase behaviours of the consumers globally and our estimates
about the latest market trends and forecasts are being done after considering
the impact of this pandemic.
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Created on May 12th 2020 08:47. Viewed 270 times.