Medical Tourism Market booming with High CAGR Value at a 21.4% by 2023
by Reshu Gupta Sr. Web Marketing Executive
Increasing costs of treatments for chronic diseases and other kinds of treatment have been highly encouraging of medical tourism. It has been a common practice in an effort to procure good treatment at lower costs. Developing economies around the world offer high-quality medical treatments which attract patients from other parts of the world. Market Research Future has published its newest report on the global medical tourism market which reveals an expected and promising CAGR of 21.4% during the forecast period from 2017 to 2023. The market was found to be valued at USD 70,836.9 Mn at the start of the forecast period and is likely to grow to reach an impressive USD 226,762.7 Mn by the end of 2023.
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In the US, an angioplasty treatment would cost well over USD 55,000. However, in India, the cost is a fraction of the price as USD 3,300. The drastic difference in costs has led patients in developed countries with high healthcare costs to seek treatment in countries which are emerging rapidly and have a similar medical infrastructure. The reduces waiting time for treatment in these countries is also a significant factor driving growth for the global market. Timely treatment is the key to speedy recovery. However, the prevalence of chronic diseases in some developed countries has resulted in waiting lists for treatments. These waiting lists can easily be skipped via medical tourism. Developing countries are positioning themselves as medical tourism hubs with plenty of support from local governments, thus increasing market growth. Investments in healthcare sectors of these countries have ensured high-quality treatments at comparatively low prices. Language barriers and long travel times are expected to work against market growth and challenge the global medical tourism market.
The global medical tourism market is segmented on the basis of type. This is divided into neurology/neurosurgery treatments, orthopedic/spine treatments, fertility/IVF treatments, cosmetic treatments, cardiovascular/cardiology treatments, oncology/cancer treatments, and dental treatments. Among these, The cosmetic treatments market is the most lucrative segment with a high demand for facial rejuvenation and breast reconstruction treatments. The cost-efficient prices at medical tourism destinations for cosmetic procedures drive the segment's growth.
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The Asia Pacific, due to a high concentration of developing economies has a 43.7% share of the market making it the market leader by regional assessment. Investments in technological advancements and state of the art medical machinery are augmenting market growth. Moreover, The region includes South Korea which is a highly popular destination for cosmetic procedures. The APAC is expected to grow at a highly promising CAGR of 22% during the forecast period. Eastern and Central Europe also represent an important regional segment which is growing rapidly and is expected to establish itself as a medical tourism destination over the forecast period.
Noted market players that are included in the report are Asklepios Kliniken Verwaltungsgesellschaft mbH, Shouldice Hospital, Bangkok Hospital, Bumrungrad International Hospital, Samitivej PCL, CHRISTUS MUGUERZA, Clemenceau Medical Center, Anadolu Medical Center, Prince Court Medical Centre, Fortis Healthcare, Gleneagles Global Hospitals Group, and Schoen-Kliniken. These market players are extensively profiled in MRFR's competitive analysis.
Latest Industry News
- Abu Dhabi's Department of Culture and Tourism has just signed an MOU with the Medical Tourism Association to partner in its efforts to establish itself as a high-quality medical tourism destination
- Cancun, Mexico, has begun development of "Health City" with the help of third-party The location of the project is situated 10 minutes from the airport and aims to increase medical tourism activities.
Created on Feb 3rd 2020 04:38. Viewed 98 times.