Medical Tourism Market Global Industry Analysis,market Size Trends and Global Business Forecast 2023

The process of traveling outside the country of residence for the purpose of receiving medical treatment and care is known as medical tourism. Medical tourists avail different treatments such as cancer treatment, cardiovascular treatment, neurological treatment, fertility treatment, and others. The escalation in healthcare costs associated in developed countries, has forced individuals to look for affordable alternatives, and has therefore imperatively contributed to supplement the medical tourism market.

According to a new report published by Allied Market Research, titled, "Medical Tourism Market by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, " the global medical tourism market was valued at $61,172 million in 2016, and is projected to reach $165,345 million by 2023, growing at a CAGR of 15.0% from 2017 to 2023. North America is anticipated to be the highest revenue contributor throughout the forecast period.

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Affordability, availability, and accessibility of good quality healthcare services with healthy support and assistance from tourism departments & local governments boost the market growth. In addition, increase in incidence of cancer and other serious ailments is anticipated to drive the demand for healthcare services, which in turn is expected to drive the medical tourism market. Limited coverage and lengthy partial reimbursement offered by insurance companies along with difficulties associated with cross border travel, such as language barriers, connectivity, documentation, and VISA approval issues, are projected to impede market growth.

Key Findings of the Medical Tourism Market:

• In 2016, cancer treatment generated the highest revenue, accounting about one-third of the overall market revenue and is projected to grow at a CAGR of 15.3% during the forecast period.

• Neurological treatment is expected to grow at an above-average CAGR of 15.5%, owing to increased number of skilled medical personnel in the field.

• North America accounted for about one-third of the global medical tourism in 2016.

• The Asia-Pacific region is anticipated to be the fastest growing medical tourism market during the analysis period, followed by LAMEA.

• Thailand and Singapore are the major market shareholders in Asia-Pacific.

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Top key players :

• Apollo Hospitals Enterprise Limited
• Fortis Healthcare Ltd.
• Asian Heart Institute and Research Centre Private Limited
• KPJ Healthcare Berhad
• Barbados Fertility Centre
• NTT Medical Center Tokyo
• Seoul National University Hospital
• UZ Leuven (University Hospitals Leuven)
• Infectious Diseases Partners Pte. Ltd.
• Aditya Birla Memorial Hospital
• Barbados Fertility Centre
• Prince Court Medical Centre
• Samitivej Public Company Limited.

Cancer treatment type segment is anticipated to continue to lead the market throughout the analysis period owing to increase with the number of cross-border travelers seeking good quality cancer treatment. In addition, cancer treatments are expensive and prolonged procedures; hence good quality treatment available at affordable prices motivate several patients to choose medical tourism. Furthermore, the neurological disorders treatment segment is anticipated to be the fastest growing treatment type segment with a CAGR of 15.5% from 2017 to 2023, owing to factors such as growth in prevalence of neurological diseases and surge in global geriatric population.

Table of content :

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. REIMBURSEMENT SCENARIO

3.3.1. Developed regions
3.3.2. Developing regions

3.4. GOVERNMENT REGULATIONS
3.5. TOP PLAYER POSITIONING (2016)
3.6. PORTER’S FIVE FORCES ANALYSIS
3.7. MARKET DYNAMICS

3.7.1. Drivers

3.7.1.1. Affordable good quality care
3.7.1.2. Availability of quality care
3.7.1.3. Accessible information and care
3.7.1.4. Assistance and support from government agencies and associations

3.7.2. Restraints

3.7.2.1. Limited coverage and lengthy partial reimbursement by payers
3.7.2.2. Difficulties associated with travel, language barriers, availability, documentation, and VISA approval issues

3.7.3. Opportunities

3.7.3.1. Overseas promotional offices is a key source of medical tourists
3.7.3.2. Wider hospital network under insurance coverage for cashless transactions

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