Medical Tourism Market is anticipated to drive the demand for healthcare services, which is expected to boost the growth of the market
Traveling out of a residential area and receiving medical care and care is called medical tourism. Medical tourists can use other treatments such as cancer treatment, cardiovascular treatment, neurological treatment, infertility treatment. The rising cost of medical care associated with developed countries is forcing individuals to find appropriate alternatives. This facilitates the growth of the medical tourism market.
With the support and support of tourism departments and local governments, the economics, availability and accessibility of quality health care services spurs market growth. In addition, an increase in the incidence of cancer and other serious diseases is expected to increase demand for medical services, which is expected to stimulate growth in the medical tourism market. Restricted reimbursement and long-term partial repayments provided by insurance companies are expected to hamper market growth with difficulties associated with cross-border travel such as language barriers, connectivity, documentation and VISA approval issues. On the contrary, a hospital network with a wide coverage for cashless transactions provides opportunities for growth in the medical tourism market.
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The report provides an extensive competitive analysis and profiles of the key market players such as
• Apollo Hospitals Enterprise Limited
• Fortis Healthcare Limited
• Asian Heart Institute
• KPJ Healthcare Berhad
• NTT Medical Center Tokyo
• Seoul National University Hospital
• UZ Leuven
• Wooridul Spine Hospital
• Aditya Birla Memorial Hospital
• Barbados Fertility Center
• Prince Court Medical Centre
• Samitivej PCL.
Based on treatment type, the cancer treatment segment accounted for the highest market share in 2017 due to surge in incidence of cancer worldwide. This is projected to increase the number of cross-border travelers seeking good quality cancer treatment. In addition, cancer treatment is an expensive and prolonged treatment, hence reduced cost of treatment in different countries fuels the growth of the market. Furthermore, due to lack of availability of advanced treatment in some countries, patients choose to travel to other countries that offer advanced healthcare facilities.
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Key Findings of the Medical Tourism Market:
• North America occupied nearly one-third share of the global medical tourism market in 2017.
• The cancer treatment segment is anticipated to grow with the highest CAGR throughout the forecast period.
• The cosmetic treatment segment accounted for around two-fifths share of the market in 2017.
• Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
North America accounted for the highest market share due recent joint commission international (JCI) accreditations to hospitals (JCI accreditation is considered the gold standard in global health care), which makes them a preferred choice for medical tourists. In addition, advanced specialized treatments for cancer, neurological, and cardiovascular ailments also serves as a growth factor for the medical tourism market in North America. Asia-Pacific possesses the highest market potential due to the availability of good quality care at a cost less than 70% of the cost of services in North America. In addition, significant investments by government to improve healthcare infrastructure also contributes toward the growth of this market.
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