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Medical Tourism Market is expected to register a CAGR of 8.5% during the forecast period of 2018-2023| Dominant Players - COSMEDIC TRAVEL, BB HEALTH SOLUTIONS, EUROMEDICAL TOURS, KLINIKUM MEDICAL LINK, HEALTHBASE, MEDRETREAT, WORLDMED ASSIST amongst other
Market Analysis:Asia-Pacific to Dominate the Market
Asia-Pacific has the highest share in the market and accounted for around 40% of the global market, in 2017. Owing to increase in accessibility and availability of healthcare facilities and rise in healthcare and research expenditure, Asia-Pacific has a high market potential for the growth of the medical tourism market.
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The cost of undergoing medical treatment in a developed country is very high. It is estimated that, although the treatments are of reliable quality, the procedures tend to be on the expensive side. In addition, the major healthcare products are also quite extravagantly priced. Countries in Asia-Pacific, Middle East, and South America provide high-quality medical services at a much lower rate, compared to the developed economies. There are companies that cater to all the medical and non-medical needs of tourists, during their travel. In addition, the availability of the latest medical technologies and a growing compliance on international quality standards drive this market. The use of English as the main working language, solves the problem of communication and patient satisfaction, and adds to the growth of this market. Health insurance portability, advertising, and marketing are other factors that augment the fast-paced growth of the medical tourism industry.
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Market Segments
Medical Tourism Market is segmented by:
1. Treatment Type: Cosmetic Treatment, Dental Treatment, Cardiovascular Treatment, Orthopedics Treatment, Bariatric Surgery, Fertility Treatment, Ophthalmic Treatment, Other Treatments
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market are
• January 2018 - The Saudi Commission for Tourism and National Heritage (SCTH) has been promoting medical tourism to boost the local tourism sector. As a part of its plan to pave the way for investment in touristic sites, the SCTH established public facilities around the geothermal waters of Al-Dobdobah well.
• October 2017: The Indian ministry of finance, in association with the ministries of tourism and health, launched a portal, www.indiahealthcaretourism.com, for helping medical travelers with a comprehensive information base. The portal offers information in Arabic, Russian, and French.
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