What's driving the growth of Medical Tourism Market| Key Players: Max Healthcare, Mount Elizabeth Hospitals, Singapore, Narayana Health

The Medical Tourism Market is set to reach USD 29 billion by 2024; according to a new research report by Global Market Insights. Cosmetic surgery market accounted for USD 2,863.1 million in 2017 due to increasing number of patients traveling to foreign countries to obtain cosmetic procedures. Increasing influence of aesthetic appeal is one of the major factors leading to growth of cosmetic surgery market. Also, international medical coverage is another major factor that will boost cosmetic surgery market. With availability of highly trained and qualified plastic surgeons in developing countries, the cosmetic surgery market will spur in the future.

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Orthopedic surgery market will expand at 8.1% CAGR during the forecast timeframe. As number of people suffering from osteoarthritis and osteoporosis is increasing, the demand for orthopedic surgery will increase in the future. Furthermore, patients save about 25-75% on orthopedic surgeries outside U.S. without compromising quality of the surgery. With increasing prevalence rate of osteoarthritis and rheumatoid arthritis in developed countries, the demand for orthopedic surgeries in foreign countries will increase in the future.

Growing awareness about medical tourism among patients will boost demand for Medical Tourism Market over the forecast period. Various public and private hospitals along with constant support and various initiative of respective government for promoting medical tourism will create awareness about medical tourism. For instance, Indian government is constantly marketing and promoting India as a global destination for affordable and high-quality healthcare system. As increasing number patients are being aware about safety and effectiveness of medical procedures in foreign countries, the demand for medical tourism is expected to increase in the future.

Low cost of medical treatment in foreign countries is one of the major reasons for growth of medical tourism market. Many patients from developed countries such as the U.S. and Canada fly abroad annually for accessing medical treatments at affordable and low cost. This is due to the fact that availing medical treatments in developed countries is much costlier as compared to developing countries. For instance, the pre-capita spending on healthcare services in U.S. is above USD 10,000. Also, patients save about 50-75% of the healthcare cost in developing countries without compromising quality and effectiveness of the procedure. Aforementioned factors will promote medical tourism throughout the forecast timeframe.

Few of the notable industry players operating in global medical tourism market are Apollo Hospitals Enterprise Limited, Asklepios Kliniken GmbH & Co. KGaA, Fortis Healthcare Limited and Bumrungrad International Hospital. These hospitals adopt strategies such as business expansion, marketing to foster business in medical tourism industry. For instance, in November 2015, Bumrungrad International Hospital announced establishment of clinic and diagnostic center in Myanmar in a joint venture with Yangon Medical Services. This establishment will enable Bumrungrad International Hospital to attract more Myanmar patients and spur revenue generation.

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Chapter 1. Methodology

1.1. Methodology

1.2. Market definitions

1.3. Forecast parameters

1.4. Data sources

1.4.1. Secondary

1.4.1.1. Paid sources

1.4.1.2. Unpaid sources

1.4.2. Primary

Chapter 2. Executive Summary

2.1. Medical tourism market industry 3600 synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Application trends

2.1.3. Regional trends

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Chapter 3. Medical Tourism Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Low cost of medical treatment in developing countries

3.3.1.2. Rising awareness about medical tourism among patients

3.3.1.3. Availability of high-quality medical treatment in developing countries

3.3.1.4. Growing compliance towards international standard for surgical procedures

3.3.1.5. Ease and affordability of international travel

3.3.1.6. Various government policies to ease medical travel

3.3.2. Industry pitfalls & challenges

3.3.2.1. Long wait times for certain medical procedure

3.3.2.2. Issue with patient follow-up and post-surgery complications

Related Report: Dermatology Devices Market By Product, By Application, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024

Know more@ https://www.marketwatch.com/press-release/dermatology-devices-market-is-anticipated-to-cross-a-value-of-17-bn-by-2024-2019-04-24

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