Medical Tourism Market to Witness Increasing Growth in Healthcare with CAGR of 21.4% by 2023 | Confirms MRFR

The Report of “Medical Tourism Market” Research Future Covers the Information like Market, Prominent Players and Medical Tourism Market Segmentation, Regional Outlook, End-User and Forecast to 2023.

Medical Tourism Market Global Players:

Key players in the medical tourism market in Shouldice Hospital (Canada), CHRISTUS MUGUERZA (Mexico), Bumrungrad International Hospital (Thailand), Samitivej PCL (Thailand), Schön-Kliniken (Germany), Prince Court Medical Centre (Malaysia), Anadolu Medical Center (Turkey), Bangkok Hospital (Thailand), Fortis Healthcare (India), Gleneagles Global Hospitals Group (India), Clemenceau Medical Center (Lebanon), Asklepios Kliniken Verwaltungsgesellschaft mbH (Germany), and others

Medical Tourism Market Global Overview:

According to a market report by Market Research Future (MRFR),The global medical tourism market is estimated to witness  a substantial 21.4% CAGR. during the forecast period (2017-2023), and is likely to reach a valuation of USD 226,762.7 million.

Medical tourism refers to the traveling one undertakes in order to avail enhanced, cost-efficient medical facilities. The major drivers of the medical tourism market are the technological advancements in developing countries, leading to to the enhanced medical sectors, which encourages medical tourism. Other favorable factors for the growth f the market are affordable treatment options, minimum waiting periods, and quality service.

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The rising geriatric population and the growing disposable income of the working population are also projected to contribute to the growth of the market over the forecast period. The minimum waiting period is one of the most influential factors to the market, owing to the necessity of proper treatment at the right time to ensure a speedy, better recovery. Developing countries have risen as the perfect alternative for medical tourism, owing to the high patient population in developed countries which makes it difficult to receive timely treatment

However, hampering factors such as language proficiency and travel are expected to affect market growth. Additionally, patients often require months to recover properly before they can travel back to their native countries, wherein, language difference can cause inconvenience to both patients and doctors. Another factor likely to hinder market growth is that moving to a different country with medical issues can deteriorate the health condition of the patient and delay the recovery process.

Segmental Analysis

The medical tourism market has been segmented based on treatment type and region.

Based on treatment type, the medical tourism market has been segmented into cardiovascular/cardiology treatments, cosmetic treatments, dental treatments, fertility/IVF treatments, orthopedic/spine treatments, oncology/cancer treatments, and neurology/neurosurgery treatment. Among these, the fertility treatments segment is expected to exhibit the fastest growth over the forecast period, owing to the drop in the fertility rate affected by modern lifestyle, the rising prevalence of PCOD, hormonal changes, among others.

Regional Analysis

Based on the region, the global medical tourism market has been segmented into the Americas (North America and Latin America), Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).

The APAC region is the largest regions of the market and is expected to grow exponentially at a CAGR of 22% during the forecast period, owing to the technological advancements and implementation of the modern machinery in medical facilities, the rising economy in developing economies such as India, Japan, and China.

North America is the second largest region for the medical tourism market and is expected to contribute moderately to the market over the forecast period. The early adoption of superior quality medical devices, skilled professionals, and the constant technological advancements taking place in the region, are favorable factors for market growth.

Europe is one of the significant regions in medical tourism, owing to the established healthcare sector, accessibility to advanced medical facilities, among others are likely to contribute to the medical tourism market over the forecast period.

The middle East and Africa region is expected to witness the smallesr market share over the forecast period, owing to the weak medical sector in Africa, with a lack of basic medical facilties and skilled professionals. Addionally, weak economy and political unrest are hindering factors for the market. The middle eastern countries such as United Arab Emirates are expected to contribute to the majority of the revenue generation over the forecast period.

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This release was published on openPR.