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Medical Tourism Market to close to US$ 441 Bn with CAGR of 10.2% by 2031|Penang Adventist Hospital, Twin Towers Medical Center and more
Medical Tourism Market 2022
The global medical tourism market is worth US$ 167.4 Bn at present, and is expected to reach US$ 441 Bn by 2031.The global Medical Tourism Market is all set to witness a CAGR of 10.2% in the next decade. It is expected to reach US$ 441 Bn by the year 2031. With digitized communication channels making a beeline to the healthcare vertical, the advanced clinics are into virtual consultation mode, and this scenario is expected to continue even going forward. Regulatory approvals for this type of communication are on the way. Close to 70% of the public hospitals worldwide are being asked to adopt digital means. This would be the scene with healthcare vertical in the subsequent period.
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As per Persistence Market Research's latest industry analysis, the global medical tourism market was valued at US$ 162.7 Bn in 2020, and is expected to exhibit a CAGR of 10.2% over the forecast period (2021-2031).
Accessibility and affordability of high-quality healthcare facilities, health insurance portability, support from local governments and tourism departments, and increasing advertising and marketing strategies related to medical tourism are key factors driving market growth. Furthermore, availability of state-of-the-art medical technologies at medical tourism destinations is also supplementing market expansion.
Asian countries accounted for the largest market share due to their excellent healthcare facilities at relatively low cost of treatment, availability of inexpensive flights, and increase in marketing & online consumer information about the availability of medical services.
Key Companies Profiled -
Penang Adventist Hospital
Twin Towers Medical Center
Institute Jantung Negara National Heart Institute
Max Superspeciality Hospital
Fortis Healthcare
Apollo Hospital
Morula IVF
Mother & Child Hospital
Bundamedik Healthcare System
Bali Mandara Hospital
Bali Royal Hospital
BIMC Siloam Nusa
Love the Mother of Kedonganan Hospital
Love Tabanan Hospital Mo
Singapore General Hospital
Changi General Hospital
Johns Hopkins Singapore International Medical Centre
Tan Tock Seng Hospital
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Considering consolidation activities in the healthcare tourism industry, collaborations have emerged as a winning strategy by key players. Leading players are strengthening their services through partnerships and reaching out to key as well as emerging markets.
For instance, in January 2021, Changi General Hospital and Shimadzu (Asia Pacific) jointly launched a center to conduct mass spectrometry-based clinical testing and research for personalized treatment
In February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to establish Hospital 3D Printing Labs across India.
Key Takeaways from Market Study
Cancer treatment is expected to gain 74.1 Bn revenue by 2031 at a CAGR of 9.1%.
Based on age group, the adults segment accounted for the highest share of 45% in 2021. The segment witnessed high growth owing to rising awareness among adults for a healthy lifestyle.
Among the applications, therapeutic services gained popularity accounting for 53% market share, and the segment is expected to dominate throughout the forecast period at a growth rate of 9.4%.
Based on travellers, group travellers hold the highest revenue share of 54% at a growth rate of 9.3%.
North America accounted for the largest share in the global medical tourism market in 2020, and a similar trend is expected to continue during the forecast years.
"Higher treatment cost in developed countries is a key factor that is expected to drive demand for medical tourism across other regions over the coming years," says an analyst of Persistence Market Research.
Market Competition
Leading service providers continue to rely upon acquisitions, collaborations, alliances, and product launches to gain large revenue shares in the medical tourism market. As such, providing access to safe and effective treatment will remain key aspects to succeed in this competitive marketplace.
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PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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Key Questions Answered in the Medical Tourism Market Report
How is the Medical Tourism Market expected to grow over the projected period?
What direction is the Medical Tourism Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Medical Tourism Market in future?
What are the key market drivers in the Medical Tourism Market?
What are significant opportunities and improvement areas for Medical Tourism Market manufacturers?
What are the key developments and trends taking over the Medical Tourism Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Medical Tourism Market?
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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