Medical Tourism Market Insights And Analysis by Treatment Type And by Regions - Forecast Till 2032
Medical tourism entails promoting low-cost patient care options in hospitals around the world. The Market Research Future (MRFR) research on the worldwide medical tourism market offers helpful information on policy changes, shifting patient needs, healthcare sector aspirations, and other important variables for sustaining from 2023 to 2032. (Forecast period). The report includes an extensive assessment of the COVID-19 virus's impact.
During the forecast period, the worldwide medical tourism market is anticipated to see a CAGR of 21.2%. The emergence of several chronic diseases and the high cost of available treatments are projected to propel market expansion. The availability of affordable surgeries and medical billing in a few nations has been highlighted by medical tourism. Acceptance of specific insurance programmers and the development of reasonably priced treatment options with short waiting periods may be key market growth drivers.
The worldwide medical tourism market is anticipated to be driven by the employment of healthcare professionals in rising economies as a result of an influx of foreign workers. The high senior population and the rising middle class's purchasing power may promote market expansion. By 2032, these elements may raise market valuation to USD 121.8 billion. Throughout the projection period, it is anticipated that improvements to the medical infrastructure and adherence to international standards would help to support the market. The market may benefit from a focus on patient care and a shift in corporate strategies to draw international dignitaries for medical attention. But communication problems and high travel costs can cause a market bottleneck.
Bumrungrad International Hospital
Clemenceau Medical Center
Prince Court Medical Centre
Anadolu Medical Center
Gleneagles Global Hospitals Group
Asklepios Kliniken Verwaltungsgesellschaft GmbH
The global medical tourism market trends has been segmented on the basis of treatment type.
By treatment type, the medical tourism is segmented into oncology/cancer treatments, orthopedic/spine treatments, neurology/neurosurgery treatment, fertility/IVF treatments, dentistry treatments, cardiovascular/cardiology treatments, and cosmetic treatments.
Cosmetic treatments are projected to generate the maximum revenue for the market. Procedures such as facial rejuvenation, breast augmentation, and others are likely to bode well for the market. On the other hand, cardiovascular/cardiology treatments are predicted to bring in revenue for the market till 2030.
The segments covered in the report are analyzed with respect to four major regions – Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
APAC is expected to lead the global medical tourism market with 43.7% market share in 2016. Growing economies, technological advances in treatment and surgery, and state-of-the-art equipment are factors expected to drive regional market growth. Investments to accelerate the improvements to transport infrastructure and medical infrastructure can accelerate market demand. Thailand, China, India, Myanmar, Laos, and Vietnam are countries which can contribute to market growth.
The MEA region is anticipated to make investments in the building of hospitals that can draw tourists and generate income as a consequence. Due to government initiatives, Dubai is hailed as a top spot for medical tourism. The expansion of the regional market can be fueled by the integration of hospital administration for the hiring of qualified employees and emphasis on patient care.
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