Report Ocean published the latest research report on the Medical Tourism market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Medical Tourism market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
The “Global Medical Tourism Market” will grow at a CAGR of 16.1% during the forecast period 2019-2025.
The Centers for Medicare and Medicaid Services data estimates that the U.S. national healthcare expenditure surpassed US$ 4.1 trillion in 2020 and is forecast to reach US$ 6.2 trillion by 2028. According to the Commonwealth Fund, the U.S. expended nearly 17% of gross domestic product (GDP) on healthcare in 2018. Switzerland was the second-highest-ranking country, expending 12.2%. In addition, New Zealand and Australia devote only 9.3%.
According to the U.S. Bureau of Labor Statistics, employment in healthcare fields is forecast to grow 16% from 2020 to 2030, much quicker than the standard for all occupations, counting about 2.6 million new jobs. This estimated growth is mainly due to an elder population, showing to greater demand for healthcare services. The median annual wage for healthcare practitioners and technical fields (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040 in May 2021, which was greater than the median annual wage for all occupations in the economy of US$ 45,760.
Overview of the Global Medical Tourism Market
Reportocean market research report predicts that the “Global Medical Tourism Market” will grow at a CAGR of 16.1% during the forecast period 2019-2025. The global medical tourism market witnessed a flat growth in the past few years but sustained due to high cost of medical treatment in developed countries such as US and UK in fact’ most of the outbound medical tourists are from North America and Europe.
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The industry specific parameters that are driving the global medical tourism market are primarily the increasing healthcare related costs in the patient’s country of origin’ lack of insurance and healthcare coverages’ lower cost of medical treatment in destination countries’ availability of highly trained’ skilled’ and qualified specialists in the countries providing services’ and increasing costs of long-term care in developed countries.
With respect to mega trends or macro factors fueling the growth of the global medical tourism market are the population growth’ urbanization’ and easy access to popular medical tourism destinations.
The certified and accredited infrastructure to provide the products and services related to the medical tourism industry is increasing rapidly in the regions (such as LATAM and Asia Pacific) providing services to the medical tourists.
Though more support from government agencies and organizations and strategic marketing initiatives are needed to grow medical tourism in the developing countries. Industry partnerships with the global medical travel agents’ logistic suppliers’ hotels’ and hospitals have facilitated in offering packaged facilities. For example’ Apollo has collaborated with American International Medical University (AIMU) for emerging medical tourism plans in the regions like Bahamas and St Lucia.
While looking for a favorable medical destination most of the medical tourists virtually visit several JCI-accredited hospitals providing amenities and exceptional atmosphere for treatment and healing period after a lengthy period of enduring surgical procedures. The growth of the elderly population is also one of the major factors driving the medical tourism market because of the need of high-quality long-term care. The growing lifestyle-related disorders and incidence of cancers are increasing rapidly globally’ with high treatment costs cancer treatment is also driving the growth of medical tourism globally.
Telemedicine is also increasingly used in facilitating medical tourism. As the various technology barricades have wrecked down’ patients and medical staff can discuss data and apprehensions previously and subsequently after surgery.
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By Therapeutic Class:
> Invitro Fertilization
The cosmetic segment occupied the largest share in 2018. Over 21 million cosmetic surgeries are being performed every year across the world. Breast augmentation followed by liposuction are the two major cosmetic surgeries performed across the globe.
> North America
Asia Pacific is dominant in the global medical tourism market in 2018. The significant share of the Asia Pacific region comes from India’ Thailand’ Singapore’ and Malaysia due to the availability of quality healthcare facilities at a comparatively less cost.
Medical Tourism Market Research Competitive Analysis – Countries like India’ Thailand’ and Singapore in the APAC region are in the forefront of the market. Not to be left behind other nations of Asia such as Malaysia and Philippines’ the South American and Eastern European countries are also emerging as favorable medical tourism destinations particularly for nearshore countries and base locations with shorter journey time. Another substantial reason for medical tourism is the accessibility to the most recent and technologically radical procedures of treatment. For example’ the method of Cyberknife robotic surgery used for diagnosis and the treatment of various cancer types. Tomotherapy’ the newest radiotherapy apparatus which is currently present in very few state-of-the-art facilities hospitals in South Korea’ which is an evolving center for medical tourism.
> Apollo Hospitals Enterprise Limited
> Asian Heart Institute
> Fortis Healthcare Limited
> KPJ Healthcare Berhad
> Bumrungrad International Hospital
Key Competitive Facts
> Bumrungrad International Hospital in Thailand and Apollo Hospitals Enterprise Ltd. in India are the top hospitals
> Focus is on the swift implementation and distribution of technical innovation which is helping the countries to provide better care
> In 2017 around 2.4 million individuals visited Thailand to seek medical care due to the low cost and decent quality of the medical facilities
Benefits – This report meets the expectations of a reliable data on global medical tourism. The report provides complete details about the sub-segments of the medical tourism market. Through this report’ the key stakeholders can know about the major trends’ drivers’ investments’ vertical player’s initiatives’ and government initiatives toward the disease-burden management in the upcoming years along with details of the existing pureplay companies and new players entering the market.
Moreover’ the report provides details about the major challenges that are going to impact the market growth. Additionally’ the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
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> Understanding the potential market opportunity with precise market size and forecast data
> A detailed market analysis focusing on the growth of medical tourism industry
> Factors influencing the growth of the medical tourism market
> In-depth competitive analysis of dominant and pure-play vendors
> Prediction analysis of the medical tourism market in both developed and developing regions
> Key insights related to major segments of the medical tourism market
> Latest market trend analysis impacting the buying behavior of the consumers
Region/Country Cover in the Report
North America’ Europe’ Asia Pacific’ and Rest of the World
Key Players Covered in the Report
Apollo Hospitals Enterprise Limited
Asian Heart Institute
Fortis Healthcare Limited
KPJ Healthcare Berhad
Bumrungrad International Hospital
Table of Content:
- Market Definition and Overview
- Research Method and Logic
- Market Competition Analysis
- Product and Service Analysis
- Strategies for Company to Deal with the Impact of COVID-19
- Market Segment by Type, Historical Data and Market Forecasts
- Market Segment by Application, Historical Data and Market Forecasts
- Market by by Region, Historical Data and Market Forecasts
- Market Dynamic Analysis and Development Suggestions
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