July 31, 2019
Medical Tourism Market is anticipated to surpass US $31.21 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The medical tourism industry has gained tremendous demand lately, but it has been a challenge for companies to attract more medical travelers from nations worldwide. Industry partakers are using potential business strategies to create awareness among target audience.
These strategies have effectively helped in building brands and have influenced rapid market growth in recent years. Moreover, patients have been increasingly travelling to developing countries specifically for medical treatments due to offered benefits like affordability and better quality of healthcare. Factors that will significantly expand medical tourism industry size over the coming years.
As per the report, the cost for healthcare services are increasing in the U.S. In fact, the Visa and Oxford Economics claims that cost for healthcare is estimated to grow up to 25% in coming years. This increase would impact numerous treatments like cosmetic surgery, orthopedic surgeries, and dental work. However, issues with post-surgical complications and patient follow-up, as well as different standards for treatment in various countries could impede medical tourism sector growth.
The orthopedic application segment in the market has witnessed increased growth lately. For instance, in 2017, the segment dominated the global medical tourism market, in terms of revenue.
As for regional growth, Asia-Pacific is expected to become the leading contributor to the global market revenue during the forecast period. In 2017, the region reportedly generated the highest revenue. Moreover, factors like increasing demand, accessibility of healthcare facilities, and increasing number of medical centers for international patients are driving regional industry size.
Lower cost for various clinical procedures in APAC region is expected to boost business outlook. Moreover, India is estimated to become the leading regional, followed by Brazil, over the forecast period. Furthermore, on a global scale, Turkey is anticipated to be a strong contender in the industry, owning to factors like zero waiting time for treatment and presence of high-quality healthcare facilities.
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Some key industry players in medical tourism market include Apollo Hospitals Enterprise Ltd., Bumrungrad International hospital, KPJ Healthcare Berhad, Raffles Medical Group, Prince Court Medical Center, Samitivej Hospital, and Fortis Healthcare. The company profiles of these firms are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments
The report offers a summary of medical tourism market with respect to market forces, ecosystem analysis, industry trends, competitive ranking analysis, Porter’s five forces, and PEST analysis. It also provides an extensive quantitative and qualitative analysis of potential growth prospects and future trends between 2018-2026.