A recent report published by Infinium Global Research on medical tourism market provides in depth analysis of segments and sub-segments in global as well as regional medical tourism market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional medical tourism market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global medical tourism market. According to report the global medical tourism market is projected to grow at a CAGR of 14.5% over the forecast period of 2017-2023.
The global growth in the flow of patients and health professionals as well as medical technology, capital funding and regulatory regimes across national borders has given rise to new patterns of consumption and production of healthcare services over recent decades. Moreover, as healthcare treatment turns costlier in developed countries, the people travel from one country to another to receive a medical treatment, which is referred as medical tourism. These medical treatments could be either sophisticated treatments, which include cardiac, orthopedic, dental, and neurosurgeries; or non-compulsory treatments such as cosmetic surgeries. Costa Rica, India, Israel, Malaysia, Mexico, Thailand, Turkey, Singapore, South Korea, Taiwan and United States are some of the key destination countries for the medical tourism patients.
Figure 1: Global Medical Tourism Market by Value 2015-2023
High cost of treatments, rise in base of geriatric population, increasing adoption of sophisticated technology, increasing awareness about cost effective treatments available in developing countries, and favorable exchange rates are key factors driving the market growth. In addition, long waiting time for treatment in some countries, and employers, insurers and health insurance agents who are seeking medical treatments abroad due to economic crisis in some countries further propelling the market growth in the coming years.
The report on global medical tourism market covers treatment type segment. On the basis of treatment type the global medical tourism market is categorized into neurological treatment, orthopedic treatment, cancer treatment, cardiovascular treatment, fertility treatment and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015-2023.
Figure 2: Global Medical Tourism Market by Region, CAGR % 2017-2023
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2017-2023.
The report provides profiles of the companies in the global medical tourism market such as, Fortis Healthcare Limited, NTT Medical Center Tokyo, Infectious Diseases Partners Plc. Ltd, Apollo Hospitals Enterprise Limited, Prince Court Medical Centre, KPJ Healthcare Berhad, Barbados Fertility Centre, UZ Leuven (University Hospitals Leuven), Asian Heart Institute and Seoul National University Hospital.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global medical tourism market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of medical tourism market. Moreover, the study highlights current market trends and provides forecast from 2017-2023. We also have highlighted future trends in the medical tourism market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the medical tourism market to understand the present and future trends in this market and formulate their strategies accordingly.
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