A recent report published by Infinium Global Research on the medical tourism market provides an in-depth analysis of segments and sub-segments in the global as well as a 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, forecasts, and dollar values of the global medical tourism market. According to the report, the global medical tourism market is projected to grow at a significant CAGR over the forecast period of 2022-2028.
The global growth in the organization of patients and health professionals, as well as medical technology, capital funding, and regulatory systems across national borders have given rise to new forms of consumption and the creation of healthcare services over recent decades. Moreover, as healthcare treatment turns costlier in developed countries, people travel from one country to another to receive medical treatment, which is referred to as medical tourism. These medical treatments could be either sophisticated treatments, which include cardiac, orthopedic, dental, and neuro surgeries, or non-compulsory treatments such as cosmetic surgeries. Costa Rica, India, Israel, Malaysia, Mexico, Thailand, Turkey, Singapore, South Korea, Taiwan, and the United States are some of the key destination countries for medical tourism patients.
The market is expanding primarily as a result of the high cost of treatments, the rising elderly population, the rising use of advanced technologies, rising awareness of the affordable therapies offered in developing nations, and favorable exchange rates. The globe is getting closer to implementing better medical facilities for value-based care. As a result of growing technological developments in the healthcare sector, particularly in the areas of medical equipment, surgical techniques, wearables, and linked healthcare. Long treatment waits times in some nations and employers, insurers, and health insurance brokers traveling abroad for medical care because of economic issues in some nations also contribute to the market's expected expansion in the following decades. Additionally, a significant driver of the expanding demand for medical tourism is the increased knowledge of the practice and the increasing affordability of reducing medical procedures. The restrictions on post-treatment follow-ups are anticipated to hamper market expansion. A pandemic outbreak or harsh country-level government restrictions on receiving medical care overseas impede the market's expansion. Collaborations amongst market participants are anticipated to present fresh possibilities. Everyone who is interested in receiving high-quality healthcare at a reasonable price will find the idea of medical tourism interesting. The issue of medical tourism is growing in popularity, and every year, more and more people seek medical care overseas.
Based on regions like North America, Asia Pacific, Europe, and the Rest of the World, the market is split into four segments. The market for medical travel is now dominated by the Asia-Pacific area, and this trend is anticipated to continue for a few more years. Due to the demand for medical tourism among emerging nations, government initiatives, and the high cost of medical care in industrialized nations, this area is anticipated to enhance its market share in the future. The fastest-growing region overall and one with more tourists in North America. Travelers seeking medical care in the US for orthopedic and cardiac treatments have increased the providers' ability to generate income. Despite having a strong reputation for international travel, the country is also a top choice for receiving medical care due to better hospital facilities and staff that have undergone extensive training.
The report on the global medical tourism market covers segments such as treatment type, and service provider. On the basis of treatment type, the sub-markets include neurological treatment, cosmetic surgery, orthopedic treatment, cancer treatment, cardiovascular treatment, fertility treatment, and others. On the basis of service provider, the sub-markets include hospitals, clinics, laboratories, and others.
The report provides profiles of the companies in the market such as IHH Healthcare Berhad, NTT Medical Center Tokyo, Infectious Diseases Partners PTE Ltd, Apollo Hospitals Enterprise Limited, Samitivej PCL, KPJ Healthcare Berhad, Barbados Fertility Centre, UZ Leuven (university Hospitals Leuven), Asian Heart Institute, and Seoul National University Hospital.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into 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 the medical tourism market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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