The Medical Tourism Market Is Estimated To Grow To USD 45 Billion With a CAGR Of 20.80 Percent By 2027.
The Medical Tourism Market is expected to grow at a CAGR of 20.80 percent to USD 45 billion by 2027.
Medical Tourism Market Dynamics:
The medical tourism sector is expanding because of the ease and low cost of overseas travel, as well as access to benefits such as better healthcare, new medications, and more hospitality. Inadequate insurance coverage and a lack of healthcare insurance in markets, as well as gender reassignment therapies, fertility therapy, dental reconstruction, and cosmetic surgery, are driving market expansion. Furthermore, the availability of cutting-edge medical technology in medical tourism hubs throughout the world is likely to drive market growth.
Tourism is a significant contributor to long-term economic prosperity in many nations. Medical treatments are expanding as a tourism industry that creates a range of revenue streams in various locations. The majority of governments in these nations are focused on this profitable industry, passing favorable legislation and encouraging public and private investments in healthcare infrastructure. Companies may develop alliances with a range of government entities to capitalise on such opportunities and increase the flow of medical wellness services to such areas.
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Medical Tourism Market Insights:
Based on treatment type, the cosmetic treatment category held an xx % in 2021. Most health insurance policies do not cover cosmetic surgery, and the lower prices in other countries make it more enticing to overseas patients. They save money by going to regions where these surgeries are performed at a reduced cost and engaging in free activities in the destination state. According to the World Health Organization (WHO), cancer is the second biggest cause of death globally, accounting for almost 10 million deaths in 2021. As patients seek more affordable cancer care, medical tourism is projected to expand in popularity.
Medical Tourism Regional Insights:
The medical tourism market in North America is expected to grow considerably throughout the forecast period. The medical tourism sector in North America is very competitive. Developed countries such as the United States and Canada have made significant expenditures on R&D, and the regional market is expected to grow rapidly. These nations were among the first to acquire knowledge in a wide range of sectors. The United States and Canada are also the leading countries in retail, financial services, banking, and other industries.
Medical Tourism Market Segmentation:
By Treatment type:
- Cardiovascular treatment
- Cancer treatment
- Cosmetic treatment
- Neurological treatment
- Orthopedic treatment
- Fertility treatment
- Other general treatments
By End User:
- Food
- Diagnostics
- Research Laboratories
- Point Of Care testing
- Others
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
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Key Players in Medical Tourism Market:
- Fortis Hospital
- Gleneagles Hospital
- Asklepios Klink Barmbek
- Wooridul Spine Hospital
- Prince Court Medical centre
- Anadolu Medical Centre
- Clemenceau Medical centre
- Raffles Medical Group
- Bumrungrad International Hospital
- Bangkok Hospital Medical Center
- Asian Heart Institute
- KPJ Healthcare Berhad
- Samitivej Sukhumvit
- Apollo Hospitals Enterprise Limited
- Min-Sheng General Hospital.
- Fortis Hospitals
- KTQ International
- SafeCare
- Asian Heart Institute
- KPJ Healthcare Berhad
About Maximize Market Research:
The Medical Tourism Market have been extensively researched by Maximize Market Research, a market research business with a committed team of specialists and data. Maximize Market Research is well-positioned to estimate and forecast market size while taking the competitive landscape of the sectors into consideration. Maximize Market Research has a strong unified team of industry professionals and analysts across sectors to ensure that the entire Industry ecosystem is taken into account, taking into account all current developments, new trends, and futuristic – the technology influence of uniquely specific industries. The company’s method is carefully tailored to the study’s scope and aim, which has been agreed upon.
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