Medical Tourism Market report provides emerging opportunities in the market and the future impact of major drivers and challenges and, support decision makers in making cost-effective business decisions. Medical Tourism Market analyse factors that effect demand for Medical Tourism, driving factors, trends, and challenges faced by industry vendors, regional analysis, Segment by Type, Applications of whole Medical Tourism industry.
Description of Medical Tourism Market: The global medical tourism market was valued at USD 15.43 billion in 2017, and is expected to register a CAGR of 8.5% during the forecast period of 2018-2023. Asia-Pacific accounted for the largest of around 40% of the global market, whereas, North America was estimated to register the fastest CAGR over the forecast period.
Medical tourism refers to traveling to another country for obtaining medical treatment. It is a high-growth industry, driven by globalization and rising healthcare costs in developed countries. A study shows that in the United States, about 750,000 residents travel abroad for care, each year. A range of governments across the globe have taken up various initiatives, to stimulate and improve medical tourism in their respective countries, to improve patient quality care and boost the market. Many countries recorded significant economic development potential in the emergent field of medical tourism. Cosmetic surgery, dental care, elective surgery, fertility treatments, cardiovascular surgery, and genetic disorder treatments are the most preferred forms in this sector.
The cost of undergoing medical treatment in a developed country is very high. It is estimated that, although the treatments are of reliable quality, the procedures tend to be on the expensive side. In addition, the major healthcare products are also quite extravagantly priced. Countries in Asia-Pacific, Middle East, and South America provide high-quality medical services at a much lower rate, compared to the developed economies. There are companies that cater to all the medical and non-medical ne of tourists, during their travel.
In addition, the availability of the latest medical technologies and a growing compliance on international quality standards drive this market. The use of English as the main working language, solves the problem of communication and patient satisfaction, and adds to the growth of this market. Health insurance portability, advertising, and marketing are other factors that augment the fast-paced growth of the medical tourism industry.
Issues with Patient Follow up and Post-procedure Complications
Medical procedures, such as heart surgeries and joint replacements, sometimes require patients to follow up for longer periods of time. These follow ups can last for three to six months. However, in the case of medical tourists, they leave for their home country as soon as they are deemed fit for travel. Therefore, follow up mostly happens through online consulting. Online consulting is not always as effective as in-person consulting and can lead to unintentional skipping of important points.
Some ethical concerns regarding medical tourism, like differentiating between the standards of treatment for foreigners and the locals, can hamper the market. In addition, the people from developed countries or other places are prone to diseases/infections in the host country. All these factors are anticipated to restrict the market’s growth.
The global medical tourism industry has been segmented based on treatment type (cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, ophthalmic treatment, and other treatments) and geography. By geography, it has been segmented into North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
Asia-Pacific has the highest in the market and accounted for around 40% of the global market, in 2017. Owing to increase in accessibility and availability of healthcare facilities and rise in healthcare and research expenditure, Asia-Pacific has a high market potential for the growth of the medical tourism market. This region is anticipated to experience rapid market expansion, due to economic development.
Medical Tourism Market report passes on a fundamental overview of the Market including its definition, applications and advancement. Furthermore, the Industry report investigates the ecumenical Major Medical Tourism Market players in detail. Medical Tourism Market report gives key bits of Cautiousnessand subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Reasons to Purchase this Report
The present status and outlook of the medical tourism market, in developed and emerging economies.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
The treatment type that is expected to dominate the market.
Regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market s, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
The Global demand for Medical Tourism Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Industry Trends: Status and Outlook.
Competitive Landscape: By Manufacturers, Development Trends.
Product Revenue for Top Players: Market , Growth Rate, Current Market Situation Analysis.
Market Segment: By Types, By Applications, By Regions/ Geography.
Sales Revenue: Market , Growth Rate, Current Market Analysis.
Market Environment: Government Policies, Technological Changes, Market Risks.
Market Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
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In addition, company-to-company comparison (Company benchmarking) and product-to-product comparison (Product benchmarking) are included in the research work. It presents key competitive factors that are vital for companies to excel in challenging market conditions.