In terms of volume, the global medical tourism market accounted for 23,042.90 thousand patients in 2019, and is projected to reach 70,358.61 thousand patients by 2027, registering a CAGR of 15.0% from 2019 to 2027. As per the new report published by Allied Market Research, titled, the global Medical Tourism Market size accounted for $104.68 billion in 2019, and is projected to reach $273.72 billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in terms of value.
Medical tourism can be defined as an organized journey across international borders to obtain certain types of medical treatment, which may or may not be available in the traveler’s homeland. Medical tourists travel across international borders to maintain, improve or restore their health through affordable healthcare facilities and treatments available in other countries, which are relatively expensive in their own country. Medical tourists travel for medical treatments such as dental treatment, neurological treatment and cardiovascular treatment.
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Affordability and accessibility of high-quality health services and support from the Department of Tourism and local governments are key factors driving the growth of the global medical tourism market. In addition, the availability of the latest medical technology in medical tourism centers around the world is expected to drive the growth of the market. Long, partial repayments from payments and travel-related difficulties, language barriers, availability of documents and visa approval issues hinder the growth of the medical tourism market. In contrast, the extensive hospital network under insurance protection for cashless transactions is expected to serve as an opportunity to expand the global medical tourism market.
Key Market Segments
The global medical tourism market is segmented into treatment type and region. Depending on treatment type, the market is categorized into dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Benefits of the Report:
• This report entails a detailed quantitative analysis of the current medical tourism market trends from 2019 to 2027 to identify the prevailing opportunities.
• Medical tourism market size and estimations are based on comprehensive analysis of the key developments in the industry.
• In-depth analysis based on region assists to understand the regional market and the strategic business planning.
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global marke.
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Key Market Players
The global medical tourism market is highly competitive, and prominent players have adopted various strategies to garner maximum share. Major players operating in the market include,
• Apollo Hospitals Enterprise Limited
• Fortis Healthcare Limited
• Asian Heart Institute
• Kpj Healthcare Berhad
• Ntt Medical Center Tokyo
• Seoul National University Hospital.
• Uz Leuven
• Wooridul Spine Hospital
• Aditya Birla Memorial Hospital
• Barbados Fertility Center
• Prince Court Medical Centre
• Samitivej Pcl.
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