The global medical tourism market size valued at $75.80 billion as of 2018 and the demand is projected to grow superlatively at a compound annual growth rate (CAGR) of 16.50% during the forecast period of 2019 to 2025.
— The availability of cheaper treatment and the proliferation of the latest technology throughout the world is fueling up the demand for the global medical tourism market. Additionally, it provides various business and employment opportunities for residents. This resonates with the market study by IndustryARC's analyst who has valued the global medical tourism market size at $75.80 billion as of 2018. Furthermore, the demand is projected to grow superlatively at a compound annual growth rate (CAGR) of 16.50% during the forecast period of 2019 to 2025. Similar facts, figures, and statistics are compiled in a latest medical tourism market research report, which contains insights about the growing opportunities and foreseeable challenges that will help the vendors to take proactive actions to prevent the repercussions of the same.
The report is titled “Medical Tourism Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019 – 2025),” and the analyst states that the medical tourism market demand growth is attributed to the overall development of the economy, and the vendors generate income from direct foreign exchange. Moreover, the government is also willingly supporting the countries to maintain political stability and the general reputation, which is a key driving factor for the medical tourism market. This report covers Medical Tourism Market Size by Product and applications, Medical Tourism Market share by top 5 companies and also the market share by start-ups during the forecast period.
Global Medical Tourism Market: Leading Segments
According to an in-depth geographical analysis by IndustryARC's analyst, APAC is enriched with affluent economies such as India, South Korea, Thailand, Malaysia, and Singapore as the region offers a myriad of opportunities for the vendors in the medical tourism market. Out of all the regions, Thailand is the most popular tourist destination, with an increasing number of private hospitals, cheaper treatment costs, and improved healthcare infrastructure. In 2018, the Thai government announced the precondition for issuing smart visas and work permit to those who are interested in investing in new businesses, which will indirectly help the medical tourism market to expand. APAC generated 35.40% of the global revenues in 2018. Furthermore, the key application segment cited is cardiology- by treatment type which will be uplifted by the scalable commercialization that is trending in the medical tourism market. The new technologies in cardiology are serving a large number of patients with higher success rates in complex surgeries. The cardiology application segment of the medical tourism market will be progressing with a CAGR of 17.25% during the aforementioned forecast period.
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Global Medical Tourism Market: Disruptive Trends and Growth Drivers
The medical tourism is supported by easier and cheaper international travel. Moreover, medical tourism avoids long waiting time and higher treatment costs which is driving demand in the medical tourism market. There are people traveling to different countries for bypassing long waits or availing treatment at a cheaper cost. Thus, the need for medical tourism is also increasing.
There are potential investors investing in private sectors and the government investing in the healthcare sector is bolstering the medical treatment market growth. The developing economies are innovating and seeking demonstrable success in R&D which will further accelerate the medical tourist flow in the coming years.
One of the important trends booming in the market is the demand for skilled medical professionals, which is increasing significantly at the international level. This includes doctors, translators, nurses, and physiotherapists, and due to this, it is expected to see a rise in the medical schools and training centers.
The countries such as Taiwan, UAE, and Greece have shown tremendous improvement in terms of medical tourism due to their magnificent landscapes, and the patients look forward to the services when they visit the country. The medical tourism market is indeed changing in the healthcare sector.
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Global Medical Tourism Market: Competitive Market
Some of the key companies identified in the report that are currently holding majority shares in the global medical tourism market are Min-Sheng General Hospital, Bumrungrad International Hospital, Bangkok Chain Hospital, Mount Elizabeth Hospital, Apollo Hospitals Enterprise Limited, Asian Heart Institute, Aditya Birla Memorial Hospital, NTT Medical Center Tokyo, Samitivej PCL, Prince Court Medical Centre, and Wooridul Spine Hospital.
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