A comprehensive overview of the Medical Tourism market is recently added by UnivDatos to its humongous database. The Medical Tourism report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Medical Tourism market. Medical Tourism report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Medical Tourism at the global and regional levels. The Medical Tourism Market is expected to grow at a CAGR of X% from 2021-2024 to reach US$ million by 2024.
Market Overview
The global medical tourism market is witnessing an uptick on account of the rising prevalence of chronic disease owing to the adoption of a sedentary lifestyle, eating habits, and the need for economical and good treatment among end-users. As per Medical Tourism Statistics, around 14 million people in the world travel to other countries in search of medical care annually. It is an activity worth between 50 and 70 thousand million dollars.
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Moreover, the rise in the number of international tourists across countries especially the MENA region is leading to the growing demand for IVF treatment. The government in UAE has set a vision to make the region’s tourism hub. In 2019, the UAE was the leading country in terms of the number of tourist arrival. The region had witnessed 21.55 million tourists. Also, Saudi Arabia welcomed 20.29 million international tourists. Around 15-20% of tourists in the region are for IVF treatment.
COVID-19 Impact
Medical tourism always was considered as the most stable and the least subjected to external circumstances. The COVID-19 pandemic impacted tourist business on a global scale dramatically. Due to the spreading of coronavirus infections, medical travel was put on hold and, countries were forced to shut down borders and restrict travel. The COVID -19 shortened both the number of arrivals and the volume of medical services provided within the framework of their export. Furthermore, In 2020, Global Healthcare Accreditation (GHA) released the GHA Covid-19 Guidelines for Medical Travel Programs that help guide programs in mitigating the risks of COVID-19 for traveling patients.
The Medical Tourism Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Treatment Type, the market is primarily bifurcated into
- Cancer Treatment
- Orthopedic Treatment
- Fertility Treatment
- Cardiovascular Treatment
- Neurological Treatment
- Others
The Cancer Treatment segment dominated the by treatment type segment and gathered X% of the Medical Tourism Market in 2020. Moreover, the market of this segment is expected to grow at X% CAGR to reach US$ X million by the year 2024.
Medical Tourism Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Based on the estimation, the Asia Pacific region grabbed X% market share in 2020 and gathered almost US$ X million in revenue in 2020. The market of the region would proliferate in the forecast period. The low cost of treatment, inexpensive flights, availability of quality care are some of the prominent factors driving the market of medical tourism in Asia-Pacific.
The major players targeting the market includes
- 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
Competitive Landscape
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in Medical Tourism Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Medical Tourism Market?
- Which factors are influencing the Medical Tourism Market over the forecast period?
- What are the global challenges, threats, and risks in Medical Tourism Market?
- Which factors are propelling and restraining Medical Tourism Market?
- What are the demanding global regions of the Medical Tourism Market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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