Transparency Market Research (TMR) has published a new
report titled, ‘Medical
Tourism Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2019–2027’. According to the report, the global medical tourism market was
valued at US$
61.3 Bn in 2018 and
is projected to expand at a CAGR of over 10.5% from 2019 to 2027.
Request Brochure –
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=900
Overview
·
Medical
tourism refers to people traveling abroad to obtain medical treatment. In the
past, this usually referred to those who traveled from less-developed countries
to major medical centers in highly developed countries for treatment
unavailable at home.
·
Increasing
Joint Commission International (JCI) accredited hospitals across the global
drive the medical tourism market. Asia top medical tourism countries including
China, India, Japan, South Korea, Singapore, Thailand, Malaysia, Philippines
have more than 300 hundred Joint Commission International (JCI) accredited
hospitals in 2016.
·
Asia
Pacific dominate the global medical tourism market in 2019 and the trend is
anticipated to continue during the forecast period. Low medical cost,
acceptance of advanced treatment and increasing health care infrastructure are
anticipated to boost the growth of the medical tourism market in Asia Pacific.
However, the regions is expected to gain more market share from developed
markets such as Europe and North America during the forecast period from 2019 to 2027.
·
Growth of
the market in Europe is driven by high demand for medical treatment across the
global and increasing health care expenditure in markets such as France, Italy
and Germany. Moreover, increasing medical tourism market in Germany Italy
Poland and UK in this region are expected to fuel the growth of the market in
Europe.
Request COVID
Analysis on
Medical Tourism Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=900
Low cost medical treatment and Advertising and
marketing to Drive Global Medical Tourism Market
·
Rise in
health care costs in most of the developed countries is putting significant
pressure on both health care providers and individuals. Health care access in
several countries is regulated by government health care system and mired with
delays and long waiting lists. This forces people to travel abroad to access
the necessary medical treatment needs.
·
Availability
of more affordable treatment option in the developing countries such as India,
Thailand, Malaysia, Turkey, and Singapore is also driving the medical tourism
market
·
The cost
of surgery in Thailand, South Africa, or India is just one tenth the cost in
the U.S and Western Europe. Knee replacement surgery in Thailand along with six
days of physical therapy costs around one fifth that in the U.S.
·
In this
generation of social media, most of the patient population uses Internet as an
alternative for finding information about medical care abroad. Hence, hospitals
in the destination countries are focusing on inbound marketing to attract
patients and spread awareness about the various facilities available.
·
Social media
marketing and blogging are few strategies adopted by hospitals to attract
traffic to their websites. Government bodies in several countries are also
providing grants, training, and medical tourism courses to spread awareness
among providers and patients.
Request
Customization on Medical Tourism Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=900
Orthopedic Surgery to Dominate Medical Tourism Market
·
In terms
of medical treatment, the global medical tourism market has been segmented into
cosmetology, dentistry, cardiology, orthopedic surgery, neurology, oncology and
others.
·
Orthopedic
surgery dominated the global medical tourism market in 2018 and
the trend is projected to continue during the forecast period. Increasing
sports injuries drive the segment globally. Major sports including Football
(Soccer), Cricket, Rugby, Basketball, Baseball & Softball, Bicycling. Around 500,000 Americans
leave the country each year for some sort of elective medical procedure,
including orthopedic procedures.
·
However,
cardiology segment is expected to grow with the highest CAGR in the forecast
period. Increasing demand for cardiovascular surgery drive this segment. US,
India, Singapore and Israel dominate in the market across the global.
Asia Pacific to Dominate Global Medical
Tourism Market
·
In terms
of region, the global medical tourism market has been segmented into North
America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific dominated the global medical tourism market in 2018,
followed by Europe.
·
Asia
Pacific accounted for major share of the global medical tourism market in 2018.
The growth of the region is attributed to rising demand for medical treatments
among medical tourists at low cost and high quality. According to an article
published in CBI, Ministry of Foreign Affairs, European patients are
increasingly travelling abroad for medical treatments as the price of European
healthcare continues to rise and waiting lists are getting longer. About 14
million patients use medical services outside of their country of
residence each year, according to Patients Beyond Borders.
·
Increasing
medical cost in developed countries such US and UK drive the medical tourism
market in Latin America and Middle east & Africa region. Mexico, Costa
Rica, Jordan, Turkey, Israel are dominate in this region for medical tourism
market.
Buy Medical
Tourism Market Report – https://www.transparencymarketresearch.com/checkout.php?rep_id=900<ype=S
Competitive Landscape
·
The
global medical tourism market is fragmented in terms of number of players. Key
players in the global medical tourism market include Asklepios Kliniken
GmbH, Fortis Healthcare Limited, Apollo Hospitals Enterprise Limited,
Bangkok Chain Hospital Public Company Limited, Bumrungrad International
Hospital, Saudi German Hospital (SGH) Group , Dr. Soliman Fakeeh Hospital,
Bahrain Specialist Hospital , Hamad Medical Corporation,Al Zahra Hospital, Al
Rahba Hospital, Zulekha Hospital, Samitivej PCL, Phyathai Hospitals
Group, The Ac?badem Hospitals Group, Razavi Hospital, Jordan Hospital.
The global medical tourism market has been segmented as follows:
·
Global Medical Tourism Market, by Medical Treatment
o
Cosmetology
o
Dentistry
o
Cardiology
o
Orthopedic
surgery
o
Neurology
o
Oncology
o
Others
·
Global Medical Tourism Market, by Region
o
North America
§
U.S.
§
Canada
o
Europe
§
Germany
§
U.K.
§
France
§
Italy
§
Spain
§
Rest of
Europe
o
Asia
Pacific
§
China
§
India
§
Japan
§
Australia
& New Zealand
§
Rest of
Asia Pacific
o
Latin
America
§
Brazil
§
Mexico
§
Rest of
Latin America
o
Middle
East & Africa
§
GCC
Countries
§
South
Africa
§
Rest of
Middle East & Africa
About Us
Transparency Market Research is a global market intelligence company,
providing global business information reports and services. Our exclusive blend
of quantitative forecasting and trends analysis provides forward-looking
insight for thousands of decision makers. Our experienced team of analysts,
researchers, and consultants, uses proprietary data sources and various tools
and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and information.
With a broad research and analysis capability, Transparency Market Research
employs rigorous primary and secondary research techniques in developing
distinctive data sets and research material for business reports.
Contact
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
