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Medical Tourism Market to Exceed US$160.8 Billion due to Increasing Demand for Advanced Treatment Therapies Across the Globe - TMR
ALBANY, New York, June 12, 2019 /PRNewswire/ -- The global medical tourism market is gaining traction due to availability of advanced treatment therapies at better cost. The market is expected to grow at a staggering rate of 14.9% CAGR during the forecast period 2017 to 2025. The industry registered a revenue estimation of US$46.46 bn in 2016, which is likely to expand and go up to an estimated value of US$160.8 bn by the end of 2025.
In terms of geography, the global medical tourism market is expected to be held by the Asia Pacific region during the forecast period. The growth in this region can be accounted to expensive treatments in the U.S and European countries. Alternatively, Latin America and Middle East & Africa is expected to grow significantly during the forecast period. On the basis of treatment, the global medical tourism is segmented into cosmetology, dentistry, cardiology, orthopaedic surgery, neurology, and oncology. Among all these, the orthopaedic surgery segment is predicted to register the highest growth in the global medical tourism market in the upcoming years.
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Cost Effective Surgeries to Promote the Global Medical Tourism Market
Exorbitant surgery costs plays a deterrent for patients to opt for timely treatments, this drives the patients for look for options in other regions. Lately, there has been immense upgradation and modernization in medical sector in developing countries. The developing countries offer latest treatments and surgeries with cost efficiency. Hence, the global medical tourism market is projected to grow at a staggering rate during the forecast period.
Availability of medical experts, emergence of multi-speciality hospitals with state of the art infrastructure, 24/7 patient care are expected to boost the global medical tourism market towards a huge expansion in the forthcoming years.
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Lack of Enhanced Medical Facilities in Underdeveloped Countries to Boost Growth
Another factor that is expected to propel the global medical tourism market is lack of better healthcare facilities in the underdeveloped countries. The patients with chronic diseases seek treatments in developing countries at much affordable prices.
Additionally, English speaking staff and physicians make it easier for non-native patients to seek medical facilities without having to worry about language difference, since language plays an important role among patients and doctors to understand the patients and their pains better. Further, easy travel, lodging, and personal care for patients and their families enhances the scope for medical tourism. Thus, the global medical tourism market is anticipated to surge in the forthcoming years.
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The past incidences of misdiagnosis may hamper the growth in the global medical tourism market. Medical tourism in few countries still remains costly. This can greatly hamper the market's expansion. Nonetheless, quality healthcare provided at a reasonable cost in most economies is expected to outweigh the restraints. Thus, the global medical tourism market is anticipated to witness a robust expansion the near future.
The global medical tourism market is largely consolidated due to the presence very few prominent players in the market, elucidates an upcoming Transparency Market Research (TMR) report. Some of these players include Mount Elizabeth Hospital, Bangkok Chain Hospital, Asklepios Kliniken GmbH, and KPJ Healthcare Berhad, The companies are concentrating on expanding their presence in the global medical tourism market by adopting strategies such as tie-ups with regional medical centres or hospitals, and by doing so they intend to capitalize on state-of-the-art infrastructure to provide medical care at cost-effective prices. This way, they can gain a strong foothold in the market.
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This review is based upon the TMR report titled, "Medical Tourism Market (Medical Treatment - Cosmetology, Dentistry, Cardiology, Orthopedic surgery, Neurology, and Oncology) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
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