Global Medical Tourism Market report forecast 2019-2024 is a professional and detailed study on the present state also focuses on the major drivers, Medical Tourism business strategists and effective growth for the key players. Global Medical Tourism Industry also provides granular analysis of the Medical Tourism market dynamics, share, segmentation, revenue forecasts and facilitate better decision-making.
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The global medical tourism market was valued at USD 16,761 million in 2019, and it is expected to reach USD 27,247.6 million by 2024, while registering a CAGR of 8.5% during the forecast period, 2019-2024. The factors associated with the growth of the market include higher treatment cost in developed countries, availability of the latest medical technologies, growing compliance on international quality standards, high quality of service, health insurance portability, and advertising and marketing of the medical tourism.
The cost of undergoing medical treatment in a developed country is very high. It is estimated that although the treatments are of reliable quality, the procedures tend to be on the expensive side. Along with this, the major healthcare products are also quite extravagantly priced. This scenario places a big burden on the healthcare systems, worldwide, accompanied by the additional rising costs of litigation during recent times. Healthcare practitioners need to be aware of both the direct and indirect costs and consider how the implementation of prevention protocols may offer cost savings in the longer term. People in developed countries cannot afford the huge expenditure associated with medical treatments. Not all medical bills are covered by insurance companies, which makes the patients turn to countries abroad. Countries in Asia, the Middle East, and South America provide high-quality medical services at a much lower rate, as compared to the developed economies. There are companies that cater to all the medical and non-medical needs of the tourist during their travel.
Scope of the Report
As per the Scope of the Report, medical tourism is an improvement of the healthcare system, which provides quality medical care to people seeking treatment. Patients travel to other countries for obtaining good medical treatment.
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Key Market Trends
Fertility Treatments Segment Expected to Have Highest CAGR
The fertility treatments segment of the medical tourism market is believed to show the fastest growth over the forecast period. The segment is expected to record a CAGR of 9.7% over the forecast period. Fertility treatment is one of the most common treatments for which medical tourists elect to travel across international borders. Fertility tourism or reproductive tourism is one of the fastest-growing areas.
About 20,000 to 25,000 couples annually seek assisted reproductive technology services abroad. An estimated 4.0% of European Union citizens receive treatment in other countries. Fertility treatment procedures are regulated in most European countries.
Asia-Pacific Currently Dominates the Market
The Asia-Pacific region currently dominates the medical tourism market and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the raised preference of medical tourism across the developing countries of this region. China holds the majority of the market in the Asia-Pacific region. This is due to the lower cost of the treatment in China and the better healthcare services provided.
The global medical tourism market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Companies, like Healthbase, Apollo Hospitals, KPJ Healthcare, and Klinikum Medical Link hold the significant market share in the medical tourism market.
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Table of Contents included in Medical Tourism Market Report –
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user industry
PART 07: Market segmentation by application
PART 08: Geographical Segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
List of abbreviations
List of Exhibits
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