Research Nester published a report titled “Medical Tourism Market: Global Demand Analysis & Opportunity Outlook 2037” which delivers a detailed overview of the global medical tourism market in terms of market segmentation by treatment type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global medical tourism market is projected to grow at a CAGR of ~12.5% by attaining revenue of ~USD 10 billion during the forecast period, i.e., 2025 – 2037. A higher number of people traveling across the countries to receive medical care is anticipated to propel the growth of the market during the forecast period. Medical Tourism Association (MTA) stated that around 14 million people travel across countries to receive medical care. Additionally, the rising number of heart bypass surgeries is further estimated to propel the market growth over the forecast period. As of 2019, the USA became the country with the highest cost for heart surgeries which was estimated to be about USD 120 thousand.
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Additionally, by treatment type, the global medical tourism market is segmented into cosmetic, dental, fertility, orthopedic, neurological, cancer, and others. Out of these sub-segments, the cancer segment is estimated to obtain the largest share in the market during the forecast period. The growth of the segment can be accounted to spiking cases of cancer across the globe. In 2020, approximately 9 million deaths were caused solely by cancer worldwide.
Furthermore, the global medical tourism market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the North America region is estimated to grow at a rapid pace over the forecast period on the back of skyrocketing prevalence of tourists and the presence of well-structured healthcare infrastructure. As of 2019, approximately 160 million tourists visited the United States.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., copyright), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Higher Prevalence of Cancer to Foster the Growth of the Market
According to the World Health Organization (WHO), in 2020, nearly 10 million lost their lives due to cancer.
Particular might lack the availability and lower cost of the treatment, in these circumstances, people have to travel so they can get the proper treatment of the diseases. Similarly, cancer is a medical condition that can be cured by specialized medical procedures and selected countries have the facility for these procedures. Therefore, the prevalence of cancer becomes one of the major factors propelling the growth of the market during the forecast period.
However, the decline in the number of tourists due to COVID-19 and lack of awareness and proper medication is expected to operate as a key restraint to the growth of the global medical tourism market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players in the global medical tourism market which includes company profiling of Samitivej PCL, Apollo Hospitals Enterprise Ltd., Prince Court Medical Centre, Fortis Healthcare Limited, Barbados Fertility Center, Asian Heart Institute, Aditya Birla Health Services Ltd., KPJ Healthcare Berhad, NTT Medical Center Tokyo, Livonta Global Pvt. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global medical tourism market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates, and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided the right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decisions in order to avoid future uncertainties.
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