According to the Allied Market Research report, the global medical tourism market garnered $53.76 billion in 2017, and is expected to reach $143.46 billion by 2025, growing at a CAGR of 12.9% from 2018 to 2025.
Availability and affordability of quality care, accessibility to information, and assistance & support from government agencies and organizations drive the growth in the market. However, limited coverage and lengthy reimbursements procedures of insurance players and difficulties related to travel, language barriers, documentation, and VISA approval restrain the market growth. Contrarily, overseas promotional offices and wide insurance network under insurance coverage open up new pathways in the industry.
Cosmetic treatment to continue its dominance throughout the forecast period
Cosmetic treatment contributed to more than two-fifths of the total market share in 2017 and is expected to continue its dominance throughout the forecast period. This is due to inclination toward cost-effective procedures that enforces people to travel to the places with inexpensive procedures.
However, cancer treatment is expected to grow at the highest CAGR of 15.7% from 2018 to 2025, owing to increase in incidence of cancer across the world and less cost of advanced treatment options in various countries. The research also analyzes dental treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, fertility treatment, and others.
North America to maintain its leadership status throughout the forecast period
North America accounted for nearly one-third of the total market share in 2017 and will maintain its leadership status throughout the forecast period. This is due to availability of advanced specialized treatments for neurological, cancer, and cardiovascular ailments along with recent joint commission international (JCI) accreditations, which is considered as the gold standard in the global health care, given to hospitals.
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Asia-Pacific would witness the highest growth with a CAGR of 8.1% from 2017 to 2023, owing to significant low cost of treatment, tourism friendly nature of the countries, and less stringent regulations associated with cosmetic procedures. The report also discusses Europe and Latin America, Middle East, and Africa (LAMEA).
Key Market Players
Leading market players discussed in the research include Apollo Hospitals Enterprise Limited, Asian Heart Institute, Fortis Healthcare Limited, NTT Medical Center Tokyo, KPJ Healthcare Berhad, UZ Leuven, Seoul National UniversityHospital, Aditya Birla Memorial Hospital, Wooridul Spine Hospital, Prince Court Medical Centre, Barbados Fertility Center, and Samitivej PCL.