Published on : Dec 11, 2017
ALBANY, New York, December 11, 2017: ResearchMoz.us has added a market study, titled “Global Medical Tourism Market 2017–2021,” to its database. The report studies and forecasts the market both at the local and global level. It throws light on the various growth drivers and restraints molding the trajectory of the market and brings to the fore the opportunities and pitfalls in it. Leveraging historical and current data, it estimates its current and future size in terms of revenue and the competitive dynamics as well.
The report projects the global market for medical tourism to rise at a solid 12.55% CAGR over the course of the forecast period from 2017 to 2021. It finds that the market is still in a nascent stage and hence holds out a lot of promise in the years to come.
At the outset, the report provides a brief description of medical tourism – a trip abroad by a patient to avail medical treatment. It can range from anything between a bypass heart surgery to a breast implant. Patients usually travel for medical treatments as it is cheaper for them to get it in another country than in their own. It enables them to get more personalized care without being financially squeezed. Also the quality of treatment and expertise of physicians matter. For complicated conditions, people often need to travel elsewhere where more trained doctors are present to diagnose and cure them. The market is also taking off on account of capitalization of the internet to generate awareness about various healthcare facilities, their staff, and the treatments they provide.
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However, many developing countries where treatment costs much less, often lose out in the market for medical tourism on account of the lack of proper healthcare infrastructure. Another factor posing a challenge to the market is the visa issues and complicated reimbursement policies for overseas treatment. A noticeable trend in the market is the large number of patients from the U.S. travelling to other developing nations for getting a proper treatment. This is because healthcare is expensive in the nation. Another prominent trend in the market is the growth in international accreditation which helps patients to make judicious decisions and round-the-clock online and other assistance by hospitals.
Geography-wise, the global market for medical tourism can be broadly segmented into the Americas, Asia Pacific, and Europe, Middle East, and Africa. Among them Asia Pacific is a key region that is primarily powered by the fast-expanding large economy of India. India dominates on account of the availability of treatments such as cardiac bypass, bone marrow transplant, dental treatment, and heart surgery at relatively affordable prices. Besides, the standards of healthcare is mostly on a par with the bests in the world. Malaysia is another prominent market in Asia Pacific which has been boosted by the supportive initiatives of its government.
Some of the key players operating in the global market for medical tourism are Asklepios Kliniken Verwaltungsgesellschaft, Apollo Hospitals, Bangkok Hospital, Fortis Healthcare, and Bumrungrad International Hospital. A few other prominent players in the market profiled in the report are Medanta The Medicity, Asian Heart Institute, Min-Sheng General Hospital, Wooridul Hospital, Parkway Holdings, Anadolu Medical Center, Raffles Medical Group, and Prince Court Medical Center. The report examines their services and facilities, revenues, key strategies, and growth prospects in the foreseeable future. It also applies market-leading analytical tools to understand the opportunities and pitfalls awaiting such players.
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