(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Jan 05, 2022, 02:19 /Comserve / -- The medical tourism market is predicted to rise at a CAGR of 12.4% by reaching $1,49,345.6 million by 2026.
The medical tourism market is predicted to rise at a CAGR of 12.4% by reaching $1,49,345.6 million by 2026.
Market Definition:
Medical tourism means when a person travels to another country for medical purposes. This is usually done by the patient or the person when the treatment is too expensive in their home country or due to the absence of advanced equipment and medication. The patient usually travels to the other nation to get themselves treated from the concerned disease.
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Market Drivers:
Many countries across the globe can see the financial benefits from the emerging market and hence efforts are being made to offer premium medical services at a substandard price, as these prices are directly related to their economic growth. The appearance of various hospitals and treatments at a reasonable cost in developing nations have contributed largely to attract patients. The other main factor that motivates the patient to travel are the immediate availability of the medical facilities and skilled doctors and physicians for the treatment. These factors are expected to boost the medical tourism market .
Market Restraints:
Patients who have their insurance policies face a lot of issues with regards to their reimbursement as many insurance companies don't pay the cover to the patient's insurance for going abroad & receiving the treatment. In addition to the insurance cover, patients also face language barrier, visa approval issues and documentation problems. Such factors are expected to greatly impact the medical tourism market.
Medical Tourism Market by Service type
Depending on the service type the market is further segmented into Fertility Treatment, Cancer Treatment, Neurological Treatment, Orthopedic Treatment, Cardiovascular Treatment, Cosmetic Treatment, Dental Treatment. Cosmetic segment is projected to raise at a CAGR of 11.9% by generating a revenue of $31,063.9 million by 2026. Cancer treatment is expected to have the highest growth rate in the forecast period. The medical tourism market share for cancer treatment is predicted to grow at a CAGR of 14.2% by generating a revenue of $7,616.6 million by 2026. Dental treatment is predicted to rise at a CAGR of 12.5% and is expected to reach $17,742.3 million till 2026.
Medical Tourism Market by Region
Depending on the region, the market is segmented into North America, Asia-Pacific, Europe and LAMEA. Asia-Pacific has the highest growth rate. Asia-Pacific region is forecast to rise with CAGR of 12.2% by generating a revenue of $54,452.9 million by 2026. LAMEA region is predicted to grow with a CAGR of 11.7% and is expected to reach $ 19,921.2 million by 2026.
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Key participants in Medical Tourism Market
The major key companies in the market are Prince Court Medical Centre, Aditya Birla Memorial hospital, KPJ Healthcare Berhad, UZ Leuven, Apollo Hospitals, Fortis Healthcare, NTT Medical Centre, Asklepios Kliniken GmbH, Bumrungrad International Hospital, KPJ Healthcare Berhad and Asian Heart Institute among others
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