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In a recent published report, Kenneth Research has updated the market report for Medical tourism Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Tourism Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
This market research report includes a detailed segmentation of the global medical tourism market by therapeutic area (Dentistry, Cosmetic, Cardiovascular, Orthopedic, In-vitro Fertilization, Neurological, Oncology, and Others), by region (North America (US and Canada), Europe (UK, Turkey, Italy, and Germany), Asia Pacific (India, Thailand, South Korea, Singapore, and Malaysia), and Rest of the World (LATAM (Brazil and Mexico), and MEA (Middle East and Africa))).
Overview of the Global Medical Tourism Market
Market research report predicts that the“Global Medical Tourism Market” will grow at a CAGR of 16.1% during the forecast period 2019–2025.
The global medical tourism market witnessed a flat growth in the past few years but sustained due to high cost of medical treatment in developed countries such as US and UK in fact, most of the outbound medical tourists are from North America and Europe.
The industry specific parameters that are driving the global medical tourism market are primarily the increasing healthcare related costs in the patient's country of origin, lack of insurance and healthcare coverages, lower cost of medical treatment in destination countries, availability of highly trained, skilled, and qualified specialists in the countries providing services, and increasing costs of long-term care in developed countries.
With respect to mega trends or macro factors fueling the growth of the global medical tourism market are the population growth, urbanization, and easy access to popular medical tourism destinations.
The certified and accredited infrastructure to provide the products and services related to the medical tourism industry is increasing rapidly in the regions (such as LATAM and Asia Pacific) providing services to the medical tourists.
Though more support from government agencies and organizations and strategic marketing initiatives are needed to grow medical tourism in the developing countries. Industry partnerships with the global medical travel agents, logistic suppliers, hotels, and hospitals have facilitated in offering packaged facilities. For example, Apollo has collaborated with American International Medical University (AIMU) for emerging medical tourism plans in the regions like Bahamas and St Lucia.
While looking for a favorable medical destination most of the medical tourists virtually visit several JCI-accredited hospitals providing amenities and exceptional atmosphere for treatment and healing period after a lengthy period of enduring surgical procedures. The growth of the elderly population is also one of the major factors driving the medical tourism market because of the need of high-quality long-term care. The growing lifestyle-related disorders and incidence of cancers are increasing rapidly globally, with high treatment costs cancer treatment is also driving the growth of medical tourism globally.
Telemedicine is also increasingly used in facilitating medical tourism. As the various technology barricades have wrecked down, patients and medical staff can discuss data and apprehensions previously and subsequently after surgery.
By Therapeutic Class:
>> Dentistry
>> Cosmetic
>> Cardiovascular
>> Orthopedic
>> Invitro Fertilization
>> Oncology
>> Others
The cosmetic segment occupied the largest share in 2018. Over 21 million cosmetic surgeries are being performed every year across the world. Breast augmentation followed by liposuction are the two major cosmetic surgeries performed across the globe.
By Region:
>> North America
>> Europe
>> APAC
>> RoW
Asia Pacific is dominant in the global medical tourism market in 2018. The significant share of the Asia Pacific region comes from India, Thailand, Singapore, and Malaysia due to the availability of quality healthcare facilities at a comparatively less cost.
Medical Tourism Market Research Competitive Analysis – Countries like India, Thailand, and Singapore in the APAC region are in the forefront of the market. Not to be left behind other nations of Asia such as Malaysia and Philippines, the South American and Eastern European countries are also emerging as favorable medical tourism destinations particularly for nearshore countries and base locations with shorter journey time. Another substantial reason for medical tourism is the accessibility to the most recent and technologically radical procedures of treatment. For example, the method of Cyberknife robotic surgery used for diagnosis and the treatment of various cancer types. Tomotherapy, the newest radiotherapy apparatus which is currently present in very few state-of-the-art facilities hospitals in South Korea, which is an evolving center for medical tourism.
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Key Vendors:
>> Apollo Hospitals Enterprise Limited
>> Asian Heart Institute
>> Fortis Healthcare Limited
>> KPJ Healthcare Berhad
>> Bumrungrad International Hospital
Key Competitive Facts
>> Bumrungrad International Hospital in Thailand and Apollo Hospitals Enterprise Ltd. in India are the top hospitals
>> Focus is on the swift implementation and distribution of technical innovation which is helping the countries to provide better care
>> In 2017 around 2.4 million individuals visited Thailand to seek medical care due to the low cost and decent quality of the medical facilities
Benefits – This report meets the expectations of a reliable data on global medical tourism. The report provides complete details about the sub-segments of the medical tourism market. Through this report, the key stakeholders can know about the major trends, drivers, investments, vertical player's initiatives, and government initiatives toward the disease-burden management in the upcoming years along with details of the existing pureplay companies and new players entering the market.
Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Key Takeaways:
>> Understanding the potential market opportunity with precise market size and forecast data
>> A detailed market analysis focusing on the growth of medical tourism industry
>> Factors influencing the growth of the medical tourism market
>> In-depth competitive analysis of dominant and pure-play vendors
>> Prediction analysis of the medical tourism market in both developed and developing regions
>> Key insights related to major segments of the medical tourism market
>> Latest market trend analysis impacting the buying behavior of the consumers
Key Stakeholders
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About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players .
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