(MENAFN- Straits Research) The medical tourism market's most prominent driver is the emergence of affordable healthcare choices, with increased quality services. Shifting patient preference towards minimally invasive and low-cost procedures and advancement in healthcare administration bolsters the market growth. Globally, the healthcare systems are offering incentives and comfortable stay with affordable plans to invite medical assistance seeking visitors.
Impact of COVID-19
Rising cases of coronavirus across the globe have compelled the governments to enforce lockdown and seize the import-export of medical supplies. The shortage of personal protective equipment has severely impacted the medical tourism market. China has a million outbound medical tourists and wellness tourists, followed by the U.S., South Korea, and Japan. South Korea annually attracts nearly 350,000 medical visitors, with one in three arriving from China. Iran also receives 350,000 medical tourists outside SE Asia, with 90% originating from local countries and the Gulf. Italy has a limited inbound number of medical tourists, which are about 600,000.
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Medical travel consultants, start-ups, and small agencies have limited budgets and cash flow and are sensitive towards fluctuations caused due to the pandemic. Several medical travel events, especially the ones scheduled during the first six months of 2020, have been canceled or postponed, further hampering the market growth.
Key Highlights
The medical tourism market was valued at USD 241,134.28 million in 2019 and is expected to grow at a CAGR of 6.4%.
The cardiovascular treatment segment holds the largest share in the market
The bariatric surgery segment is expected to grow at a significant rate due to the rising prevalence of obesity across the globe.
Asia-Pacific leads the medical tourism market. India's medical tourism is growing at a rate of 18% every year and is predicted to reach about USD 9 billion by 2020.
Key Players
Asian Heart Institute
Apollo Hospitals
Prince Court Medical Center
Gleneagles Hospital
Min-Sheng General Hospital
SamitivejSukhumvit Hospital
Raffles Medical Group
Clemenceau Medical Centre
Bangkok Hospital
Bumrungrad International Hospital
Fortis Healthcare Ltd.
Wooridul Spine Hospital
KPJ Healthcare Berhad
Anadolu Medical Centre
Asklepios KlinikBarmbek
Recent Developments
In December 2019, North Korea launched medical tourism, targeting visitors from China
In June 2019, Clearbridge Health announced the construction of 1500 sq clinic in Hong Kong to cater medical tourists.
In December 2018, American medical tourism agency PlacidWay launched the first international patient-provider direct chat application in the medical travel industry.
Medical Tourism Market: Segmentation
By Treatment
Cosmetic treatment
Dental treatment
Cardiovascular treatment
Orthopaedic treatment
Bariatric surgery
Fertility treatment
Ophthalmic treatment
By Region
North America
Europe
Asia-Pacific
Central and South America and the Caribbean
The Middle-East and Africa
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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