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Global Medical Tourism Market Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025

Dublin, May 16, 2019 (GLOBE NEWSWIRE) -- The "Global Medical Tourism Market - Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.


Global Medical Tourism Market will grow at a CAGR of 16.1% during the forecast period 2019-2025

The global medical tourism market witnessed flat growth in the past few years but sustained due to the 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 coverage, 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 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 the Bahamas and St Lucia.

While looking for a favourable 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 for 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
  • Orthopaedic
  • In vitro 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 at 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 favourable medical tourism destinations particularly for near shore 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 centre for medical tourism.

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

Market Characteristics

Evolution

Market Dynamics

Drivers

  • High cost of medical treatment in developed countries
  • Insurance business
  • Long waiting list in countries like US and UK

Restraints

  • Complications epidemic outbreak
  • Medical record transfer issues and post-procedure complications

Opportunities

  • Support from government agencies and organizations
  • Strategic marketing

Vendors Profiles

  • Apollo Hospitals Enterprise Limited
  • Fortis Healthcare Limited
  • Asian Heart Institute
  • KPJ Healthcare Berhad
  • Bumrungrad Hospital Public Company Limited

Companies to Watch for

  • Prince Court Medical Centre
  • Seoul National University Hospital
  • Clemenceau Medical Center (CMC)
  • Samitivej PLC
  • Bangkok Chain Hospital PLC

For more information about this report visit https://www.researchandmarkets.com/r/7xzs1j

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Related Topics: Medical Tourism