The concept of medical tourism has opened the door for accessibility to highly advanced medical technologies and broader treatment options to major population around the world. This factor is expected to fuel the expansion opportunities in the global medical tourism market during the forecast period 2019 to 2027, states a research report by Transparency Market Research (TMR).
The study by TMR expects the global medical tourism market to expand at a CAGR of 10.5% during the forecast period of 2019 to 2027. Thus, the market for medical tourism is estimated to be valued worth US$ 154.4 Bn by 2027.
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The study presented in the TMR research report provides comprehensive information and analysis of major important facets such as drivers, restraints, challenges, and growth opportunities in the medical tourism market. Thus, this report works as a dependable guide to gather major data on the market for medical tourism.
The government authorities of many important nations are supporting the concept of medical tourism. Besides, there is presence of many favorable institutional frameworks such as in European Union that are encouraging patient pool from the developed nations toward medical tourism. All these factors are translating into promising growth opportunities in the global medical tourism market.
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With the growing inclination among considerable chunk of population toward moving across nations to get advanced medical treatments, the need for insurance portability is increased. Considering this factor, several European countries insurance regulations offer portability within the European Union. This factor is working in favor of the medical tourism market.
Insurance globalization provides advantages to the provider, as insurer can contact with service providers such as foreign hospitals and health care providers at reasonable prices, in their provider networks. This factor is beneficial for the patient as well as both the provider.
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Presence of Many Players Makes Competition Levels Intense
Fortis Healthcare Limited, Asklepios Kliniken GmbH, Bangkok Chain Hospital Public Company Limited, Apollo Hospitals Enterprise Limited, Saudi German Hospital (SGH) Group, Bumrungrad International Hospital, Bahrain Specialist Hospital, Dr. Soliman Fakeeh Hospital, Al Zahra Hospital, Hamad Medical Corporation, Zulekha Hospital, and Al Rahba Hospital are some of the key players working in the global medical tourism market.
The presence of many active enterprises makes the competition landscape highly intense. Thus to maintain leading position, companies in this market are utilizing various strategies such as joint ventures, partnerships, mergers, acquisitions, regulatory approvals, and collaborations. Furthermore, several players are focused on the incorporation of technologically advanced tools in order to provide their customers high level of health care facilities.
Major players operating in the global medical tourism market are increasing focus on compliance to international quality standards. This is one of the important factors accelerating the growth curve of the market for medical tourism.
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Asia pacific: Lucrative Region for Market Players
Europe, North America, Latin America, Asia Pacific, and Middle East & Africa are important regions for the global medical tourism market. Of them, Asia Pacific is one of the prominent regions for players operating in the market for medical tourism.
The Asia Pacific medical tourism market is projected to expand at swift pace on the back of many factors such as increased focus of regional hospitals and clinics to fulfill global healthcare standards. Moreover, advanced healthcare infrastructure and services in several regional countries including Japan, China, India, South Korea, Malaysia, and Singapore are fueling the market expansion.
Global Medical Tourism Market Segmentation
The study analysts have performed segmentation of the medical tourism market based on different crucial aspects such as medical tourism and region. In terms of medical tourism, the market for medical tourism is divided into dentistry, cosmetology, orthopedic surgery, cardiology, oncology, neurology, and others.
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