Regionally, Asia-Pacific medical tourism market is expected to dominate the overall market due to availability of good quality care at a cost less than 70% of the price of services in North America while cancer treatment segment to shows fastest growth rate and expected to grow at a CAGR of 15.7% from 2018 to 2025
PORTLAND, Oregon, March 27, 2019 /PRNewswire/ -- According to latest report added on Big Market Research, titled global Medical Tourism Market was valued at $53,768 million in 2017, and is estimated to reach at $143,461 million by 2025, registering a CAGR of 12.9% from 2018 to 2025.
Organized travel across international borders to avail medical treatment of some form, which may or may not be available in the travelers' home country is defined as medical tourism. Medical tourists travel abroad for the maintenance, enhancement, or restoration of their health through affordable healthcare facilities & treatments available in other countries, which are comparatively expensive in their own country. Medical tourists travel to receive medical treatments such as dental treatment, neurological treatment, cardiovascular treatment, and others.
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The report segments the market into treatment type and region. Based on treatment type, the market is segmented into dental treatment, cosmetic treatment, cardiovascular treatment, orthopedic treatment, neurological treatment, cancer treatment, fertility treatment, and other treatments.
The cancer treatment segment is expected to show fastest market growth during the forecast period. It is expected to grow at a CAGR of 15.7% from 2018 to 2025 in terms of value. The growth of the cancer treatment segment is attributed to surge in incidence of cancer worldwide, and higher number of unmet medical needs in some countries. This is projected to increase the number of cross-border travelers seeking good quality cancer treatment. In addition, cancer treatment is an expensive and prolonged treatment, hence reduced cost of treatment in different countries boosts the growth of the market. Furthermore, due to lack of availability of advanced treatment in some countries, patients choose to travel to other countries with advanced healthcare facilities.
Based on region, the medical tourism market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific medical tourism market growth is expected to experience considerable development, owing to the availability of good quality care at a cost less than 70% of the price of services in North America. Furthermore, development in healthcare infrastructure and economy boost the market growth in Asia-Pacific. India, Thailand, South Korea, Singapore, and Malaysia, are the popular medical tourism destinations in Asia-Pacific, as the medical services offered in these countries are usually at par with the developed regions in terms of quality provided at considerably lower treatment price.
List of key players profiled in the report are Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Asian Heart Institute, KPJ Healthcare Berhad, NTT Medical Center Tokyo, Seoul National University Hospital, UZ Leuven, Wooridul Spine Hospital, Aditya Birla Memorial Hospital, Barbados Fertility Center, Prince Court Medical Centre, and Samitivej PCL.
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List of other Players in the value chain (these players are not profiled in the report. The same will be included on request) Bumrungrad International Hospital, Min-Sheng General Hospital, Raffles Medical Group and Bangkok Hospital Medical Center
North America Medical Tourism Market by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2017 – 2023
Medical tourism can be defined as an organized travel across international borders with the purpose of availing medical treatment of some form, which may or may not be available in the travelers' home country. The North America medical tourism market accounted for $20,279 million in 2016, and is estimated to reach $52,786 million by 2023, registering a CAGR of 14.4% from 2017 to 2023.
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