In 2018, the worldwide market for medical tourism stood at 16.761 million USD, with a prediction of 27.247 million USD in 2024, while a CAGR of 8.5 percent in 2019-2023 is predicted.
The variables linked to market growth include greater therapy costs in developed countries, the accessibility of the newest medical technologies, increased compliance with global quality standards, high quality of service, portability of health insurance and medical tourism advertising and marketing.
In advanced countries, the price of medical therapy is very high. However, the treatments are of reliable quality, it is estimated that the processes tend to be expensive. In addition, the main health products are also extremely expensive. This scenario places a significant burden on healthcare systems worldwide, along with the recent rise in litigation costs. Medical practitioners must understand both direct and indirect costs and consider how long-term cost savings can be achieved through the application of avoidance protocols. People in developed countries cannot afford to spend heavily on medical treatment. Not all medical bills are covered by insurance companies, which turn patients overseas. Countries in Asia, the Middle East, and South America provide a significantly reduced level of high-quality medical facilities in comparison to developed economies. There are firms that meet all the tourist’s medical and non-medical requirements during their journeys.
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According to the study, medical tourism enhances the health system and offers individuals seeking therapy with quality medical care. For excellent medical therapy, patients travel to other nations.
Key Market Trends
Segment Fertility Treatments Highest CAGR
It is believed that perhaps the section of fertility treatments for the health tourism industry is showing the highest development during the prediction era. During the forecast period, the section will record a CAGR of 9.7 percent. One of the most popular treatments that medical tourists choose to travel across international boundaries is fertility treatment. One of the fastest-growing fields is fertility tourism or reproductive tourism.
Every year, approximately 20,000 to 25,000 couples seek foreign aided reproductive technology facilities. Approximately 4.0 percent of EU citizens in other nations receive therapy. In most European nations, fertility treatment procedures are regulated.
Asia-Pacific presently dominates the medical tourism industry, and its stronghold is anticipated to continue for a couple of years. This region, due to the increased preference for medical tourism in the regions developing countries, is anticipated to boost its market share in the future. In the Asia-Pacific region, China retains the bulk of the market. This is because of the reduced costs of therapy in China and improved healthcare.
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The global market for medical tourism is moderately competitive and comprises several significant players. Few of the main players presently dominate the market in terms of market share. With technological progress and the delivery of quality services, however, medium-sized enterprises increase their market presence by introducing fresh and lower price products. With technological advancement and the delivery of quality services, however, medium-sized enterprises increase their market presence by introducing fresh and lower price products. Companies such as Healthbase, Apollo Hospitals, KPJ Healthcare, and Klinikum Medical Link have a large market share on the market for medical tourism.
Name: Jennifer Daniel
Organization: Planet Market Reports